The Companies (Rescue Process for Small and Micro Companies) Act 2021 was enacted in December 2021 to provide a more cost-effective restructuring process for smaller companies in Ireland (SCARP). It has a wide range of features which provide excellent opportunities to assist businesses in difficulty, in a similar format to Examinership but without the cost of the associated court hearings.

Process

Understandably the focus of corporate transactions, restructures and insolvencies tends to be big ticket issues such as finance, tax and assets.

Immigration considerations are often overlooked, potentially resulting in hidden risks and headaches for those involved. In this article, we look at the implications of such scenarios in two key compliance areas: sponsor licences and the prevention of illegal working.

What is a sponsor licence?

COMMODITIES CASE UPDATE JULY 2023 HFW COMMODITIES CASE UPDATE JULY 2023 We are delighted to present the July 2023 edition of the Commodities Case Update, with a summary of 12 key recent cases relevant to the commodities sector. With a market leading commodities team, we have over 100 lawyers who provide a full service internationally. The group is led by a team of over 25 partners, who are based in all our offices around the world, including in the major trading hubs of London, Paris, Geneva, Dubai, Singapore, Hong Kong and Sydney.

“Sophisticated financial titans engaged in a winner-take-all battle. There was a winner and a loser. Such an outcome was not only foreseeable, it is the only correct result. The risk of loss is a check on unrestrained behavior.”

The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a

In yet another major restructuring in the Netherlands, the Dutch Court confirmed a restructuring plan under the Dutch Act on Court Confirmation of a Private Restructuring Plan (WHOA). The public restructuring of the Steinhoff Group (Steinhoff) was approved by the Amsterdam Court on 21 June 2023, only seven days after the confirmation hearing.

The Court of Appeal in Hunt v Ubhi has confirmed that insolvency practitioners seeking freezing orders are subject to the default requirement of providing an unlimited cross-undertaking in damages.

Amid ongoing economic uncertainty, businesses face growing – and sometimes insurmountable – challenges to remain viable, leading to a marked increase in accelerated or ‘distressed’ sales.

Distressed M&A describes a sale of shares or assets where the business is in financial distress. This includes, for example, companies that are undergoing restructuring or facing insolvency. The sale can be led by the company itself or an officeholder if the company has entered into a formal insolvency process.

前言

美国时间3月10日，加州金融保护与创新部宣布关闭美国硅谷银行（SVB），由联邦存款保险公司接管硅谷银行，原因是流动性不足和资不抵债。值得注意的是，硅谷银行作为服务于美国甚至全球创投圈的专业性银行，其关闭和破产犹如一块巨石在创投圈砸出了巨大的水花，并且波及整个水面。美国著名创投公司Y Combinator CEO将硅谷银行破产事件称为“初创公司的灭绝性事件”。

据相关媒体报道，位于北京的一家创投基金负责人向记者表示，受硅谷银行事件牵连，国内个别创投机构在硅谷银行仍有存款或者其他相关业务，正忙着处理资金问题。从私募基金的角度而言，我们不禁担忧：硅谷银行的此次破产事件是否可能影响由其托管的私募基金的财产安全呢？该事件对境内的私募基金又有哪些警示呢？对此，本文拟梳理境内私募基金托管法规和自律规则，并就相关风险提供专业建议。

一、私募基金托管“三问”

1、第一问：哪些类型的私募基金必须托管？

根据《私募投资基金监督管理暂行办法》¹、《私募投资基金备案须知》²等相关规定，目前四类私募基金必须或者原则上必须托管：

(1）契约型私募投资基金 

The recent judgment in City Gardens Ltd v DOK82 Ltd [2023] EWHC 1149 (Ch) serves as a useful reminder of the extent of, and principles governing, the English court’s jurisdiction to wind up a company on the basis of inability to pay its debts.

Background

City Gardens Limited (C), and DOK82 Ltd (D), had entered into a “memorandum of understanding” (MoU) in relation to a significant debt owed by D to C.