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    Dubai World - government releases details of a tailor-made restructuring process
    2009-12-22

    As many Japanese contractors are exposed to the financial crisis in Dubai, this month our Construction Disputes Avoidance Newsletter focuses on an important recent development concerning Dubai World. At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Injunction, Common law, Best practice, Promulgation, Dubai International Financial Centre, High Court judge (England and Wales)
    Authors:
    Peter Godwin , Dominic Roughton , David Gilmore , Emma Kratochvilova
    Location:
    United Arab Emirates
    Firm:
    Herbert Smith Freehills LLP
    Privy Council changes English law on the intersection of insolvency and arbitration
    2024-07-29

    In Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, the Privy Council considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court (BVI) as to whether a company should be wound up where the debt on which the winding up application is based is subject to an arbitration agreement and is said to be disputed and/or subject to a cross-claim.

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Arbitration Act 1996 (UK)
    Authors:
    Andrew Cooke , Mike McClure , Liz Kantor , Natty Sugarin
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Resolving disputes under the new JCT 2024: a closer look at termination for insolvency
    2024-07-30

    This is the second in a series of articles on how the changes introduced by the 2024 JCT (Joint Contracts Tribunal) contracts will impact the practical administration of the JCT contractual mechanisms.

    In this article, we look specifically at the insolvency related provisions in the 2024 Design and Build (D&B) contract and the 2024 Intermediate Building Contract with Contractor’s design (ICD) contract. We address the updates to the definition of insolvency, the impact of those changes for Employers and Contractors and the related knock-on impact to sub-contracts.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Insolvency, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Karen Paley , Sarah Forshaw
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Knowing your Focaccia from your Furlough - the UK Court serves up some clarification about furloughing employees where the company is in administration
    2020-04-16

    The High Court has delivered the first decision on the Coronavirus Job Retention Scheme (the “Scheme”), in the context of the Carluccio’s administration.

    As we have previously discussed (HERE), despite further clarification from HMRC over recent days, there remain some unanswered questions regarding the detailed operation of the Scheme, given that the Scheme’s exact legal framework has not been published.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Jon Chesman , Helen Adams , Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Coronavirus: Directors' Duties
    2020-04-16

    CORONAVIRUS RESPONSE – INTRODUCING FLEXIBILITY TO DIRECTORS' DUTIES?

    IN LIGHT OF COVID-19, THE UK GOVERNMENT RECENTLY ANNOUNCED ITS INTENTION TO TEMPORARILY SUSPEND THE OFFENCE OF WRONGFUL TRADING BY DIRECTORS OF UK COMPANIES. THIS WILL INEVITABLY HAVE A WIDE-RANGING EFFECT ON BOTH DIRECTORS AND CREDITORS.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, Coronavirus
    Authors:
    Lynsey Walker
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Insolvency court directions made to facilitate administrators' use of the UK Government's furlough scheme
    2020-04-16

    A court1 has approached the interplay between the Insolvency Act 1986 and the Government's furlough scheme so as to encourage and support the rescue culture and facilitate access to the scheme by administrators. It ruled that:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus
    Authors:
    Devi Shah
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Second glance - the role of a court reporter in a liquidation
    2020-04-16

    A Sheriff at Glasgow Sheriff Court has recently published a judgment showing its approach regarding the role played by a court reporter in an application by a liquidator to seek approval of remuneration.

    The note concerned the case of One Optical Limited (in liquidation) (the Company).

    This judgment is useful for insolvency practitioners in setting out how a court (in this case Glasgow Sheriff Court) views the role of a court reporter when approving (or otherwise) the remuneration of a liquidator.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, TLT LLP
    Authors:
    Alan Munro
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Six-month relief for Scotland's financially distressed individuals, partnerships and trusts
    2020-04-16

    It is perhaps not as well-known as it should be that the Bankruptcy (Scotland) Act 2016 sections 195 – 198 provides a six-week moratorium – effectively a postponement or period of protection from action to recover debts - to individuals, partnerships and trusts facing financial distress or liquidity issues.

    The moratorium provides breathing space to allow parties to be protected from their creditors while they take advice and consider what debt relief options might be available to them.

    A party can normally apply for the moratorium once in any 12-month period.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Brodies LLP, Coronavirus
    Authors:
    Lucy McCann , Iain Penman
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Is petitioning a company to wind it up still a viable option in the UK?
    2020-04-16

    The landscape relating to winding-up petitions has changed due to the COVID-19 pandemic. Hundreds of petitions have been adjourned already, and the new Temporary Insolvency Practice Direction has now adjourned all hearings due to take place before 21 April across the country. It also sets out new procedures and timings for the listing and re-listing of petitions, with many hearings in London and the regions moving to hearings by video-conference for the foreseeable future.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Landlord, Coronavirus
    Authors:
    Mark Prior
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Covid-19: Insolvency pitfalls to be aware of!
    2020-04-14

    The government has introduced a number of measures in order to assist businesses during the current Covid-19 pandemic. Unfortunately, for some businesses, this may not be enough to prevent their business entering some form of insolvency. Businesses and directors need to beware of the pitfalls that they could fall into, as they continue to trade. Two of the most common are Preference Payments and Transfers at Undervalue, both of which are discussed below.

    Preference Payments

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herrington Carmichael LLP, Coronavirus
    Authors:
    Alex Canham
    Location:
    United Kingdom
    Firm:
    Herrington Carmichael LLP

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