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    High Court Declines to “Cram Down” Shareholders in Proposed Part 26A Restructuring Plan of Oil Company
    2021-06-29

    The decision provides new judicial guidance for determining the boundaries of cross-class cram down tests. 

    On 28 June 2021, the High Court declined to sanction a restructuring plan proposed by Hurricane Energy plc (Hurricane), an AIM listed oil drilling company, under Part 26A of the Companies Act 2006 (Act). The plan would have seen shareholders diluted to 5% of Hurricane’s equity, with the remaining 95% issued to bondholders as consideration for a partial debt-for-equity swap. 

    Filed under:
    United Kingdom, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Latham & Watkins LLP
    Authors:
    Bruce Bell , Yen Sum
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Insolvency Insight - Issue 2 | June 2021
    2021-06-28

    OVERVIEW

    Welcome to the second edition of the insolvency insight bulletin from the insolvency specialists at Quadrant Chambers. All cases link to the relevant judgments.

    Case Law

    Filed under:
    European Union, United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, Public, Quadrant Chambers, Brexit, Insolvency Act 1986 (UK)
    Authors:
    Joseph England , Emily Saunderson , Nicola Allsop
    Location:
    European Union, United Kingdom
    Firm:
    Quadrant Chambers
    China and Hong Kong: Mainland and Hong Kong agree framework for mutual judicial recognition and assistance in corporate insolvency and debt restructuring
    2021-06-28

    In brief

    On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring.  Under the Framework:

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Baker McKenzie
    Authors:
    Kwun-Yee Cheung , Edmund Ma
    Location:
    China, Hong Kong
    Firm:
    Baker McKenzie
    Re China All Access Limited: Recognition of Hong Kong appointed liquidators in the Mainland
    2021-06-28

    In Re China Huiyuan Juice Group Limited [2020] HKCFI 2940, Harris J discussed in detail the difficulties which liquidators appointed in Hong Kong over a foreign incorporated holding company may have in obtaining control of operating subsidiaries in the Mainland, if the group’s structure includes intermediate subsidiaries incorporated in the British Virgin Islands (the “BVI”).

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers
    Authors:
    Rosa Lee
    Location:
    China, Hong Kong
    Firm:
    Des Voeux Chambers
    TGIF 25 June 2021 - Not all preference claims are created equal
    2021-06-25

    This week’s TGIF considers the decision of the Supreme Court of NSW in In the matter of Pacific Steelfixing Pty Ltd [2021] NSWSC 655, where a liquidator failed to adequately prove that payments to a creditor, during the relation back period, were voidable transactions because the Liquidator had not finalised investigations into the potential recovery claims available to him.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Trustee fees - reasonable or not?
    2021-06-25

    Trilogy Management Limited v White Willow (Trustees) Limited and Others, 13 May 2021

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Carey Olsen
    Authors:
    Alexa Saunders
    Location:
    Jersey
    Firm:
    Carey Olsen
    6th Cir. Holds Even ‘Bad Faith’ Chapter 13 Bankruptcy Must Be Dismissed on Request by Debtor
    2021-06-27

    The U.S. Court of Appeals for the Sixth Circuit recently held that 11 U.S.C. § 1307(b) requires a bankruptcy court to dismiss a Chapter 13 bankruptcy petition upon a debtor’s request, even if the debtor filed his or her petition in bad faith.

    A copy of the opinion in In re Ronald Smith is available at: Link to Opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    International Companies Turn To US Restructurings for COVID-19 Relief
    2021-06-28

    Many foreign companies experiencing financial distress due to the COVID-19 pandemic have utilized the American bankruptcy system to restructure. In 2020, major airlines in Chile, Colombia and Mexico availed themselves of Chapter 11 protections. The oil and gas sector, already struggling from a multiyear slump in commodity prices that worsened with the pandemic, also saw a surge in Chapter 11 filings by foreign entities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Coronavirus
    Authors:
    Shana A. Elberg , Lisa Laukitis , Liz Downing
    Location:
    USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Why You May Not Be Able to Avoid That Public Examination
    2021-06-28

    In the recent case of Jane v Secatore (Liquidator), in the matter of Last Lap Pty Ltd (in liq) [2021] FCAFC 108, the Court heard an appeal of a decision that dismissed an application to discharge summonses issued concerning public examinations by the liquidator of Last Lap Pty Ltd (in liquidation) (Last Lap).

    The fact of the Case

    The applicant applied to the Court to discharge summonses issued to himself and various entities.

    The application was on two main bases:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Federal Court of Australia
    Authors:
    Sayward McKeown
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    Challenges facing directors in the summer of 2021
    2021-06-25

    The pandemic has created a chaotic business environment in which it is has at times been practically impossible to make any definitive plans. Lockdown measures have changed regularly, legislation has been introduced and extended and the rules for conducting business (when it is even possible to trade) have varied across the UK and have at times been criticised by those most harshly effected as being arbitrary and unscientific. All of this has often happened at very short notice.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Morton Fraser MacRoberts, Value added tax, Coronavirus, HM Revenue and Customs (UK)
    Authors:
    Alan Meek
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts

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