In Chandos Construction Ltd. v. Deloitte Restructuring Inc., a decision released on October 2, 2020, the Supreme Court of Canada affirmed the anti-deprivation rule in the common law of Canada. The dispute in this case revolved around a construction contract between Chandos Construction Ltd. and Capital Steel Inc.
On Tuesday 6 October 2020 the Dutch Senate adopted the long-awaited legislative proposal for the Act providing for court confirmation of a private restructuring plan (Wet homologatie onderhands akkoord (“WHOA”)). The act introducing the 'Dutch scheme' will enter into force in the beginning of next year at the latest.
Notice to stakeholders: Withdrawal of the United Kingdom and EU rules in the field of civil justice and private international law.
On 27 August 2020, the European Commission published a ‘Notice to Stakeholders’ setting out how EU laws in the areas of civil justice and private international law will apply when the Brexit transition period ends on the 31 December 2020.
This Notice replaces an earlier notice published in January 2019 and a document with questions and answers published in April 2019.
The Corporate Insolvency and Governance Act (CIGA) came into force on 26 June 2020 and introduced a number of temporary and permanent reforms, with the aim of supporting businesses and the economy during the pandemic.
This week’s TGIF looks at the NSW Supreme Court’s recent guidance on factors relevant to whether a winding up ought be terminated.
Key takeaways
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
The Corporate Insolvency and Governance Act, which received Royal Assent on 25 June 2020, contains a range of significant reforms, not least of which is the introduction of a new Restructuring Plan process dubbed the super scheme. The first such Restructuring Plan, used in the financial restructuring of Virgin Atlantic Airways (VAA), was sanctioned by the High Court on 2 September 2020 representing a new landmark in the UK restructuring landscape.
Our regular round-up of recent developments and topics for your radar, news on training and networking events for in-house counsel, and an update on our legal tech initiatives.
HIGHLIGHTS
As we enter the final quarter of what has been a tumultuous year, the UK restructuring market has been open as usual for companies and creditors seeking to use the flexible restructuring implementation process of a Part 26 “scheme of arrangement” or the latest and greatest restructuring process now found in Part 26A of the Companies Act, a “restructuring plan” (or “Super Scheme” as we like to dub it).
