On 18 January 2022, Hong Kong-listed cruise operator Genting Hong Kong Limited ('Genting HK') filed for provisional liquidation with the Supreme Court of Bermuda after it failed to secure access to liquidity. Genting HK has since gone into liquidation.
Background
On 1 October, Ordinance 2021-1193 introduced changes to the 'accelerated safeguard' procedure making this the 'preventive restructuring framework' as required by the 2019 Directive.
Certain conditions for the opening of an accelerated safeguard procedure have been retained with some modifications:
The German Federal Court of Justice (Bundesgerichtshof) recently changed its interpretation of the law regarding clawback claims, Vorsatzanfechtung (case of actio pauliana). Here, we outline how the Court's position on clawback claims has changed and what this could mean for future claims.
What are the existing legal provisions?
On 10 May 2021, the English High Court rejected landlords’ challenge to the company voluntary arrangement (CVA) of fashion retailer, New Look. The New Look decision was the first in a trio of highly significant judgments focused on a distressed tenant's ability to compromise landlord's claims (our coverage of the Virgin Active and Regis decisions is available below).
The challenge
The landlords' challenge focused on jurisdiction, unfair prejudice and material irregularity as a result of the following:
Worum geht es?
Das derzeit in der Begutachtungsphase befindliche Restrukturierungs- und Insolvenz Richtlinie-Umsetzungsgesetz (RIRL-UG) soll, wie auch der Name schon andeutet, die EU-Richtlinie über Restrukturierung und Insolvenz (kurz zumeist nur Restrukturierungsrichtlinie genannt) in Österreich umsetzen.
Kernelement der Restrukturierungsrichtlinie und damit auch des geplanten Umsetzungsgesetzes, das Restrukturierungsordnung (ReO) heißen soll, ist eine dem Insolvenzverfahren vorgelagerte präventive Restrukturierung.
In Cage Consultants Limited v Iqbal & Iqbal [2020] EWHC 2917 (Ch), the liquidators of Totalbrand Limited (the company) assigned certain claims – including for transactions at an undervalue and preferences – to litigation funders Cage Consultants Limited (CCL) under s.246ZD Insolvency Act 1986. The company was subsequently dissolved.
A former director of the company and another individual alleged to have benefitted from the transactions tried to strike out the claims. They did this on the basis that:
Temporary Payment Deferral Act 2020
This proposal aims to prevent avoidable insolvencies and offer the court the option to:
Facts
Snowden J heard two applications for injunctions to restrain the presentation of two winding-up petitions, against Saint Benedict's Land Trust Limited (SBLT) and Shorts Gardens LLP (SG), respectively. The respondent creditors were Camden and Preston councils in relation to unpaid liability orders in respect of NNDR (National Non Domestic Rates) and other unpaid costs orders.
Seit dem 1. März 2020 ausgereichte Darlehen unterliegen dank neuer Gesetzgebung Privilegierungen im Hinblick auf insolvenzrechtliche Anfechtungs- und Haftungstatbestände.
Am 27. März 2020 wurde das Gesetz zur vorübergehenden Aussetzung der Insolvenzantragspflicht und zur Begrenzung der Organhaftung bei einer durch die COVID-19-Pandemie bedingten Insolvenz (COVID-19-Insolvenzaussetzungsgesetz – COVInsAG) verkündet. Dieses trat rückwirkend zum 1. März 2020 in Kraft.
The German Federal Court of Justice (Bundesgerichtshof) gave a decision on international jurisdiction that sheds light on the importance of the new presumptions in article 3 of (recast) Regulation (EU) 2015/848.