Landmark decision holds that the SFO does not have the power to procure documents from foreign companies outside the jurisdiction.

On October 26, 2020, the U.S. Bankruptcy Court for the Southern District of Texas issued a long-awaited ruling on whether natural gas exploration and production company Ultra Petroleum Corp. ("UPC") must pay a make-whole premium to noteholders under its confirmed chapter 11 plan and whether the noteholders are entitled to postpetition interest on their claims pursuant to the "solvent-debtor exception." On remand from the U.S.

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-19.

In this issue:

This week’s TGIF considers the decision in Nikitins v EncoreFX (Australia) Pty Ltd (No 2) [2021] FCA 27, where the Federal Court found that funds paid into a holding account for the provision of foreign exchange services were held on trust and were not property of the liquidation.

Key takeaways

In a recent decision in the Admiralty Court before Mr Admiralty Registrar Davison, the Court considered the application of the recently enacted section 233B of the Insolvency Act 1986. Whilst the conclusions reached on that provision are perhaps less surprising given its wide remit, the decision raises some interesting points for contract lawyers on the formation of contracts and the reasonableness of their terms.

Introduction – Section 233B of the Insolvency Act 1986 (Act)

INSURANCE AND REINSURANCE DISPUTES

2020 REVIEW

The contents of this publication are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.

INSURANCE AND REINSURANCE DISPUTES 2020 REVIEW

Contents

Preface

At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year – however no one could sensibly have predicted the significant and far reaching impact of COVID-19.

In part 1 of our blog, we look back at 2020 and look forward to what the UK restructuring market can expect in 2021 considering the new Insolvency Laws, expected Rule changes, pre-pack sales and practice and procedural points.

Insolvency Laws – all change in 2020, what about 2021?

事業譲渡と破産

第１ 事業譲渡に伴い破産を選択する場面

１ 現在の経済状況

昨今のコロナ禍を原因とする経済の停滞により、急激に経 営状況が悪化する中小企業が増加しています。事業再生の 手段としては、中小企業再生支援協議会等を利用した任意 整理、民事再生手続を利用した再建型法的整理をまず検討 しますが、①既存の商取引債務を引き継ぐことを前提とした場 合はスポンサー選定が困難である、②スポンサーに対する事 業譲渡までの資金繰りが続かない、③公租公課の滞納等の 理由により民事再生手続で要求されている清算価値以上の 弁済の見込みがない、④債権者において合意可能な再建案 を債務者が提示しないといった事情から、再建型の任意整 理・法的整理を進めることができないという企業が増加してい ます。

２ 破産手続を利用した事業譲渡

Der Bundesgerichtshof (BGH) hat mit Urteil vom 18. November 2020 (IV ZR 217/19) entschieden, dass Ansprüche gegen GmbH-Geschäftsführer auf Ersatz von Zahlungen, die nach Insolvenzreife vorgenommen wurden, vom Versicherungsschutz der D&O-Versicherung umfasst sind. Mehrere Oberlandesgerichte hatten dies zuletzt noch anders beurteilt. In der Praxis hatte dies zu einer erheblichen Unsicherheit geführt, nicht zuletzt mit Blick auf die infolge der COVID-19-Pandemie vorübergehend geänderten Insolvenzantragspflichten.

Hintergrund der Entscheidung