Swee Siang Boey, Vani Nair, Selina Toh and Suchitra Kumar, RPC Premier Law
This is an extract from the 2022 edition of GRR's the Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
Nuo Ji, Lingqi Wang, Jessica Li and Sylvia Zhang, Fangda Partners
This is an extract from the 2022 edition of GRR's the Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
In response to the COVID-19 pandemic, legislation was introduced during 2020 to prevent creditors filing statutory demands and winding up petitions on the basis of their debtor's inability to pay its debts, unless it could be shown that non-payment was not a result of the pandemic. These temporary measures had been extended a number of times during the pandemic as businesses continued to suffer the effects of multiple lockdowns and trading restrictions, but are now gradually being phased out.
The UK Government has announced a further extension to certain protective measures for businesses which are currently in place in response to the COVID-19 pandemic.
During the pandemic, the UK Government has put legislative measures in place to protect commercial tenants by preventing landlords from using certain remedies such as forfeiture and winding up petitions. However, the legislation does not specifically prevent a landlord from issuing debt claims against its tenants for arrears of rent and other amounts due under a lease (see the recent case of Commerz Real Investmentgesellschaft mbh v TFS Stores Limited [2021] EWHC 863 (Ch)).
Unless the Article 50 period is extended yet again, the UK is currently set to leave the EU on 31 October 2019 at 11pm GMT. However, if the Withdrawal Agreement is ratified, the impact of Brexit will, for most purposes, be postponed due to the transition period. This transition period is currently set to end on 31 December 2020. The Withdrawal Agreement provides that during transition, the UK would continue to be treated as if it were still an EU member for the purposes of a range of directly application EU legislation which is core to the smooth running of financial transactions.
This page was updated on 8 January 2021.
Karen McMaster, Ben Andrews and James Cameron, Milbank LLP
This is an extract from the 2020 edition of GRR's the Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary
Cristóbal Eyzaguirre B, Rodrigo Ochagavía R-T and Santiago Bravo S, Claro & Cia
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary