Part 1: Preventative composition as a restructuring tool

As commercial companies in the UAE grapple with increasing inflation and interest rates, constraints to supply chains and labour market challenges, it seems inevitable that the number experiencing financial distress will rise. 

A recent decision of the Ontario Court of Appeal invalidated an arbitration and forum selection clause in a commercial agreement in favour of having a dispute between the debtor and its former customer adjudicated within a receivership proceeding.

After 10 sanctioned Restructuring Plans (and one declined) it is evident that valuation is key to supporting the court’s decision making process and a focal point for potential challenge.

From 1 November 2022, the Official Receivers' deposit fee to be paid by petitioners initiating a creditor bankruptcy or compulsory liquidation proceeding is to increase. For creditor bankruptcy petitions, the fee will increase from £990 to £1,500 and for compulsory liquidation proceedings it will rise from £1,600 to £2,600. These increases are the first since April 2016 and are reported to have been introduced at least in part due to the relatively low level of recent insolvencies.

Two and a half years after the beginning of the COVID-19 crisis, and on the verge of an economic recession, important developments are emerging in Spanish insolvency law.

BITE SIZE KNOW HOW FROM THE ENGLISH COURTS

Injunctions

On September 19, 2022, a panel of three appellate judges for the 3rd Circuit heard oral argument in a closely-watched case, In re LTL Management LLC, Case No. 22-2003.

As another Irish Court year will soon commence, now is an opportune time to look back at some of the more interesting insolvency and restructuring judgments to have been delivered in the Superior Courts during the last 12 months.

The judgments explored below will prove of relevance and importance to practitioners and clients navigating distressed corporates and assets over the coming weeks and years. Please do get in touch with your Walkers Ireland Insolvency and Dispute Resolution contact or any of the contacts listed below with any comments or queries.

The Polyvocal Court

In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.