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    Changes to Coronavirus Provisions under the Corporate Insolvency and Governance Act 2020
    2020-09-28

    The UK Government has issued secondary legislation extending the period of applicability of certain temporary provisions of the Corporate Insolvency and Governance Act 2020 (“CIGA”).

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Hungary temporarily suspends onerous insolvency rules
    2020-06-03

    In a bid to assist struggling companies amid the uncertainty brought on by the pandemic, Hungary issued Government Decree No. 249/2020, which amends the Bankruptcy Code and gives companies breathing space while they explore options for rescue.

    The changes created by the decree, which came into force on 29 May 2020, will be in effect only during the state of the emergency and include the following:

    Filed under:
    Hungary, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Title 11 of the US Code
    Authors:
    Erika Papp , Szabina Soptei
    Location:
    Hungary
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Romania amends insolvency law with start of state of alert
    2020-05-20

    On 18 May 2020, the same date that Romania switched to a state of alert that will expire on 17 June 2020, Law no. 55/2020 entered into force, which contains amendments to legal provisions for regular insolvency during the state of alert.

    The most important amendments include a deferral of the obligation to file for insolvency, an increase in the threshold for petitioning for insolvency, extension of the duration for the reorganisation plan and an extension of other procedural deadlines.

    The following is a list of the major amendments contained in the law:

    Filed under:
    Romania, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Rodica Manea
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Directors Duties in the UAE: Part 3 - Duties in times of Financial Uncertainty
    2020-05-11

    Introduction

    With global economies facing uncertain times as a result of the COVID-19 pandemic, and many businesses facing significant challenges to cash flow, revenue and bad debts, the possibility of insolvency will be very real for some companies in the UAE. In such circumstances it is important that directors fully appreciate how their duties and liabilities will be impacted and ensure decisions made in a financial distress situation are made in full consideration of these.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Bribery, Coronavirus
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Electronic signing in finance transactions
    2020-04-20

    1.Why use an electronic signature?

    2.What is e-signing?

    3.Is e-signing valid?

    4.What types of document can be signed electronically?

    5. Are there any restrictions/protocols relating to electronic signatures?

    6. What is the position with overseas entities?

    7. E-signing with a secure platform

    8. E-signing without a secure platform

    1. Why use an electronic signature?

    Filed under:
    United Kingdom, England & Wales, Banking, Company & Commercial, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Marianne Mudd
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    D&O insurance: changes to UK Insolvency Law in response to COVID-19
    2020-04-01

    On Saturday (28 March 2020) the UK Government announced certain changes to insolvency laws in response to COVID-19, intended to help companies and directors.

    There are two aspects to the changes:

    1. Retrospective suspension or relaxation of wrongful trading

    2. New restructuring procedure and new temporary moratorium

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Insurance, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Directors' duties in a formal insolvency context
    2020-02-12

    Introduction

    The decision of ICC Judge Barber in the case of Stephen Hunt & System Building Services Group Limited -v- Brian Michie & System Building Services Group Limited [2020] EWHC 54 (Ch) was recently handed down and it is an interesting decision about directors’ duties post the appointment of an administrator or liquidator.

    Facts

    The facts are quite involved and matter specific, and gave rise to a number of issues, but for present purposes the key issues are as follows.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Cartel litigation: Important ruling that limitation can begin to accrue in advance of a regulator making an infringement decision
    2020-02-03

    On 25 February 2020, the High Court handed down an important ruling: Granville Technology Group Limited (In Liquidation) and Others v Elpida Memory (Europe) Gmbh and Others [2020] EWHC 415 (Comm). This is the first ruling by an English Court on how the Limitation Act 1980 should be applied to secret cartel claims.

    Filed under:
    United Kingdom, USA, Company & Commercial, Competition & Antitrust, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, European Commission, US Department of Justice, HSBC
    Location:
    United Kingdom, USA
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    When do directors’ duties at law switch to being owed to the company’s creditors?
    2019-02-18

    A real, as opposed to remote, risk of insolvency is not necessarily enough for the duties of a board of directors to switch from being owed to its shareholders to being owed to its creditors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency Act 1986 (UK)
    Authors:
    Martin Brown
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Mark Graham Tailby and Tyrone Shaun Courtman v Hutchinson Telecom FZCO [2018] EWHC 360 (Ch)
    2018-07-19

    The Facts

    Mr Tailby and Mr Courtman were appointed Administrators over three connected companies: TPS Investments (UK) Ltd; ABC Prop Co Holdings Ltd and CP Investment Holdings Limited. TPS was a property developer and owned a number of properties; two of these were transferred to ABC and one to CP.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Cathryn Kozlowski
    Location:
    United Kingdom
    Firm:
    Ashfords LLP

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