Section 503(b)(9) Overview
Modular construction has been heralded for several years now as a construction methodology that saves time, reduces waste and minimises cost. It is therefore unsurprising that modular construction forms part of the various "modern methods of construction" that are now being encouraged by the UK Government. Use of modular construction can range from isolated elements like bathroom pods to where the majority of the building is comprised of modules and is commonly encountered in housing, student accommodation and hotels.
These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring experts. We are well-equipped to advise at all stages where financial stability becomes an issue and innovative solutions are required.
The Complications Involved with Cross-Border Restructuring
The enforcement of court orders that are designed to preserve, trace or track crypto-assets within North America is often limited in practice. As seen in the recent Ontario decision of Cicada 137 LLC v. Medjedovic (“Cicada”),[1] mechanisms by which legal enforcement principles can be effectively applied against stolen or misappropriated crypto-assets are constrained.
Written by Côme de Girval, Capstan Avocats
If an employer finds itself in financial difficulties that involve liquidation or restructuring, employee entitlements could be at risk. Compulsory insurance schemes in some jurisdictions can provide employees with important guarantees.
The law regarding moratoriums imposed under Section 14 of the Insolvency and Bankruptcy Code[1] (hereinafter referred to as the IBC 2016) has been often explained and clarified by various judicial pronouncements, which aptly interpret the multitudes contained in Section 14 of the IBC.
Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating terms with current and potential creditors. There has also been, as a consequence of this dynamic and the general availability of capital, an expansion in debt document flexibility over the course of the last decade.
In a recent judgment passed by the National Company Law Appellate Tribunal (NCLAT), in the case of Somesh Choudhary v Knight Riders Sports Private Limited & Anr1, it was held that claims arising out of Intellectual Property Rights would come within the ambit of Section 5 (21) of the Insolvency and Bankruptcy Code, 2016
Close economic ties and interdependence between the US and Canada have been bolstered by free trade policies and intensified global competition, paving the way for continued opportunities for US businesses to tap into the Canadian market. These opportunities have resulted in an active cross-border lending market. In light of this, US lenders who are lending into Canada may encounter, and should be aware of, Canadian-specific legal issues and considerations.
The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency by facilitating access to EUR 937.5 million of new money funding and thereby providing a stable platform from which Adler Group can pursue a solvent wind-down by asset sales over time in recovered market conditions. This represents a novel use of the restructuring plan procedure, which has previously been seen exclusively as a corporate 'rescue' tool.