This note aims to provide brief and practical answers to common questions on the law of assignment in English law finance transactions.
1. Are all notified assignments legal assignments?
Key Takeaways
Incorporating the principles contained in EU insolvency directives, the new Italian Insolvency Code affirms the goal of resolving crises in the least traumatic way possible for the business. This represents a fundamental innovation of the underlying philosophy of Italian insolvency law and the remedies envisaged for companies in distress so that they may successfully restructure their outstanding exposure. Below, we provide a general overview of the Insolvency Code and its key remedies.
The Insolvency Code in brief
The Corporate Enforcement Authority recently published its guidance note on EU Directive 2019/1023 known as the "Preventive Restructuring Directive", which you will find here (Information Note).
Background
On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").
Readers will recall, on April 1, 2020 the RF President signed RF Law No. 98-FZ, amending RF Law No. 127-FZ On Insolvency (Bankruptcy) of October 26, 2002 (the Law) and authorising the Government to impose a moratorium on creditors’ initiation of bankruptcies to stabilize the economy in exceptional cases (a Moratorium).
Immediately thereafter, by Decree No. 428 of April 3, 2020 as part of the COVID-19 relief program, the Government adopted such a Moratorium until 7 January 2021 (the COVID Moratorium).
A limitation period is the statutory time limit set out in law for a person to file a lawsuit as a result of some loss or damage. Each Canadian province has a specific statutory framework governing limitation periods for legal matters falling under provincial jurisdiction. Many provinces use a “discoverability” scheme under which a person must commence legal proceedings within two years of specific factual elements being “discovered” by the person.
In this article, Dentons gives its inside view on the pre-pack evaluator's report, made compulsory earlier this year to improve the confidence of creditors in pre-pack administration sales to connected persons. We consider the practicalities of selecting the right evaluator for the job, the potential for "opinion shopping" from evaluators and whether these new regulations have achieved what was intended.
A recap on pre-packs
Executive summary
On 20 May, Parliament had its first reading of the Bill, a detailed document containing all the expected provisions applying across England, Wales and Scotland, and with separate (but substantially similar) provisions for Northern Ireland.
MPs will next consider all stages of the Bill on 3 June 2020 and it is anticipated that this will be fast-tracked to become law in July.