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    A breathing space for distressed companies: proposals for a statutory restructuring moratorium
    2010-08-26

    The Insolvency Service recently opened a consultation (the "Consultation") on its proposals for a restructuring moratorium. Under the proposals, eligible companies satisfying certain qualifying conditions would be able to apply to court for a moratorium to prevent creditor action (a "Moratorium"). The Moratorium is not intended to be an alternative to formal insolvency for companies that are already insolvent but is intended to support viable companies reach a compromise with their creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Herbert Smith Freehills LLP, Debt, Moratorium (law), Refinancing, Leverage (finance)
    Authors:
    Stephen Gale , Kevin Pullen , Laurence Elliott
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal reverses earlier decision and holds that anti-deprivation principle does not apply to provisions relating to the termination of an IP licence on insolvency
    2010-01-26

    In September 2009 we reported on the first instance decision in Butters and ors v BBC Worldwide Ltd and ors, accessible here in which the Court held that contractual provisions in a joint venture agreement taken together with termination provisions in a licence of IP rights were void since the effect of those provisions on insolvency was to deprive creditors' access to assets and therefore contrary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Intellectual Property, Litigation, Media & Entertainment, Herbert Smith Freehills LLP, Share (finance), Joint venture, Subsidiary, Court of Appeal of England & Wales
    Authors:
    Joel Smith , Laura Deacon
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Lehman Brothers International (Europe) (in administration) – update on client money issues
    2009-08-13

    On 1 May 2009, PricewaterhouseCoopers LLP (the "Administrators") submitted an Ordinary Application to the High Court, seeking directions concerning the obligations of Lehman Brothers International (Europe) (In Administration) ("LBIE"), in relation to the handling of client money received by it prior to entering into administration (the "Application"). A copy of the Application can be found here.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Public limited company, Civil Procedure Rules (UK), Lehman Brothers, FSA
    Authors:
    Stephen Gale
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Schemes of arrangement – releases can be part of the bargain
    2013-07-03

    Summary

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Herbert Smith Freehills LLP, Class action, Investment management, Lehman Brothers
    Authors:
    Andrew Rich
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    General Counsel update - legal guide edition 32
    2012-11-29

    Changes to the Listing Rules and further consultation on enhancing the effectiveness of the regime

    Filed under:
    Australia, China, Hong Kong, Indonesia, Myanmar, Singapore, United Kingdom, Banking, Capital Markets, Company & Commercial, Construction, Corporate Finance/M&A, Employment & Labor, Franchising, Insolvency & Restructuring, Intellectual Property, Litigation, Telecoms, Herbert Smith Freehills LLP
    Location:
    Australia, China, Hong Kong, Indonesia, Myanmar, Singapore, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Nortel reaches court of appeal
    2011-08-02

    On 10 December 2010, the High Court gave judgment in a joint application by the administrators of certain companies in the Nortel and Lehman estates for directions on the status of any financial support direction (FSD) or contribution notice (CN) issued to the companies in administration or any subsequent liquidation (Bloom & Others v. The Pensions Regulator (Nortel, Re) [2010] EWHC 3010 (Ch)).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, The Pensions Regulator, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Regulator’s Determinations Panel signals intent to issue financial support direction
    2010-08-04

    On 8 July, the Pensions Regulator’s Determinations Panel published a determination to issue a financial support direction against 25 companies in the Nortel group in Canada, the US, Europe and Africa.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Herbert Smith Freehills LLP, Legal personality, Pensions Act 2004 (UK), The Pensions Regulator
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Dubai government releases details of a tailor-made restructuring process
    2010-01-18

    At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).

    The Decree is significant in two respects:

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Injunction, Debt, Common law, Dubai International Financial Centre
    Authors:
    Stuart Paterson
    Location:
    United Arab Emirates
    Firm:
    Herbert Smith Freehills LLP
    "Pre-pack" administrations - issues and practical points for landlords
    2009-07-10

    This is the third of a series of four e-bulletins in relation to administrations and company voluntary arrangements (CVAs).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Herbert Smith Freehills LLP, Unsecured debt, Injunction, Breach of contract, Landlord, Leasehold estate, Debt, Consent, Credit risk, Court of Appeal of England & Wales
    Authors:
    Stephen Gale , Gawain Moore
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    The Hong Kong Court of First Instance considers the effect of an annulment of a bankruptcy order on debts that remain unproven when an annulment order is made
    2013-07-03

    The case of Lau Siu Hung and Another v Krzysztof Marszalek and Another [2013] HKEC 936 appears to be the first authority in Hong Kong on the effect an annulment of a bankruptcy order has on debts which remain unproven when an annulment order is made.  On 17 June 2013, the Court of First Instance held that an annulment of bankruptcy cannot prohibit a creditor, who has not proved his debts before, to obtain relief from the court after the annu

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Debt
    Authors:
    Gareth Thomas , Damien Whitehead , Priya Aswani
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP

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