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    What if the CEO asks me about… the options available for a company facing financial difficulties?
    2024-03-26

    The latest government insolvency statistics highlight that the downturn in the UK economy is still taking a significant toll and the number of UK corporate insolvencies in February 2024 remains high (and 17% higher compared to February 2023).

    Latest insolvency statistics

    February 2024 saw 2,102 company insolvencies, the highest February figures for at least four years.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Reynolds Porter Chamberlain, Insolvency, HM Revenue and Customs (UK)
    Authors:
    Paul Bagon , Will Beck , Harriet Ainsworth
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    Recent Bankruptcy Court Decision Leaves the Door Open to Bankruptcy Relief for Those in the Cannabis Industry
    2024-03-26

    A Massachusetts Bankruptcy Court’s recent appellate decision in Blumsack v. Harrington (In re Blumsack) leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Cannabis
    Authors:
    Jane T. Haviland , Kathryn Droumbakis
    Location:
    USA
    Firm:
    Mintz
    What to Do if You Discharge a Security Registration in Error at UK Companies House?
    2024-03-26

    While there is a statutory requirement to register most forms of security granted by limited companies incorporated in the UK at Companies House, it is worth remembering that there is no statutory requirement for the holder of registered security to inform Companies House if, e.g., the debt secured by a registered charge has been satisfied.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Companies Act 2006 (UK), Economic Crime and Corporate Transparency Act 2023 (UK)
    Authors:
    Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Adler: Court of Appeal sets aside sanction of a Restructuring Plan
    2024-03-26

    Summary

    In the first appeal of a restructuring plan under Part 26A Companies Act 2006, the English Court of Appeal unanimously set aside the first instance decision sanctioning the plan proposed by AGPS BondCo PLC, part of the Adler real estate group1.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Companies Act 2006 (UK)
    Authors:
    Devi Shah , Nicola Hughes , Alexandra Wood
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law
    2024-03-26

    Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the High Court and part of the Supreme Court of Singapore. On January 18, 2024, the SICC handed down its first insolvency-related ruling.

    Filed under:
    Global, Singapore, Insolvency & Restructuring, Litigation, Jones Day, Cross-border insolvency, UNCITRAL
    Authors:
    Sushma Jobanputra , Vinay Kurien , Dan T. Moss
    Location:
    Global, Singapore
    Firm:
    Jones Day
    Debt arising under unrecognised foreign judgment sufficient to found English bankruptcy proceedings
    2024-03-26

    The High Court has handed down an important decision confirming that an unrecognised foreign judgment can be used to form the basis of a bankruptcy petition.

    In rejecting the bankrupt’s appeal, the court confirmed that a debt arising pursuant to such a judgment is capable of constituting a “debt” for the purposes of section 267 Insolvency Act 1986 (the Act), despite the fact that the underlying judgment had not been the subject of recognition proceedings in England.

    Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP
    Authors:
    Tim Carter , Louise Corcoran
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    存续可转债在上市公司破产重整中的处理
    2024-03-26

    引言

    自2022年5月起,上市公司“携带”未到期可转债进入预重整或重整程序的案例逐步在A股视野中涌现。截至目前,重整计划成功执行并顺利处置可转债违约风险的只有*ST正邦(002157)和*ST全筑(603030)两个案例。作为一种上市公司破产重整领域的新兴产品,由于可转债具有债权性、股权性和二级市场可交易等特点,较重整中的其他普通债权更具特殊性,给上市公司破产重整提出了“新课题”,应当在重整中进行定制化处理。

    可转债在上市公司破产重整中的处理方式保持了其作为金融工具“进可攻,退可守”的特点,债券持有人可以选择到期兑付、转卖或转股。因此,重整方案设计中最为核心的是保护可转债原持有人在可转债产品项下的合法权利。通常做法为保留可转债持有人一定期限的交易及转股权利,利用可转债的特殊规则为持有人做好权利保护衔接,实现上市公司与持有人的利益共赢。

    本文谨从可转债的特殊性及权利保护措施、实践中主要案例总结及重整方案设计要点等三个方面展开,对存续可转债在上市公司破产重整中的处理方式进行总结和探讨。

    一、可转债的特殊性及权利保护

    (一)可转债的特殊性

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Zhong Lun Law Firm, Bankruptcy, Convertible bonds
    Authors:
    Zhang Ming
    Location:
    China
    Firm:
    Zhong Lun Law Firm
    Restructuring Plans and Tax Liabilities: A More Assertive HMRC
    2024-03-25

    Ever since unpaid taxes due to HMRC were “crammed down” pursuant to a restructuring plan that it voted against but did not actively oppose in Houst,1 HMRC has challenged restructuring plans and asserted its interests more aggressively, causing the failure of restructuring plans inNasmyth

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Public, Tax, Latham & Watkins LLP, HM Revenue and Customs (UK)
    Authors:
    Bruce Bell , Tom Davies
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Recent Developments in Cross-Border Insolvency Cases
    2024-03-27

    Two recent cases out of the Third Circuit and the Southern District of New York highlight some of the developing formulas US courts are using when engaging with foreign debtors. In a case out of the Third Circuit, Vertivv. Wayne Burt, the court expanded on factors to be considered when deciding whether international comity requires the dismissal of US civil claims that impact foreign insolvency proceedings.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Shmuel Vasser , Madeline Johl
    Location:
    USA
    Firm:
    Dechert LLP
    Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan
    2024-03-27

    The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That plan had been approved in accordance with Indonesian law. In granting recognition to the Indonesian plan under Singapore's version of the UNCITRAL Model Law on Cross-Border Insolvency, the SICC overruled objections to recognition from aircraft lessors.

    Filed under:
    Global, Insolvency & Restructuring, Litigation, Jones Day, Insolvency
    Authors:
    Heather Lennox , Roger Dobson , Katie Higgins , Sushma Jobanputra , Vinay Kurien , Dan T. Moss
    Location:
    Global
    Firm:
    Jones Day

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