Key developments in 2024
2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.
It was particularly noteworthy as it was the first time that the directors of a company had been found guilty of the novel claim of 'misfeasant trading'.
The question of whether it is competent for the court to order a retrospective administration order has been the subject of much debate before the English courts. However, until now, there have been no reported Scottish decisions dealing with the point.
Restructuring Plans (RPs)
2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.
It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.
Recording an assignment or other transactions, such as mergers, before the UAE Trade Mark Office (‘TMO’) shall involve specific legal requirements and formalities, including submitting a legalised Deed of Assignment (‘DOA’) signed by both the assignor and assignee and/or a merger certificate. However, many trade mark owners faced some complications in presenting such documents which could arise from companies restructuring, insolvency and/or voluntarily winding up of legal entities.
Introduction
Recent legislative reform in the water sector has expanded the special administration regime and there are further changes on the horizon
Next month marks the hotly anticipated sanction hearing for the Thames Water restructuring plan. We take this opportunity to look back at the key legislative changes made last year, as well as those earmarked for the future.
2024 legislative changes
New legislation was introduced last year to amend the special administration regime for the water sector.
The key changes to the existing regime were as follows:
At-a-glance cases provided by Gatehouse Chambers’ Insolvency Team, featuring:
With the rising popularity of alternative dispute resolution globally (including in insolvency related cases), it is important to take stock of where the Cayman Islands currently stands (as a leading jurisdiction in cross-border insolvency and restructuring) on the use of mediation in this context.
Il 27 settembre 2024 è stato pubblicato in Gazzetta Ufficiale il D. Lgs. 13 settembre 2024, n. 136 (“Correttivo-ter”), terzo – e attualmente ultimo – Decreto Correttivo al Codice della Crisi d’Impresa e dell’Insolvenza.
Il novello decreto correttivo ha apportato modifiche sostanziali a numerosi istituti del Codice della Crisi. Al netto di alcuni ritocchi di stile e di dettaglio, il Correttivo-ter, da un lato, recepisce talune prassi o risolve dubbi interpretativi e, dall’altro, introduce specifiche novità largamente attese dagli operatori.
On 13 December 2024, EU member states agreed on a ‘partial’ general approach to the harmonisation of insolvency law.