In a prior post, we discussed the Third Circuit Court of Appeals’ decision in Jevic Holding Corp., where the court upheld the use of so-called “structured dismissals” in bankruptcy cases, and the Supreme Court’s grant of certiorari. Yesterday, the Supreme Court heard oral argument in Jevic. The Court’s ultimate ruling will likely have a significant impact upon bankruptcy practice.

This note provides an overview of the English restructuring plan, giving insight into when a foreign company might be able to restructure in England, an overview of the process and the advantages that a restructuring plan offers over other processes.

It should not be relied on as legal advice. Should you require legal advice in relation to your specific circumstances, please contact one of our team members whose contact details are at the end of this note.

What Is a Restructuring Plan ?

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-19

This quick guide summarises the duties that directors of companies incorporated in Australia are subject to, and how those duties change when a company is insolvent or at risk of being insolvent.

It also gives an overview of the personal risk to directors when a company is in financial difficulty.

This note is intended as an overview and should not be relied on as legal advice. Should you require legal advice in relation to your specific circumstances, please contact the Restructuring & Insolvency team member whose contact details are at the end of this note.

Due to its constitutional and legal system, Germany is different from a number of other countries around the world. Measures fighting the spread of COVID-19 in Germany cannot be taken at the central government level in Berlin (Bundesregierung) but have to be taken by the governments of the 16 states (Landesregierungen), which constitute the Federal Republic of Germany.

However, in recent days the Prime Ministers of the 16 German states have coordinated their action closely with each other and with the central German government.

Last month, the Eleventh Circuit Court of Appeals clarified the circumstances under which a creditor can assert a “new value” defense to a preference action under section 547(c)(4) of the Bankruptcy Code—rejecting as dictum language in a prior decision indicating that the new value provided needed to remain unpaid in order to setoff against preference payments. The Eleventh Circuit’s decision also had the effect of narrowing a split among the circuits.

The Background

In the case of Re BW Estates Ltd the High Court considered the validity of a directors’ out of court appointment in circumstances where there was technically an inquorate directors’ board meeting.

As has been widely reported, the recent energy price volatility (coupled with the price cap limiting suppliers’ ability to pass increased costs on to consumers) has caused a number of energy supply company failures. Yesterday saw the announcement of the collapse of Bulb, one of the UK’s largest energy suppliers, with it being due to be placed into special administration very shortly.

This is the first energy special administration we’ve seen. So how are the insolvency rules different for energy companies? What is a special administration, and why is this the first one?

This note summarises the duties that directors of companies incorporated in England and Wales are subject to.

This note explains those duties, and matters that directors should consider in relation to them, in the context of the COVID-19 pandemic.