On 31 December 2020, the extension of the temporary relief measures introduced by the Federal Government on 22 March 2020 came to an end.
In their place, the Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth) (Act) and corresponding Regulations took effect on 1 January 2021. The Act provides for a debt restructuring process which will allow:
The COVID-19 pandemic in Germany is significantly affecting commercial landlords and tenants. The German legislator has taken various measures to mitigate the consequences of officially ordered business closures during lockdown and other pandemic-related adverse effects.
Grupo Aeromexico, S.A.B. de C.V. (Aeroméxico), is a publicly held company incorporated under the Mexican laws. It has its establishment in Mexico and yet filed for bankruptcy in a US court. Probably Aeromexico wanted to get access to a more flexible and expedited bankruptcy, but at the end of the day, its bankruptcy story will be finished in Mexico.
On November 20, 2020, the CCI approved the acquisition of the (i) retail and wholesale undertaking (‘RWU’); and (ii) the logistics and warehousing undertaking (‘LWU’) of the Future Group (collectively, ‘Target Businesses’) carried out through various entities of the Future Group, by Reliance Retail Ventures Limited (‘RRVL’) and Reliance Retail and Fashion Lifestyle Limited (‘RRVL WOS’) (collectively, ‘Acquirers’) respectively.
Im September des vergangenen Jahres wurden mehrere prozess- und insolvenzrechtliche Vorschriften und in deren Rahmen eine Reihe von Maßnahmen erlassen, die Unternehmen einen besseren Schutz bieten sollten. Ziel war es, Insolvenzeröffnungen und anschließende Liquidationen von Unternehmen zu vermeiden, die unter normalen Marktbedingungen wirtschaftlich überlebensfähig sind.
As published in the Business Post, March 14th.
Corporate partners Eoin Brereton and Bernard McEvoy discuss their experience in advising clients though crises including the ongoing pandemic in yesterday’s Business Post report on corporate restructuring and rebuilding corporate performance.
As of Q1 2021, vaccines have started to reduce hospitalisations in numerous countries, but global variations in vaccine manufacturing, distribution, procurement and adoption ensure that 2021 will be a year of patchwork ‘new normals’ worldwide. New, more infectious and potentially more robust variants may render COVID-19 endemic, further fragmenting governments’ response. Despite the prominence of the pandemic, other issues (such as Brexit and data protection) have also been notable within searches.
This week’s TGIF considers the decision of the Supreme Court of New South Wales In the matter of Gearhouse BSI Pty Ltd [2021] NSWSC 98. In this case, one of the joint venture parties obtained an order to wind up the joint venture on the basis that the underlying purpose of the business had failed.
Key takeaways
Both creditors and debtors need to know about unsecured creditors committees. These committees can help parties in a bankruptcy case, but they come with a cost. And most of the time, they’re appointed as a matter of course.
What is an unsecured creditors committee?