Examinership is a well-established corporate rescue mechanism for ailing corporates and groups. It combines flexibility with a high degree of commercial and procedural certainty for all involved. It is a process which has evolved with the different economic cycles in Ireland since its inception in 1990 and has responded to downturns in different sectors.
Will your business be financially viable at the end of lockdown? What challenges does 2021 pose? What are the next steps
The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993.
Introduction
In Krejci, in the matter of Union Standard International Group Pty Ltd,[1] the Federal Court provides an example of the ways in which section 90-15 of the Insolvency Practice Schedule
Following the UK Government extending the restrictions on winding up petitions until 30 June 2021 it is useful to note two recent cases that have considered the coronavirus test that currently applies to winding up petitions.
As requested by practitioners for several months, the legislator has finally amended the Belgian Code of Economic Law to complete the range of tools available to companies in distress to allow them achieve their financial recovery. The publication of these amendments in the Belgian Official Gazette took place on Friday 26 March 2021, making them effective immediately.
The main amendments are as follows:
Ante la actual incertidumbre en el mercado que se ha originado como consecuencia de las moratorias concursales establecidas a causa de la crisis del COVID-19, los tribunales españoles están tratando de buscar soluciones efectivas para mitigar los daños previsibles que esta inactividad puede generar.
The State may participate in the equity of a legal entity. If that legal entity was incorporated under mercantile laws, then it falls within the concept of merchant debtor. Hence, state-owned companies may be subject to bankruptcy proceedings. The problem arises in majority state-owned companies.
This article discusses considerations for credit funds that face a restructuring situation in the post-COVID-19 world — whether one largely caused by the challenges posed by the pandemic or one simply accelerated by such challenges — and how workouts of these investments present their own challenges.