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    WeWork - How far can it flex?
    2023-11-09

    It’s not the first occasion that a major serviced office provider has landed in a corporate restructuring but it may be the most high-profile. The current evolving situation follows on from such previous fireworks as the failed IPO, a corporate reorganisation that swapped a US headco “inc.“ for an “LLC” (prompting litigation at the end of the last decade), and continuing market uncertainty as to the robustness of the brand.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Real Estate, Herbert Smith Freehills LLP, Initial public offerings
    Authors:
    Matthew Bonye , John Chetwood , Kevin Pullen , Donald Rowlands , William Turnbull , John Whiteoak , Shanna Davison
    Location:
    United Kingdom, USA
    Firm:
    Herbert Smith Freehills LLP
    Luxembourg insolvency law reform: New procedures to safeguard businesses more effectively
    2023-11-09

    On 1 November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and the modernisation of insolvency law (the “New Law”) entered into force. The New Law introduces new safeguard mechanisms designed to promote the continuity and preservation of businesses and the jobs that go with it. It provides for a mix of out-of-court and in-court procedures, including the option for a conciliator, the possibility of amicable agreements and judicial reorganisation procedures, and grants unfortunate but bona fide traders a second chance.

    Filed under:
    Luxembourg, Compliance Management, Corporate Finance/M&A, Insolvency & Restructuring, Hogan Lovells, Venture capital
    Authors:
    Alexander Koch , Benoît Serraf , Emmanuel Lamaud , Kim Tang , Adèle Rousseau , Lorenzo Jung
    Location:
    Luxembourg
    Firm:
    Hogan Lovells
    Third-Party Insolvency Proceedings: Six Tips for General Counsel
    2023-11-08

    Commercial insolvencies are expected to steadily increase in the near-term due to higher interest rates, supply chain disruption and corresponding increased commodity costs. A rise in commercial insolvencies will increase the likelihood that businesses will be impacted by a formal insolvency proceeding, whether as a creditor, supplier, customer or other stakeholder. It is, therefore, important for businesses to understand how to strategize in the context of both newly initiated and ongoing insolvency proceedings.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Supply chain, Insolvency
    Authors:
    Caitlin McIntyre , Daniel Loberto
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Five takeaways for insolvency practitioners after providing pre-administration services
    2023-11-08

    The Western Australia Court of Appeal has provided clarity concerning insolvency practitioner independence following pre-administration services and whether those pre-administration services can disentitle insolvency practitioners to remuneration.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Litigation, Maddocks, Insolvency, Australian Securities and Investments Commission
    Authors:
    Danielle Funston , Andrew Ng , Chris La Guzza
    Location:
    Australia
    Firm:
    Maddocks
    Managing Business Storms: A Guide to Handling Customer and Supplier Insolvency
    2023-11-08

    Commercial insolvencies are expected to steadily increase in the near-term due to higher interest rates, supply chain disruption and corresponding increased commodity costs. A rise in commercial insolvencies will increase the likelihood that businesses will be impacted by a formal insolvency proceeding, whether as a creditor, supplier, customer or other stakeholder. It is, therefore, important for businesses to understand how to strategize in the context of both newly initiated and ongoing insolvency proceedings.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Supply chain, Insolvency
    Authors:
    Caitlin McIntyre , Daniel Loberto
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Recognising Foreign Proceedings under Singapore's Restructuring and Insolvency Regime: Court of Appeal Clarifies Whether Company Must be Insolvent
    2023-11-08

    Introduction

    Restructuring and insolvency proceedings often span different jurisdictions, requiring the cooperation of the respective countries' insolvency regimes. In its role as an international hub for restructuring and insolvency, Singapore has in place a framework for the effective management of cross-border insolvency proceedings. This takes the form of the UNCITRAL Model Law on Cross-Border Insolvency, which has been enacted in Singapore in an adapted form ("SG Model Law").

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Insolvency
    Authors:
    Sim Kwan Kiat , Sheila Ng , Walter Yeo
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    “Arising In” Bankruptcy Jurisdiction Over A Malpractice Claim (Murray Energy Holdings)
    2023-11-09

    A bankruptcy court has jurisdiction to dismiss a legal malpractice claim of non-debtor plaintiffs against non-debtor attorneys.

    That’s the ruling in Murray v. Willkie Farr & Gallagher LLP (In re Murray Energy Holdings Co.), Adv. Pro. No. 22-2007, Southern Ohio Bankruptcy Court (decided October 5, 2023, Doc. 89)—appeal is pending.

    Summary of Issue and Ruling

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    JV の撤退と清算
    2023-11-09

    1. 始めに

    JV(ジョイントベンチャー)は、自社の持たないノウハウ・経営資源等を JV パートナー間が JV を通じて相互に提供することで新たな価値を創出すると共に、リスクを適切に分担することに存在意義の  1   つがある。しかしながら、①一旦、JV パートナー間の関係が悪化すると、デッドロックや契約違反が生じ、円滑なビジネス運営に支障をきたし、また、②JV(対象会社)の財務状況が悪化すると、当該損失の処理を巡っ  て、JV パートナー間で軋轢が発生することがある。

    そこで、本稿では、そのような JV の処理を巡る問題を概観することとする。

    2. 契約上の攻防

    まず、JV パートナー間の関係が悪化した場合に備えて、通常は JV 契約において、①JV 関係の解消方法に関する条項、及び②紛争解決手段に関する条項が記載されていることが多いため、当該条項に従って処理を  行うことが想定される 。

    Filed under:
    Japan, Corporate Finance/M&A, Insolvency & Restructuring, Nishimura & Asahi, Joint venture, Liquidation
    Authors:
    Masaru Shibahara
    Location:
    Japan
    Firm:
    Nishimura & Asahi
    Administrators put on notice to validate their appointment
    2023-11-09

    In the matter of Premier Energy Resources Pty Ltd [2023] NSWSC 1185, the Administrator unsuccessfully sought an order validating his appointment where he failed to investigate allegations that his appointment documents included a director’s forged letter of resignation.

    Key takeaways

    Filed under:
    Australia, New South Wales, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Alicia Salvo
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    What might the impact be in the UK of prospective US bankruptcy of WeWork?
    2023-11-07

    UK members will want to monitor the situation and prepare for contingencies as US company experiences financial difficulties

    On Monday 7 November 2023 WeWork Inc. filed for Chapter 11 bankruptcy in respect of its US business, and intends to file for recognition of those proceedings in Canada.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Osborne Clarke, Initial public offerings
    Authors:
    Douglas Hawthorn , Uday Mehra
    Location:
    United Kingdom, USA
    Firm:
    Osborne Clarke

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