Less than an hour after an oxygen tank exploded on Apollo 13, mission control told the crew to isolate a small tank, containing 3.9 pounds of oxygen.^[1] Days later, that tank provided the oxygen to keep the crew alive while landing back on Earth.

If they had left that tank for even another hour the oxygen in it would have been almost gone.

Am 16. Juli 2019 ist die Richtlinie (EU) 2019/1023 über präventive Restrukturierungsrahmen in Kraft getreten. Ihre Umsetzung in das nationale Recht der Mitgliedstaaten wird von Sanierungsspezialisten vor dem Hintergrund sinkender Wachstumsprognosen und Warnungen vor einem Wirtschaftseinbruch mit Spannung erwartet.

There are 3 developments on pre-packs to note – 2 domestic and 1 further afield:

The banking reform package marks an important step toward the completion of the European post-crisis regulatory reforms

The EU Directive on restructuring and insolvency was published in the OJEU on Wednesday. Members states have until 17 July 2020 to implement it, and this includes the UK as it stands: the UK has much – but not all – of it already. The UK Government has its own plans for reforming insolvency law of course, including to re-introduce Crown Preference. It is mostly about creating a rescue framework.

La justicia europea se pronuncia sobre la aplicación de las garantías laborales en la transmisión de empresas cuando cedente y cesionario prevén la posterior desaparición del cesionario por liquidación. Nada impide segregar una parte de la empresa y posibilitar su autonomía, pero mantener la dependencia y provocar su quiebra resulta contrario al principio de estabilidad que rige el transfondo laboral de toda transmisión empresarial.

Background

With cov-lite financings at record highs, debt holders will need to be proactive in maximising recoveries

Will the last person leaving please turn out the lites?

Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table, partners Ian Wallace and Christian Pilkington of global law firm White & Case LLP explain

The Insolvency Working Group of the United Nations Commission on International Trade Law (“UNCITRAL”⁾¹ has been busy this past year, working on three new model laws and developing work on at least two possible future projects.2 The Insolvency Working Group is responsible for drafting the Model Law on Cross-Border Insolvency (the “CBI Model Law”) in 1997, which has since been adopted in 46 countries and is under consideration in several others. In 2005, the United States adopted the CBI Model Law as Chapter 15 of the United States Bankruptcy Code.