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    India in the spotlight - July 2020
    2020-07-28

    Court closures

    India was in complete lockdown from 24 March until 31 May, a situation that inevitably impacted the functioning of Indian courts. Even though most implemented measures to conduct virtual hearings, these hearings have been limited to only the most urgent cases. Once courts return to business as usual, they are likely to receive a surge in filings, which will increase the backlog in a country that already has 30 million pending cases.

    Filed under:
    India, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Fintech, Force majeure, Coronavirus
    Location:
    India
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Germany: COVID-19 and its impact on ongoing contractual obligations
    2020-04-08

    As part of the package of measures to mitigate the effects of the corona crisis, the German Bundestag has fast-tracked an act to mitigate the consequences of the COVID-19 pandemic in civil law, insolvency law, and the law on criminal procedure, adopting it into law on 25 March 2020. 

    The act contains a civil law moratorium that benefits parties who owe certain forms of contractual performance where the COVID-19 pandemic has forced them into the position that they cannot meet their contractual obligations.

    Filed under:
    Germany, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Coronavirus
    Location:
    Germany
    Firm:
    Freshfields Bruckhaus Deringer LLP
    The rule in Gibbs fights another day
    2018-12-21

    On 18 December 2018 the English Court of Appeal held in the case of OJSC International Bank of Azerbaijan that the rule in Gibbs is still a fundamental tenet of English insolvency law and not to be sidestepped by the Cross-Border Insolvency Regulations.

    Facts

    The facts in summary are these:

    Filed under:
    European Union, Global, United Kingdom, USA, Insolvency & Restructuring, Litigation, Public, Freshfields Bruckhaus Deringer LLP, Brexit, Court of Appeal (England and Wales)
    Authors:
    Adam Gallagher , Katharina Crinson
    Location:
    European Union, Global, United Kingdom, USA
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Grace periods and section 75 debts
    2016-08-10

    Summary

    This briefing looks at the “period of grace” provisions that can apply in some cases to the debts that arise on employers under section 75 of the Pensions Act 1995.
    In a multi-employer scheme, if one employer ceases to employ any active members, a s75 debt can arise on that employer. The period of grace provisions allow the employer to serve a notice so that the debt is suspended, giving the employer a period (at least a year, but potentially up to three years if the trustees agree) in which to employ an active member.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Pensions Act 2004 (UK), Pensions Act 1995 (UK)
    Authors:
    Dawn Heath
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Recast EC Insolvency Regulation now adopted
    2015-05-20

    Summary

    We reported in December 2014 that the amendments to the EC Regulation on Insolvency Proceeding (the Recast Regulation) were virtually finalised and agreed between the various legislative organs of the European Union.

    Finally after several years, the debate is now over and the European Parliament has now approved the final text – broadly as it was in December 2014. The outcome is good news for cross border corporate restructurings and insolvencies around Europe, but it will not come into force for over two years.

    Next steps

    Filed under:
    European Union, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP
    Authors:
    Richard Tett , Katharina Crinson
    Location:
    European Union
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Supreme Court rules on the scope of the rule against double proof
    2011-11-11

    The Supreme Court’s decision in a dispute over a parent company guarantee will change the way insolvency practitioners deal with the distribution of assets when a corporate group collapses.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Parent company, SCOTUS
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    New EU framework for bank crisis management
    2010-10-29

     Summary

    In its communication on an EU framework for crisis management in the financial sector dated 20 October 2010, the European Commission set out several major legislative proposals aimed at preventing a repeat of the recent bank failures that necessitated significant state aid.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, State aid, European Commission
    Location:
    European Union, United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Taxpayer in financial distress and insolvencies: Spanish tax points
    2009-09-10

    This briefing discusses certain Spanish tax points regarding financially distressed and insolvent corporate taxpayers, (secondary) tax liabilities and preferential rights in relation to tax claims.

    Filed under:
    Spain, Insolvency & Restructuring, Tax, Freshfields Bruckhaus Deringer LLP, Liability (financial accounting)
    Location:
    Spain
    Firm:
    Freshfields Bruckhaus Deringer LLP
    French insolvency law
    2009-02-13

    Although safeguard proceedings have been used successfully as a negotiation tool in a number of high-profile cases (such as the Eurotunnel case), they have represented just 1 per cent of all insolvency proceedings in France since the Business Safeguard Act 2005 introduced the safeguard procedure in January 2006. The main reason for this lack of success is the continuing stigma that is attached to insolvency proceedings in France.

    Filed under:
    France, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Bond (finance), Credit (finance), Debtor, Waiver, Debt, Voting, Investment funds, Cashflow, Default (finance)
    Location:
    France
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Audit and corporate governance in the context of corporate failures: UK Government responds to consultation on dividends and capital maintenance
    2022-06-15

    On 18 March 2021, the UK Government published its white paper on restoring trust in audit and corporate governance. On 31 May 2022, the Government published its response to the consultation.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Corporate governance
    Authors:
    Katharina Crinson , Richard Tett
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP

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