The EU Commission issued a proposal for a Directive harmonising certain aspects of insolvency law, EU (COM(2022) 702 final. Although still being discussed, the Proposal is unlikely to result in material amendments to existing Bulgarian insolvency avoidance actions, which follows the principles set out in the Proposal and in many ways affords creditors a greater level of protection. Nevertheless, certain time periods and rules on the implementation of the avoidance actions may need to be amended in the Bulgarian law.

Re Ocean Tankers (Pte) Ltd (in liquidation) [2023] SGHC 330

The Singapore High Court recently ruled on issues relating to the assignability of claims, coverage of non-assignment clause and insolvency set-off.

Facts

The long-awaited amendment "H" of the Slovenian Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (the "Act") entered into force on 1 November 2023. The new provisions complete the transposition of Directive 2019/1023,[1] introducing three crucial sets of changes to the Slovenian insolvency and restructuring legislation.

Introduction

In the ever-changing landscape of Canadian insolvency law, substantive consolidation emerges as a powerful yet rare remedy with substantial implications for debtor entities and their creditors, as highlighted by a recent decision from the Manitoba Court of Appeal, which sheds light on a complex yet crucial aspect of insolvency law.

SUBSTANTIVE CONSOLIDATION

HMRC has recently updated its published guidance on the effect of insolvency on existing VAT groups following appointment of an insolvency practitioner.

The updated guidance

The updated guidance provides that:

The original version of this article was first published in the Trilegal Quarterly Roundup

As 2023 ends and insolvency rates hit worrying new highs, any suggestion that there is light at the end of the UK’s economic tunnel is not supported by the statistics. We look at what may lie ahead for the restructuring and insolvency sector next year.

Landlords might be starting to feel a little uneasy given the news that Superdry is considering a Company Voluntary Arrangement (CVA). Superdry is reportedly working with accountants to hash out a plan that will likely involve shutting down certain stores and cutting rent liabilities. The accountants instructed will be exploring whether either a CVA or a Restructuring Plan - both of which are processes which allow businesses to seek to reduce their liabilities to creditors – would be appropriate.

What exactly is a CVA?

Background

The collapse of Carillion in 2018 was arguably the UK's largest corporate insolvency in years, creating a lasting impact through job losses and the derailment of hundreds of public sector projects.