On 20 January 2021, the UK High Court approved the convening of a single scheme meeting for certain aircraft lessors of MAB Leasing Limited (MABL) in relation its proposed UK scheme of arrangement. This is an important step towards the implementation of a wider restructuring for the Malaysia Airlines group, but may also have wider implications on the restructuring options available not only to airlines, but also to businesses with other leased assets, including real estate.
Lessors form a single class
Empresas brasileiras têm optado por resolver disputas nacionais e internacionais via arbitragem. Mais recentemente, os impactos econômicos do COVID-19 no Brasil têm causado um aumento considerável do número de recuperações judiciais e falências. Sem expectativa de que essa tendência seja revertida dentro dos próximos meses e, possivelmente, anos, é oportuno indagar: quais seriam os efeitos causados pela nova onda de insolvências em arbitragens brasileiras e internacionais? Veja nossos comentários no documento abaixo.
The Corporate Insolvency and Governance Bill has been introduced to Parliament. MPs will consider all stages of the Bill on 3 June 2020 and it will then progress to the House of Lords. The Bill is subject to the fast-track procedure as it aims to give companies flexibility and breathing space to continue trading in the COVID-19 crisis rather than entering into insolvency.
In addition to the crisis-related measures, there are three key areas of the Bill which will affect financial services companies and their arrangements with customers:
On 28 March 2019 the European Parliament adopted a Directive on insolvency, restructuring and second chance (the Directive). This project has had a long tail, following a Commission Recommendation issued in 2014 and, after that had no impact, a draft Directive in November 2016. This draft Directive is now about come to fruition. It has three main aims
The High Court yesterday held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. It is the first English case to consider this issue and while it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement.
Background
Freshfields Bruckhaus Deringer LLP Comparison of Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), October 2015 1 Established pursuant to Abu Dhabi Law No. 4 of 2013, the ADGM is currently in the process of establishing itself as an alternative financial centre to the DIFC. It is intended that over time the ADGM will become a recognised international financial centre alongside the DIFC and other regional financial centres in Qatar, Bahrain and Saudi Arabia.
Snapshot
The Supreme Court handed down its long-awaited judgment today in the Nortel/Lehman case on where a contribution notice (CN) or financial support direction (FSD) issued by the Pensions Regulator (TPR) on a company that is already in insolvency proceedings (eg administration) ranks in the order of priority of payment.
A section 75 debt is a debt due from an employer in a multi-employer defined benefit pension scheme to the trustees of the scheme.
In a much anticipated judgment the Court of Appeal has clarified the position regarding the anti-deprivation rule.
The Pensions Regulator (the Regulator) recently used its powers under the Pensions Act 1995 to appoint an independent trustee to the exclusion of all other trustees of the scheme. The employer was required to pay the fees and expenses relating to the appointment.
The Regulator decided to use its powers because: