In the first case of its kind, the High Court in England has prevented a shareholder from splitting its shareholding in an attempt to defeat the approval of a scheme of arrangement under section 895 of the Companies Act 2006 (Scheme) by way of manipulation of legislative requirements in relation to Schemes which require approval by a majority in number representing 75% in value of the voting class of shareholders.

Az Európai Unió Bírósága közzétett végzésében megerősítette a korábbi gyakorlatát a székhelyét más államba áthelyező társaság fizetésképtelensége esetén irányadó joghatósági szabályokkal kapcsolatban. Bejegyzésünkben röviden áttekintjük az irányadó esetjogot, és azt, hogy ebben milyen változást fog hozni a 2017-től alkalmazandó új uniós jogszabály.

The new year will bring tremendous changes to the Polish insolvency regime as significant amendments to the Bankruptcy and Recovery Law (Journal of Laws 2015, No. 233, uniform text) come into force on 1 January 2016 (New Bankruptcy Law). The aim of the New Bankruptcy Law is to make existing legal instruments more effective and to help business entities survive financial stress or distress. 

Overview

SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards.

Reposted from Law A La Mode 

Opportunity Arises Out of Adversity

The recent global financial crisis has seen consumers tighten their belts and the retail industry as a whole has faced increasing pressure. Profits warnings have peppered the financial pages and fashion retailers, in both the budget and luxury sectors, have been subject to formal insolvency processes.

However, for those fortunate enough to be in the position of buyer, the current climate can give rise to considerable opportunities, including:

On March 14 2014 the Delaware Chancery Court found RBC Capital Advisors (RBC) liable for aiding and abetting the breach of fiduciary duty of the board of directors of Rural/Metro, stemming from the sale of the company to Warburg Pincus.

While the details of the court’s decision are contained in Vice Chancellor J. Travis Laster’s 91-page opinion, several salient points are important to understand:

A Creditor did not register his claim against a debtor in insolvency proceedings due to missing information concerning the publication of the debtor's bankruptcy in the Insolvency Register. The creditor regularly searched for information regarding the debtor´s potential bankruptcy in the insolvency register and was always informed that a resolution on the debtor´s bankruptcy had not been made.

The COVID-19 pandemic created unprecedented disruptions across the global economy, perhaps most severely in the retail sector. Shelter-in-place orders, government-mandated closures and other restrictions drastically reduced or entirely wiped out revenue streams, resulting in an increased number of bankruptcy filings by retail debtors.

Introduction

The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.¹ The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.

Overview