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    Distressed Hong Kong Airlines gets a second chance as Hong Kong and English courts approve USD6.2 billion restructuring
    2023-01-11

    On 9 December 2022, in the first restructuring to be implemented by way of a parallel and overlapping Hong Kong scheme and English restructuring plan, the English High Court approved a restructuring plan proposed by Hong Kong Airlines Limited (Hong Kong Airlines). The High Court of Hong Kong followed suit on 14 December 2022 and approved a scheme of arrangement on broadly the same terms.

    The approved restructuring has saved Hong Kong Airlines from imminent liquidation and aims to secure its continued existence as a going concern.

    Background

    Filed under:
    Hong Kong, Aviation, Insolvency & Restructuring, Litigation, Taylor Wessing, Coronavirus
    Authors:
    Mark Chan
    Location:
    Hong Kong
    Firm:
    Taylor Wessing
    Cayman Islands Restructuring: Getting Oriented With the New Regime - Part II
    2023-01-11

    On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers inRe Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to follow. On 15 November 2022, we provided a brief update on some of the key takeaways from the hearing, which can be found here.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Conyers
    Authors:
    Jonathon Milne , Erik Bodden , Jordan McErlean
    Location:
    Cayman Islands
    Firm:
    Conyers
    Key takeaways on Poland's new electronic insolvency procedure one year on
    2023-01-11

    It has been just over a year since the introduction of Poland's new electronic insolvency procedure. The new procedure, introduced on 1 December 2021, is generally conducted via an online platform, the National Debtors’ Register, and has brought about a revolutionary change to Polish insolvency procedure.

    Positive developments

    • Faster access to the court - Documents filed on the online platform are instantly disclosed to the judge and to the other parties involved. The court’s decisions are also delivered quickly to the parties.

    Filed under:
    Poland, Insolvency & Restructuring, Internet & Social Media, Litigation, Taylor Wessing, Insolvency
    Authors:
    Ewelina Stobiecka , Sebastian Morgała
    Location:
    Poland
    Firm:
    Taylor Wessing
    English Court decision provides helpful clarity to insolvency practitioners appointed over energy companies, as well as their creditors
    2023-01-11

    On 11 November 2022, the English High Court handed down judgment in relation to a number of applications made by the insolvency officeholders of 10 UK energy suppliers, seeking clarification on issues arising in the insolvencies which had not previously been considered by the courts.

    Background

    The officeholders sought directions from the court on the following:

    • whether the claims in the insolvencies by UK energy regulator, Ofgem relating to outstanding renewables obligation payments (ROPs) were valid, and

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Kirsten Fulton-Fleming
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    German court ruling is bad news for shareholders of insolvent payment services provider Wirecard
    2023-01-11

    On 23 November 2022, the Regional Court of Munich ruled that shareholders' damages claims for breach of capital markets law rank as equity and not as general unsecured claims in the Wirecard insolvency. As a result, the shareholders can only recover from the insolvent estate in the unlikely event that all insolvency creditors' claims are fully satisfied.

    The decision

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Jonas Gröning
    Location:
    Germany
    Firm:
    Taylor Wessing
    Brave new world: restructuring officers in the Cayman Islands
    2023-01-11

    The Grand Court of the Cayman Islands has issued its first judgment appointing Restructuring Officers under the new section 91B of the Cayman Islands Companies Act, which came into force on 31 August 2022.

    Introduction

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant, Liquidation, Provisional liquidation, Winding-up
    Authors:
    Christopher Harlowe , Jonathan Moffatt , Justine Lau , Michael Popkin , Nicholas Fox , Simon Dickson , Luke Burgess-Shannon
    Location:
    Cayman Islands
    Firm:
    Mourant
    Retail Industry and Insolvency: protecting your company from financial difficulty
    2023-01-11

    Wilko Limited, known as ‘Wilko’, the well-known retailer specialising in home goods and gardening, is reportedly experiencing significant financial difficulties and is now relying on financial support to keep the business afloat.

    Wilko has traded since 1930 as an independent family-run store and has expanded to over 400 stores. Despite this, Wilko has revealed it is experiencing financial difficulties when publishing its annual accounts to Companies House in November 2022.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Keystone Law, Insolvency
    Authors:
    Aman Sehgal , Samantha Hall-Burnett
    Location:
    United Kingdom
    Firm:
    Keystone Law
    Fifth Circuit Rules Just Energy Bankruptcy Court Erred in Exercising Jurisdiction to Redetermine ERCOT Pricing During Winter Storm Uri
    2023-01-11

    In a January 5, 2023 opinion from the United States Court of Appeals for the Fifth Circuit, the panel held the Just Energy bankruptcy court erred in exercising jurisdiction over the debtor’s suit to recover Winter Storm Uri payments made to ERCOT. The Fifth Circuit found the underlying issue—i.e., the propriety of ERCOT and PUCT’s pricing—to be precisely the type of controversy that should be decided in the manner carefully prescribed by the Texas legislature, and not be second-guessed by the bankruptcy court.

    Filed under:
    USA, Texas, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bracewell LLP, Texas Supreme Court
    Authors:
    Jonathan Lozano , Mark E. Dendinger
    Location:
    USA
    Firm:
    Bracewell LLP
    Proposed EU Directive to harmonise certain aspects of insolvency law across Member States
    2023-01-11

    On 7 December 2022, the European Commission published its proposal for a directive harmonising certain aspects of insolvency law (the Insolvency Directive).

    Aims

    The Insolvency Directive seeks to offer more certainty and create a common minimum standard of insolvency regimes across Member States, encouraging more effective cross-border investment.

    It aims to harmonise three key areas of EU insolvency law:

    • the recovery of assets

    • the efficiency of proceedings, and

    Filed under:
    European Union, Insolvency & Restructuring, Taylor Wessing, Insolvency, European Commission
    Authors:
    Louise Jennings , Callum Chamberlain
    Location:
    European Union
    Firm:
    Taylor Wessing
    The Words Matter: Bankruptcy Court Finds Clear Terms of Clickwrap Agreement Made Customer Cryptocurrency Property of Celsius Bankruptcy Estate
    2023-01-11

    We are again reminded that the clear terms of a written contract—even if they might yield a surprising result—will govern. For those who don’t bother to read the “clickwrap” terms and conditions when, for example, signing up for the new online game or entrusting millions in crypto currency, those controlling terms may surprise. Parties in any transaction cannot just assume that the “boilerplate”—whether a make-whole in a note, a subordination provision in a credit agreement, or terms and conditions in a customer agreement—will be acceptable.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, O'Melveny & Myers LLP, Bankruptcy, Cryptocurrency
    Authors:
    William K. Pao , Daniel S. Shamah , Evan M. Jones , Laura Smith , Nicole Molner , Emma Persson
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP

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