The ongoing COVID-19 pandemic has raised pressing questions about how a force majeure provision in a lease will affect a tenant's obligation to pay rent.

Observing that the short-term loans advanced by few Appellants on exorbitant rates of interest (40% to 60% per annum) were covered under Extortionate Credit Transactions as prohibited under Section 50(1) of the Insolvency and Bankruptcy Code, 2016, the NCLAT has set aside the entire transactions as illegal and void and held them as not entitled to any relief.

Real Estate Quarterly

Summer 2020

Contents

This newsletter is written in general terms and its application in specific circumstances will depend on the particular facts.

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The (the CIG Act) received Royal Assent on 25 June 2020 and effects wide ranging changes.

For many years, Machiavelli Ristorante Italiano in the Sydney CBD was the place for the business and political elite to be seen and to talk business.

More recently, the Supreme Court of New South Wales was the place for the new owners of the Machiavelli Ristorante to be seen to litigate their partnership disputes.

The case is In the matter of Bicher & Son Pty Ltd [2020] NSWSC 711 (9 June 2020) (Black J).

The rapidly changing impact of COVID-19 on companies and the wider economy presents directors with the unenviable task of balancing the immediate need to secure the survival of their company against the longer-term implications for their stakeholders. In March, the UK Government announced that wrongful trading measures would be temporarily suspended to ease this pressure. The suspension measures are included in the Corporate Insolvency and Governance Act 2020, which introduces both temporary measures, such as this, and permanent and significant changes to UK insolvency law.

The Corporate Insolvency and Governance Act received royal assent on 25 June 2020 and comes into force immediately.

The Act introduces a range of new corporate restructuring tools and suspends, temporarily, parts of the existing insolvency regime. The purpose of this note is to update you on two key aspects of the Act: the moratorium on legal action and the temporary changes in relation to statutory demands and winding-up petitions.

Moratorium on legal action

PRIVATE CLIENT UPDATE: Issue no. 11, July 2020

Introduction

The Corporate Insolvency and Governance Act 2020 received Royal Assent and is now in force.

Background