An interview with Mark Byers, Partner and Head of Strategic Relationships, Grant Thornton
What insolvency trends were you seeing before the pandemic?
In this edition of the Going concerns, our Stephenson Harwood restructuring and insolvency team provides a brief update on the newest developments in Singapore, UK and Hong Kong. For Singapore, we update on the "conflict" between the admiralty and insolvency regimes while our London team provides an update on the cutting-edge Part 26A restructuring plans. Last but certainly not least, our Hong Kong team dissects and discusses the significance and impact of the new cooperation mechanism for Hong Kong liquidators and Mainland administrators to seek mutual recognition and assistance.
By Jochen Saal
Acquiring a business on insolvency can have pitfalls, especially if it involves an employee occupational pension scheme. Will the German Federal Labour Court’s case law, which is favourable to acquirers, continue to apply following a recent European Court of Justice decision?
Dieses Legal Update ist Teil einer Reihe, mit welcher die für Praktiker relevanten Änderungen zum Aktienrecht in kondensierter Form dargestellt werden. Bereits publizierte Legal Updates finden Sie auf unserer Website unter Aktienrechtsrevision 2020. Neue Legal Updates zum Thema Aktienrechtsreform werden regelmässig an unsere Newsletter-Subscriber verschickt und auf unserer Website publiziert.
Übersicht
1. Hurricane Energy PLC: Restructuring Plan
(A) Convening Hearing
OVERVIEW
Welcome to the second edition of the insolvency insight bulletin from the insolvency specialists at Quadrant Chambers. All cases link to the relevant judgments.
Case Law
At the recent R3 Scotland Forum[1], experts in the hospitality and leisure sector came together with the restructuring and insolvency profession to discuss the issues the sector is facing as the country emerges from lockdown. The panel discussion which was chaired by Judith Howson, Senior Manager at French Duncan and member of the R3 Scotland Committee was led by Steven Fyfe, head of the Scotland Hotels Divisions within Savills.
Includes developments in relation to: ESG; CRR; COVID-19; IFPR; Basel III; Securitisation Regulation; LIBOR; and EMIR.
Click on the headings below to access each section:
HEADLINES
So far this year, fewer European and American businesses have encountered financial distress that required either bankruptcy or restructuring procedures than in the same period in 2020. This decline occurred despite the ongoing economic impact of COVID-19.
Sir Alastair Norris’ High Court judgment of 14 May 2021, confirming the sanctioning of the scheme of arrangement of DTEK Finance PLC in respect of existing bank lenders (the “Bank Scheme”) and the scheme of arrangement of DTEK Energy B.V. in respect of the outstanding notes (the “Note Scheme”) has now been published.