The UK government has updated the 30-year-old special administration regime for water companies making it possible to rescue water companies.
The new legislation (plus two draft instruments) aims to modernise water company insolvency legislation in the face of the growing challenges in the industry including higher operating costs, claims over sewage pollution and significant debt burden (Thames Water owes £18.3 billion).
New special administration regime
Payments made by a debtor which disadvantage its creditors may be void and if so must be returned. This applies where the debtor and the recipient of the payment knew that the debtor was unable to pay its debts.
Introduction
Throughout the year, we have been keeping you up to date on noteworthy developments across the region with our Regional Round-up Publications. As we enter 2024, we are pleased to share with you our 2023 year-in-review of the Regional Round-up for our Regional Offices in the Rajah & Tann Asia network.
Here’s a due process question that’s percolating before the U.S. Supreme Court and a related mediation issue:
There were 64 filings under the Companies’ Creditors Arrangement Act (Canada) in 2023, which is an approximately 64% year-over-year increase. While this surge is interesting in and of itself, we believe that the volume of 2023 CCAA filings is also notable for the rich data it makes available to insolvency professionals. We used this opportunity to better understand how the CCAA was being employed by reviewing each filling.
Het aantal faillissementen van bedrijven is in het afgelopen jaar met 52% toegenomen ten opzichte van 2022. In het hele jaar 2023 zijn er in totaal 3.271 ondernemingen failliet gegaan en de verwachting is dat het aantal faillissementen alleen maar zal toenemen in 2024.
The Insolvency and Bankruptcy Board of India (IBBI), vide notifications dated February 12, 2024, and February 15, 2024, amended the IBBI (Liquidation Process) Regulations, 2016,[1] and the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,[2] respectively, in order to streaml
Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company's or relevant lender's knowledge.
There were rumours last week, which were simply that, because Companies House had not publicly announced any issue, but, as we have seen over the weekend and is now widely reported in the news, it appears that there have been at least 800 erroneous filings.
Jeremy Charles Frost & Anor v The Good Box Co Labs Ltd & Ors [2024] EWHC 422 (Ch) is a rare case about office-holders’ remuneration that raises some interesting points, although one at least is specific to the nature of the application before the court.
Like many other strategically important sectors, there has long been a bespoke insolvency regime for the water sector. New legislation has been brought into effect in early 2024 as a first step to bringing the special administration regime for water (the SAR) up to date with the general UK insolvency regime.