The Corporate Insolvency and Governance Bill was published on 20 May 2020 and went through an accelerated parliamentary process, receiving Royal Assent on 25 June 2020 (with the provisions coming into force on 26 June 2020).

The Corporate Insolvency and Governance Act 2020 (“CIGA”) introduces a mixture of permanent and temporary “debtor friendly” measures to restructuring and insolvency law in England and Wales and in Scotland, jurisdictions which have historically been viewed as being “creditor friendly”.

In the wake of increased competition stemming from the recent liberalisation of the Bulgarian electricity market, more and more electricity players and major electricity traders such as Future Energy and Energy Financing Group are now facing serious financial difficulties.

According to reports, some are now fighting to stay afloat after the initiation of insolvency proceedings. Given this increased market pressure, analysts state it is likely these and other energy traders may declare bankruptcy and face eventual liquidation.

Annual Review of English Construction Law Developments May 2017 An international perspective CMS_LawTax_CMYK_28-100.eps Contents 3 Introduction 5 The interpretation of exclusion and limitation clauses: clarity restored 9 Good faith in the exercise of termination rights 13 Concurrent delay: recent developments and continued uncertainty 19 Contractual warranties and representations: telling the difference 23 On demand securities: the fraud exception in cases of legal uncertainty 31 On-demand securities: compliance with formalities and the doctrine of strict performance 37 Indirect and consequ

Last year we reported on a decision of the Scottish Court of Session which suggested that greater leniency may apply to the interpretation of performance bonds in Scotland than in England (see our earlier Law-Now here). A further decision from the Court of Session issued last month would appear to support this trend.

Fife Council v Royal & Sun Alliance Insurance plc

Synopsis:

CMS today publishes a White Paper examining whether there is a case for a special insolvency regime in the oil and gas industry.

I am delighted to present the third edition of The Issues, an annual publication brought to you by our team at CMS Prague. As is tradition, the articles will look at general legislative developments as well as new opportunities and legal issues that you will be facing in the year ahead. We also look at sector specific topics from across industries such as consumer products, energy, financial services, hotels & leisure, lifesciences, real estate and technology, media & telecoms.

Reduced Liquidity—How Will Oil Companies Feel the Pinch?

The mainstream media have been trying to predict, on almost a daily basis, the causes of, and the winners and losers (mostly focused on the latter category) resulting from, the current volatility in oil and gas prices.

Bankruptcy

At the risk of stating the obvious, the collapse of oil and gas prices in the last several quarters has had a profound impact on the industry. Some E & P companies have been able to weather this storm, but other have not been so fortunate. In the time between 2014 and September 14, 2016, 102 oil and gas producers with cumulative debts of over $67 billion, 13 midstream companies with cumulative debts of over $17 billion and 132 oilfield service companies with cumulative debts of over $14 billion have filed bankruptcy petitions.

On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate and President Trump just signed the bill. The bill provides for $2.2 trillion in emergency aid to ease the financial impact of the COVID-19 crisis.