The Commercial Rent (Coronavirus) Bill 2021 (the Bill) is expected to come into force from 25 March 2022 – it is intended to introduce an arbitration procedure for commercial rent arrears accrued by businesses during the “protected period” and also to extend the restrictions on the use of winding up proceedings and now to include personal bankruptcy.
The “protected period” relates to business tenancies adversely affected by the pandemic either by enforced closure or restrictions placed on trade. This period – as set out in section 5 of the Bill – runs from:
In the first three months of 2021, almost 40,000 companies were struck off the Companies House register – an increase of 743% on the same period in 2020. Speculation that these figures related to avoidance of coronavirus-related loan repayments led the Department for Business, Energy and Industrial Strategy to take the highly unusual step, in March 2021, of making a blanket objection to any application for dissolution by a company with an unpaid bounce-back loan.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
In FCA v Carillion [2021] EWCH 2871 (Ch), the High Court has confirmed that Financial Conduct Authority (FCA) enforcement action against Carillion Plc (in Liquidation) (Carillion) pursuant to certain provisions of the Financial Services and Markets Act 2000 (FSMA) does not constitute an “action or proceeding” and therefore falls outside of the scope of the statutory stay imposed by section 130(2) of the Insolvency Act 1986 (the Act).
Section 130(2) of the Act
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
A significant rise in criminal prosecutions of company directors indicates that the Insolvency Service is raising the stakes when it comes to pursuing the most egregious cases of wrongdoing. While typically the sanctions for a rogue director would be limited to disqualification proceedings, a small but growing number of directors are finding themselves facing criminal prosecution as a result of Insolvency Service action - with 122 convictions in the year to 30 September, compared to just 40 in the same period for the previous year.
As the UK emerges from the COVID-19 pandemic, the domestic construction industry can look forward to a bright but challenging future. Mortgages are at record lows; housing demand remains high and the wider economy is in optimistic mood. However, businesses are experiencing challenges associated with sourcing raw materials, staff shortages and the prospect that more companies will likely fail as government business support measures tail off.
2021年8月27日、インド破産倒産委員会（＝IBBI）は、企業倒産処理手続および清算手続に関する諸問題についてのコメントを募集する旨のディスカッションペーパー（CIRP Discussion Paper、Liquidation Discussion Paper）を発表しました。その後、2021年9月30日、IBBIは、2016年（企業倒産手続）規則（＝CIRP規則）および2016年IBBI（清算手続）規則（＝清算規則）の改正が行われています。
CIRP規則と清算規則にて導入された主な改正点は、以下の通りです。
1. CIRP 規則（CIRP Regulations）
(i) 債権者委員会（＝CoC）の説明責任を高め、機能の透明性を確保するため、CoCのメンバーに対して、IBBIが発行するガイドラインに沿った形での職務の遂行が義務付けられました。
2016年破産倒産法は、目的やプロセスの異なる様々な法律が乱立していた従前と比較して、財務的困難な状況に陥った企業を救済する上で重要な役割を果たしています。破産倒産法の初期の成功要因は種々ありますが、インドの立法府が同法を適切に解釈し、適時に改正してきたことが主な要因として挙げられます。一定の成果を上げている破産倒産法ですが、会社法審判所（＝NCLT）および会社法上訴審判所（＝NCLAT）の機能およびプロセスの合理化には、未だ改善の余地があります。
本記事では、一見すると合理的に見える外部要因を考慮することで、債務不履行に陥った企業債務者が、法に基づく倒産処理手続に異議を唱えることができる根拠を意図せず広げてしまった可能性のある、Air Travel Enterprises India Ltd v. Union Bank of India & Ors.事件におけるNCLATの判決について考察しています。
Facts of the case
Recent analysis by Begbies Traynor shows that more than half of UK businesses are carrying “toxic debt” that they might struggle to repay over the next 12 months. What if the company you are thinking of suing, or that is suing you, is one of them?