Irish companies can now avail of various methods with which to merge, migrate or spin off all - or portions of - their businesses with other European Union (“EU”) limited liability companies. In our experience, these restructuring tools can be particularly useful for global post-acquisition integration, carve-out, spin-off or rationalisation projects. This has been made possible by an EU directive introduced into Irish law on 24 May 2023 by the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 (the “Regulations”).
On 31 December 2024, the Fifth Circuit Court of Appeals (the "Federal Court of Appeals") ruled that the uptiering transaction conducted by Serta Simmons Bedding LLC ("Serta") did not constitute an "open market purchase", reversing the 2023 summary judgment of the Bankruptcy Court for the Southern District of Texas (the "Texas Bankruptcy Court") that rejected the excluded lenders' claims for breach of the credit agreement. The Federal Court of Appeals also reversed the approval of certain plan provisions relating to an indemnity for the uptiering transaction.
Trustees in Bankruptcy seeking to make distributions to a creditor who may be subject to UK sanctions should follow the guidance in the recent case of Thomas, Carter, Nilsson (as the joint trustees in bankruptcy of Nikolay Fetisov and Ilya Yurov) and PJSC National Bank Trust [2025] EWHC 75 (Ch).
Background
TLT were instructed to act on behalf of the joint Trustees in Bankruptcy of two Russian individuals, Nikolay Fetisov and Ilya Yurov.
Market overview
The legal landscape in the field of restructuring and insolvency is evolving, driven by legislative measures and judicial practice.
In 2025, the following developments can help you navigate complex financial landscapes, protect assets, and make informed decisions to address financial challenges ensuring survival or orderly dissolution when facing financial distress.
On 13 December 2024, EU member states agreed on a ‘partial’ general approach to the harmonisation of insolvency law.
The Office of Financial Sanctions Implementation (OFSI) has published guidance (the Guidance) following the publication of the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 (the Regulations) on 14 November 2024. OFSI is the body with regulatory oversight of the financial sanctions regime and is responsible for its implementation and enforcement within the UK.
1 r October, 2024（No. 26） ムシス バシリ / 金子 涼一 / パップワース チャールズ / 田村 允 1. 欧州委員会、排除型市場支配的地位の濫用に関するガイドライン案を 公表 本ガイドライン案の背景 EU の機能に関する条約（Treaty on the Functioning of the European Union、以下「EU 機能条約」） 102 条は、EU の域内市場で活動する事業者による市場支配的地位の濫用を禁止しています。 2024 年 8 月 1 日、欧州委員会は、EU 機能条約 102 条の排除型市場支配的地位の濫用 （exclusionary abuse）に関するガイドライン案（以下「本ガイドライン案」）を公表しました 1。本ガイドライン案 は 2024 年 10 月 31 日を期限とした意見公募（パブリックコメント）に付されています。 本ガイドライン案は、EU 機能条約 102 条の定める排除型市場支配的地位の濫用に関する EU 裁判所 の判例について、欧州委員会の理解を整理するものであり、欧州委員会は本ガイドライン案の公表により、 「法的安定性を高め、事業者が、自らの行為について、EU 機能条約 102 条の定める排除型市場支配的 地位の濫用に該当するか否かを自ら判断することに資する」ことを意図しています 2。
1. Introduction
Welcome to our latest quarterly bulletin which contains updates on commercial litigation developments over the past three months, largely by reference to articles posted to our Litigation Notes blog in that period. Other posts are available on the blog, which you can visit any time. Or subscribe to be notified of the latest updates: https://www.herbertsmithfreehills.com/notes/litigation.