On 5 July 2023 the Court sanctioned Prezzo Investco Ltd's (Prezzo) restructuring plan despite strong opposition by UK tax authority, HMRC.

HMRC has taken a more active approach to opposing restructuring plans and was successful in blocking the plans recently proposed by GAS and Nasmyth (see our alert).

The U.K. Financial Services and Markets Act 2023

In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.

This article is a part one of two series that explores the key issues we have recently seen and the case law arising in Misfeasance and Wrongful Trading claims.

Introduction

What is Wrongful Trading?

It is no secret anymore that the MiCA (Markets in Crypto-Assets Regulation) is coming. But why is this important for insolvency practitioners and clients? This update aims to give an answer to this question and to provide an outlook on how the German legislator plans to implement these principles.

On July 13, 2023, the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding Certain Issues of Proceedings and Application of Bankruptcy Procedures During Martial Law” No. 2911-IX (hereinafter referred to as the Law).

On July 26, 2023, the Law was signed by the President of Ukraine. The Law enters into force on the day following its publication.

There are certain circumstances where liquidators can be held personally liable for costs orders made in proceedings taken by them.

Under the so called “Ballyrider Principles[1]”:

In a mass-tort bankruptcy, when 95% of 120,000 creditors vote to accept a mediated plan paying over $7 billion to creditors, shouldn’t the plan be confirmed?

はじめに

2023年6月30日、金融庁は、有価証券報告書および有価証券届出書ならびに臨時報告書において開示すべき「重要な契約」の類型やその開示内容を具体的に明らかにする「企業内容等の開示に関する内閣府令」等※1 の改正案（以下「本改正案」）を公表しました。

本改正案では、「企業・株主間のガバナンスに関する合意」と「企業・株主間の株主保有株式の処分・買増し等に関する合意」、そして「ローン契約と社債に付される財務上の特約（財務コベナンツ）」の３類型を対象に、有価証券報告書等の記載事項を改正するとともに、財務コベナンツの付されたローンと社債に関して、新たな臨時報告書の提出事由を加えることが提案されています。

Against the backdrop of Hong Kong's emergence from the pandemic and the government's efforts to entice tourists and investors back, there arises a question as to whether the government might consider reviving the corporate rescue bill. Implementing a framework for debt restructuring and negotiations with creditors would help prevent liquidations, which often result in additional job losses and contribute to further economic decline.