In one of the most significant decisions relating to schemes of arrangement in Australia in recent years, the New South Wales Court of Appeal has dismissed an appeal challenging the composition of classes of creditors in the Boart Longyear restructuring.
The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:
Tightening trade restrictions and concerns swirling around intellectual property rights are creating new risks for conglomerates faced with financial stress, especially when it comes to selling their assets.
When conglomerates encounter financial difficulties, they often sell assets to raise cash and pay off debts. But governments in the United States and elsewhere have begun to increase scrutiny of sales of assets to foreign entities buyers. Many governments have the power to restrict certain sales of assets on the basis of national interest concerns.
Foreword Head of Real Estate Disputes Mathew Ditchburn considers what 2020 may have "in store". Five minutes with: Hebe Morgan We chat to real estate associate Hebe Morgan who is currently on secondment at M&G Real Estate.
CVA Special: Mathew Ditchburn reports
The Preventive Restructuring Frameworks Directive (EU) 2019/1023 is finally in force. Following its implementation into EU member states’ national law, the directive will hopefully prove an effective tool for Europe’s restructuring practitioners, just as the continent’s economic outlook darkens.
Am 16. Juli 2019 ist die Richtlinie (EU) 2019/1023 über präventive Restrukturierungsrahmen in Kraft getreten. Ihre Umsetzung in das nationale Recht der Mitgliedstaaten wird von Sanierungsspezialisten vor dem Hintergrund sinkender Wachstumsprognosen und Warnungen vor einem Wirtschaftseinbruch mit Spannung erwartet.
In einem aktuellen Beitrag im Betriebs-Berater wird das Schreiben des Bundesfinanzministeriums (BMF) vom 6. Dezember 2018 zur Entscheidung des Europäischen Gerichtshofs (EuGH) in der Rechtssache Hornbach ausführlich erläutert. Den Beitrag im Betriebs-Berater können Sie hier kostenfrei abrufen.
Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability. The amendment was necessary because the German Federal Tax Court had previously held the original administrative decree (which in a conceptually different manner avoided the tax burden on such profits) unlawful. This article gives a brief overview over the legislative history and the practical consequences of the amendment.
1. LEGISLATIVE HISTORY
The Recast Insolvency Regulation 2015/848 governs cross-border insolvency proceedings within the European Union. It provides in particular for the opening of the main proceedings by the jurisdiction of the member state where the centre of the debtor’s main interests is located (presumed to be the place of its registered office) and the opening of one or more secondary proceedings in the member states where the debtor possesses an establishment.
Substantial reforms to Regulation (EC) 1346/2000 on insolvency proceedings were made under Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Recast Insolvency Regulation“). The Recast Insolvency Regulation applies to insolvency proceedings commenced on or after 26 June 2017.