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    Article published - Wasted breath? Insolvency reforms in response to Covid-19
    2020-07-21

    The Corporate Insolvency and Governance Act 2020 introduces sweeping insolvency reforms in response to the business impacts of Covid-19, designed “to give companies breathing space and keep trading while they explore options for rescue”. Our UK Restructuring, Turnaround and Insolvency team have published an article in International Corporate Rescue which considers the key elements of the reforms.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    “Holding” DOCAs confirmed as valid by High Court of Australia
    2018-09-27

    On 12 September 2018, the High Court of Australia (High Court) gave judgment in the case of Mighty River International Limited v Hughes (Mighty River).1 In that decision, the High Court (by a 3:2 majority) held that a “holding” deed of company arrangement (DOCA) is valid.

    In brief

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Corporations Act 2001 (Australia), High Court of Australia
    Authors:
    Paul Apáthy , Mark Clifton
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal confirms contractual rules apply by analogy to assessment of compensation under cross-undertaking in damages
    2014-07-10

    A recent Court of Appeal decision has confirmed that the usual contractual rules, including as to remoteness of damage, apply by analogy to the assessment of compensation under a cross-undertaking in damages in a freezing order. However, there is also room for exceptions, given that there is in fact no contract: Hone and others v Abbey Forwarding Ltd and another[2014] EWCA Civ 711.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Court of Appeal of England & Wales
    Authors:
    Adam Johnson
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Proposed insolvency reforms: Impact on supply chains and their customers
    2020-06-11

    As previously noted, the new Corporate Insolvency and Governance Bill, currently expected to be enacted in mid-June 2020, is likely significantly to impact many supplies of goods and services to companies that are or may be in financial distress.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP
    Location:
    USA
    Firm:
    Herbert Smith Freehills LLP
    Australia’s new ipso facto regime is now live: Are your contractual rights affected?
    2018-07-03

    Australia’s new ipso facto regime is now in effect. It stays the enforcement of contractual rights triggered upon the entry of a corporate counterparty into certain restructuring and insolvency processes. The regime will affect a broad range of contracts entered into on or after 1 July 2018; however, certain contracts and contractual rights have been excluded from the operation of the stay pursuant to statutory instruments which have just been issued.

    Filed under:
    Australia, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Projects & Procurement, Herbert Smith Freehills LLP
    Authors:
    Paul Apáthy , Andrew Rich
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    COVID-19: PRESSURE POINTS: Measures adopted by Royal Decree-law 16/2020 in relation to insolvency (Spain)
    2020-04-30

    With the aim of managing the potential ramifications of the measures that have so far been implemented in the context of the COVID-19 crisis, the Spanish Government has approved Royal Decree-law 16/2020, of 28 April, of procedural and organisational measures to tackle COVID-19 connected to the administration of justice.

    Filed under:
    Spain, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Javier de Carvajal , Marta Rey
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP
    Hong Kong judge defers to arbitration in dismissing winding up petition
    2018-04-03

    In a recent Court of First Instance case before Harris J, Southwest Pacific Bauxite (HK) Ltd (Company) sought to strike out a winding-up petition issued against it by Lasmos Ltd (Petitioner). The ground of insolvency relied on by the Petitioner was a statutory demand of US$259,700.48 (Debt), arising out of a management services agreement (MSA) between the Company and the Petitioner (Parties). The Company disputed the Debt.

    Filed under:
    Hong Kong, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Arbitration clause
    Authors:
    Simon Chapman , Briana Young , Kathryn Sanger
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    COVID-19: Pressure Points: Company directors dealing with financial distress (Hong Kong)
    2020-04-21

    During the COVID-19 crisis, many companies are facing unexpected financial distress, and taking steps to stabilise their business and bolster their finances.

    Many directors will not have experienced these issues before, and should be aware of how their duties are impacted when the company is in financial distress.

    This guide has been prepared on the basis of Hong Kong law principles. Many of the principles will also be applicable to other common law jurisdictions.

    How are companies responding to the current crisis?

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Gareth Thomas , Alexander Aitken , Philip Lis , Ellen Mao , Peter Ng , Hilary Lau , Jason Sung , Tommy Tong
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Preview of 2018
    2018-01-15

    ENGLAND AND WALES PREVIEW OF 2018 January 2018 LEGAL GUIDE HERBERT SMITH FREEHILLS 01 page CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Brexit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Competition, Regulation and Trade . . . . . . . . . . . . . . . . . . 05 Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Dispute Resolution . . . . . . . .

    Filed under:
    European Union, United Kingdom, Scotland, Arbitration & ADR, Banking, Company & Commercial, Competition & Antitrust, Construction, Derivatives, Employee Benefits & Pensions, Employment & Labor, Energy & Natural Resources, Insolvency & Restructuring, Insurance, Intellectual Property, IT & Data Protection, Planning, Real Estate, Securitization & Structured Finance, Tax, Herbert Smith Freehills LLP, Brexit, GDPR
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    High Court affirms orthodox application of directors’ no conflict duty in insolvency
    2020-04-21

    The High Court has ruled that directors breached their duties by taking up the company’s business opportunity for their own benefit, even if the company was unable to take up that opportunity by reason of its financial position: Davies v Ford & Ors [2020] EWHC 686.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Natasha Johnson , Andrew Cooke
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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