Supply chains are facing a fresh barrage of challenges. There are an almost infinite variety of issues that can arise within the supply chain. Minor irritants that historically may have just made business a bit more difficult to transact can, in the current environment, cumulatively exert significant pressure. Additionally, an over reliance on a third party or failure to spot the weakest links in this chain could have a catastrophic impact on your business

In our latest insight, we consider how to identify pinch points in your supply chain and de-risk them.

An overview of Guernsey legislative and regulatory developments for the period 1 December 2022 to 28 February 2023 inclusive.

1 Corporate insolvency regime – update

The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the Amendment Ordinance) finally came into force on 1 January 2023.

Introduction

It seems like a week hasn't passed recently without some new global macro shock hitting our screens, resulting in the economic rollercoaster ride on which we find ourselves.

The Part 26A Restructuring Plan (“RP”) is a relatively new addition to the English insolvency regime; despite this, the flexibility it provides to both distressed companies and their creditors has made it an important and attractive option. The recent administration of GoodBox Co Labs Limited (“GoodBox”) only further highlights this flexibility, providing ground-breaking precedent for creditor‑led RPs and the necessity of company consent.

企业对外投资是企业经营和财务活动的重要内容。企业以现金、发行股份或 者以资产方式进行对外投资，或者以购买股票、债券等有价证券方式向境内外的 其他实体进行投资，以在未来获得投资收益。对外

In an increasing number of restructuring cases of globally-operating companies, companies or funds outside Japan are becoming strong sponsor candidates, and even more foreign players are expected to be actively selected as sponsor candidates in the future.

In this article, we focus on the sponsor selection process in out-of-court restructurings and legal insolvency procedures in Japan, based on recent actual cases.

A recent U.S. bankruptcy court opinion out of the Central District of California may have cracked the door open for companies formerly tied to the cannabis industry to pursue legal strategies using bankruptcy. Federal prohibitions on cannabis have complicated the industry’s entitlement to legal protections, including chapter 11 bankruptcy. Judge Neil W.

In the tenth edition of Going concerns, Stephenson Harwood’s restructuring and insolvency team covers the innovative attempt by a distressed company to shut out low-valued creditors in a scheme of arrangement, the utility of the Singapore recognition of foreign insolvencies regime to assist international liquidations, and the factors which the Singapore Courts will consider when deciding whether to stay a bankruptcy application. It has been a pleasure preparing these articles over the past five years and a big thank you to our readers!

Content

The Corporate Enforcement Authority (CEA) has recently issued an information note, which provides guidance to directors in respect of early warning tools, director's duties and restructuring processes for companies in financial difficulty.

BTI 2014 LLC v Sequana SA & Others [2022] UKSC 25

Factual Background

1. In December 2008 and May 2009, the directors of a UK limited company, known as Arjo Wiggins Appleton Limited (“AWA”) distributed dividends to its parent company and sole shareholder, the defendant in the claim, Sequana SA (“Sequana”). The dividend payment in May 2009 was just over £119m.