Government support during the pandemic and extremely strong credit markets saw exceptional fund raising levels in 2021, in spite of a slower Q4. Borrowers secured increasingly favourable terms from their lenders, with only a little pushback as the year progressed. Private credit continued to compete for greater market share and found interesting opportunities in smaller and more complex names. 2021 has proved to be a record year for financings and the continued availability of cheap capital, with reasonable stability and outperformance from riskier credits.
Throughout the pandemic, a steady stream of government support was made available to prop-up businesses. As we move towards a New Normal, those support packages are being scaled-back. Many businesses are still recovering from the shock of the last 18 months and, with high levels of historic debt as an additional burden, are not yet back to full financial health.
L’anno 2021 ha visto il susseguirsi di numerosi interventi legislativi con un rilevante impatto sulla responsabilità amministrativa da reato degli enti. Il presente aggiornamento ha lo scopo di riassumere e fornire un quadro delle modifiche intervenute al D.lgs. 231/2001 e delle norme che, per motivi diversi, lo richiamano, rendendo di fatto l’adozione di un Modello di Organizzazione e Gestione un adempimento ormai imprescindibile per molte organizzazioni.
AMPLIAMENTO DEI REATI PRESUPPOSTO
Welcome to the sixth edition of our quarterly disputes newsletter, which covers key developments in the dispute resolution world over the last three months or so.
A number of key decisions from the English courts in 2021 illustrate the litigation trends that are likely to have implications for the financial services industry in 2022 and beyond (see below “Cases to watch in 2022”).
Market misconduct and mis-selling
In the first of a series of claims issued by ECU Group Plc in relation to alleged wrongdoing in the foreign exchange markets by a number of banks, the High Court held that:
Welcome to the first edition of Restructuring Watch from the Akin Gump financial restructuring team in London. These editions will provide short and accessible updates on key legal developments in the European restructuring and insolvency world.
The Indian Restructuring Growth Story
On the 19th of August 2021, the English High Court sanctioned a Part 26A restructuring plan proposed by the administrators of Amicus Finance plc (in administration) (“Amicus”) for the company’s solvent exit from administration, enabling the company to be rescued as a going concern (the “Restructuring Plan”).
We examine what impact the Court of Justice of the European Union decisions in Hampshire v PPF and PSV v Bauer will have on PPF compensation post-Brexit
An important decision for employers and administrators has been handed down by the High Court in the case of R (Palmer, Forsey) v Northern Derbyshire Magistrates' Court [2021] EWHC 3013. The Judgment acts as a stark reminder to employers and company personnel about the criminal liability they can face for failing to notify the Secretary of State of proposed collective redundancies as well as confirming that that an administrator can be prosecuted personally.
Background