The statutory provisions for Restructuring Plans form a new Part 26A of the Companies Act 2006. CIGA was brought into force on June 26, 2020 and at a hearing in the High Court in London on September 2, 2020, the plan proposed by Virgin Atlantic, which was the first to be brought before the courts, was sanctioned.
WHO WILL ADVOCATE FOR THE "HUMBLE" FLOATING CHARGE-HOLDER?[1]
Introduction
Having managed to undertake my first piece of business development last Friday by playing golf with a client and a couple of colleagues - all socially distanced of course - I then managed to avoid most of the news at the weekend.
When Monday morning came and I logged on to my home desk I was therefore feeling rather chipper. Sadly the feeling didn't last long as I then read that:
The BEIS press release does not give much more by way of detail. However the notes to the release state:-
- Talk to your contracting partners about any difficulties that have arisen or that you anticipate might arise. Everyone knows that unanticipated issues are going to get in the way of normal business. So address them head on. Pretending that they don't exist isn't going to be of any help to you or your business partners.
- If you are struggling financially take advantage of the government support. Our website provides guidance on how to access that support. Speak to your bank. The risk to banks is significantly mitigated by the government guarantee.
Midlothian Council v Raeburn Drilling and Geotechnical Limited & Others
One area of practice where clarity by the government will be essential is whether directors are going to be held to all the same standards during this crisis as they are in any other recession.
With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations
The case
The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense
The case
With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers
The case