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    Aircraft Lessors Should Prepare for UK Restructuring Processes
    2022-06-13

    Key Points

    • The use by Malaysia Airlines' subsidiary, MAB Leasing Ltd. (incorporated in Malaysia) ("MABL"), in 2021, of an English Scheme of Arrangement (a "Scheme") to compromise its aircraft lease obligations proved that US Chapter 11 is not the only route to a globally recognised compromise of airline leases.
    • Airline lessors should now prepare themselves for Schemes (and possibly also other English restructuring processes) as an alternative to Chapter 11.

    Background

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Public, Katten Muchin Rosenman LLP, Brexit, Coronavirus, Lugano Convention
    Authors:
    Chris Harrison , Timothy J. Kirby , Timothy J. Lynes , Prav Reddy , Charlotte Sallabank , Peter A. Siddiqui , Sonya Van de Graaff
    Location:
    European Union, United Kingdom
    Firm:
    Katten Muchin Rosenman LLP
    El Tribunal de Justicia de la Unión Europea se pronuncia sobre el mantenimiento de contratos de trabajo en ‘pre-packs’ concursales
    2022-06-09

    El órgano judicial europeo ha dictado una sentencia de especial relevancia para el funcionamiento y efectividad de los 'pre-packs' concursales. En concreto, aclara los requisitos que se deben cumplir para respetar los derechos de los trabajadores en caso de transmisión de empresas.

    Filed under:
    European Union, Employment & Labor, Insolvency & Restructuring, Litigation, Garrigues, Bankruptcy, CJEU
    Authors:
    Adrian Thery , Iván Heredia Cervantes , Borja García-Alamán , Juan Verdugo , Juan María Jiménez Moreno
    Location:
    European Union
    Firm:
    Garrigues
    Court of Justice of the European Union rules on protection of employment contracts in pre-pack insolvency procedures
    2022-06-09

    The European Court has issued a sentence of special relevance for the operation and effectiveness of the “pre-pack” insolvency procedures. Specifically, it clarifies the requirements that must be met to respect the rights of workers in the event of business transfers.

    Filed under:
    European Union, Employment & Labor, Insolvency & Restructuring, Litigation, Garrigues, Court of Justice of the European Union
    Authors:
    Adrian Thery , Iván Heredia Cervantes , Borja García-Alamán , Juan Verdugo , Juan María Jiménez Moreno
    Location:
    European Union
    Firm:
    Garrigues
    Cross border insolvency - reconsidering the Second Core Requirement and foreign recognition?
    2022-06-07

    Up Energy Development Group Limited [2022] HKCFI 1329 (date of decision: 6 May 2022)

    Introduction

    The 3 core requirements are factors considered by the Hong Kong Court when deciding whether to exercise its discretion to wind up a foreign incorporated company in Hong Kong.

    Filed under:
    European Union, Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Stephenson Harwood LLP
    Authors:
    Alexander Tang , Vivian Lau
    Location:
    European Union, Hong Kong, United Kingdom
    Firm:
    Stephenson Harwood LLP
    Europe: The New European Restructuring Schemes - Update May 2022
    2022-05-30

    Introduction

    Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive“), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Baker McKenzie
    Location:
    European Union, United Kingdom
    Firm:
    Baker McKenzie
    Phasing-out of the Temporary Framework on State aid linked to the COVID-19 crisis
    2022-05-31

    On 19 March 2020, the European Commission adopted the Temporary Framework on State aid measures to support the economy in the current context of the COVID-19 outbreak ("Temporary Framework"). The Temporary Framework is based on Article 107(3)(b) TFEU and aims to remedy a serious disturbance in the European economy.

    Filed under:
    Belgium, European Union, Corporate Finance/M&A, Insolvency & Restructuring, Trade & Customs, CMS Belgium, Fourth Amendment, State aid, Coronavirus, European Commission
    Authors:
    Annabelle Lepièce , Raphaël Brochier
    Location:
    Belgium, European Union
    Firm:
    CMS Belgium
    Trustee basics: Edition 2 - The no action clause
    2022-05-25

    The issue

    A "no action" clause will appear in almost all English law-governed bond trust deeds.

    A no action clause provides that a bondholder (or anyone entitled to payments on the bonds) cannot, initially, proceed directly against the issuer. Instead, the right to bring a cause of action resides with the trustee and it is only if the trustee, having become bound to take action, fails to do so within a reasonable time (with the failure continuing) that a bondholder can then itself proceed directly against the issuer.

    Filed under:
    European Union, United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP
    Authors:
    Jayesh Patel , Charlotte Drake
    Location:
    European Union, United Kingdom
    Firm:
    Stephenson Harwood LLP
    Kary nakładane na związki przedsiębiorców - nowe zasady
    2022-05-20

    Podwyższeniu ma ulec maksymalny wymiar kar pieniężnych nakładanych na związki przedsiębiorców przez organ ochrony konkurencji i konsumentów. A w przypadku niewypłacalności związku, przewiduje się odpowiedzialność solidarną jego członków.

    Filed under:
    European Union, Poland, Competition & Antitrust, Insolvency & Restructuring, Bird & Bird LLP, Joint and several liability, Office of Competition and Consumer Protection (Poland)
    Authors:
    Szymon Golebiowski
    Location:
    European Union, Poland
    Firm:
    Bird & Bird LLP
    Germany: The New European Restructuring Schemes - Update May 2022
    2022-05-12

    In brief

    Snapshot on the status of implementation of the EU Restructuring Directive in selected Member States and the new English scheme

    Introduction

    Filed under:
    European Union, Insolvency & Restructuring, Baker McKenzie
    Location:
    European Union
    Firm:
    Baker McKenzie
    Ireland approves opt in to technical amendments to the European Insolvency Regulation Annexes
    2022-05-12

    On 11 May 2022, the Dáil and Seanad approved Ireland's opt-in to a regulation amending the Annexes to the European Insolvency Regulation, 2015/848 (EIR Recast). Regulation 2021/2260 (Amending Regulation) which replaces Annex A and B to EIR Recast came into force in January 2022.

    Filed under:
    European Union, Insolvency & Restructuring, William Fry, Brexit
    Authors:
    Ruairi Rynn , Craig Sowman , Fergus Doorly , Gail Nohilly
    Location:
    European Union
    Firm:
    William Fry

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