Two years into the pandemic, policymakers struggle to strike a balance between mitigating the ongoing human costs of the crisis and exacerbating the financial strain caused by economic support measures. The 2022 World Development Report (Report) considers the central role that finance will play in enabling countries to recover economically from the pandemic, which in 2020 caused the global economy to shrink by approximately 3% and led to the largest singleyear surge in global debt in decades.

Contents Living in a COVID-19 World Most of us have stopped asking, “When will it be over?” and have started wondering how we can live with COVID-19 – and how it will change our behaviour from now on. In the context of restructuring, as we saw during the recent Canadian federal election, bankruptcy and insolvency have become topics of increased interest in political and wider circles. This might mean we can expect a greater focus on regulatory reform in this area.

On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.

In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.

The Commercial List of the Ontario Superior Court of Justice recently granted an order structurally similar to a reverse vesting order in the receivership proceedings of Vert Infrastructure Ltd. (Vert). This first-of-its-kind order was granted on the motion of Vert’s receiver, KSV Restructuring Inc. (KSV).¹

Davies Restructuring Review 2021: Issue 2 Contents Emerging Trends for the Short and Long Terms 01 Observations of Q1 2021 03 CCAA Proceedings 03 Business Bankruptcies and Proposals 05 Receiverships 07 A Trend to Watch: From BIA to CCAA 08 Case Example: Kanwal 08 Case Example: EncoreFX 09 A Spotlight on Government Involvement in CCAA Proceedings 09 Goals and Methods of Government Bankruptcy Activism 10 Case Example: Air Canada Inc.

The Supreme Court of Canada (SCC) has denied leave to appeal in the proceedings of Nemaska Lithium Inc. and its subsidiaries (collectively, Nemaska) under the Companies’ Creditors Arrangement Act (CCAA). In November 2020, the Québec Court of Appeal (QCA) dismissed leave applications from the decision of the Superior Court of Québec (SCQ). In this decision, the SCQ granted, for the first time after a contested hearing, a “reverse vesting order” (RVO).

IP-Rechte unterliegen teilweise anderen Spielregeln als die übrigen Vermögenswerte eines Unternehmens. Gerade in wirtschaftlich schwierigen Zeiten ist wichtig, hier den Überblick zu behalten. Dies gilt in besonderem Maß, wenn IP-Rechte Gegenstand von Lizenzen sind und einer der beiden Vertragspartner insolvent wird.

Last year saw a wave of insolvency-related legislation introduced which was largely in response to the ongoing coronavirus pandemic but which also saw permanent reforms which have, and will continue to have, an impact on the logistics industry as well as supply-chains generally.

Commercial aviation has been one of the sectors most heavily impacted by COVID-19, but thanks to the strong controlling measures to weather the impact of the pandemic, the People’s Republic of China (the “PRC”) has been a market in which some form of aviation recovery is happening. Unfortunately, the recovery has not come soon enough for the Chinese conglomerate HNA.

Davies Restructuring Review 2021: Issue 1 Contents The Insolvency Landscape One Year into the COVID-19 Storm 01 Global Outlook on Corporate Insolvency: Lessons from Past Crises?