UK Restructuring A YEAR IN RETROSPECT 2 Contents Introduction Our people UK team Matter Highlights UK Restructuring Employment UK Restructuring Section Header Section Header Contents 3 Robert Russell UK Head of Restructuring +44 (0)161 235 4147 [email protected] 2023 – Continued instability Casting our minds back to January last year, the economic outlook was fraught with uncertainty.
Here’s my biggest bankruptcy shocker from 2023:
- the Third Circuit’s rationale for dismissing Johnson & Johnson’s bankruptcy.
I’ll try to explain.
Appalled
I’m still appalled by the lack of concern, from the Third Circuit Court of Appeals in its dismissal opinion, over these disparities it describes in results for similarly situated claimants:
Introduction
The modification or withdrawal of Resolution Plans under the Insolvency and Bankruptcy Code, 2016 (“Code / IBC”) had always been a contentious subject, with the National Company Law Tribunal (“Adjudicating Authority / NCLT”) and National Company Law Appellate Tribunal (“NCLAT”) taking conflicting views in the past.
Bankruptcy Considerations for Unitranche Transactions with Super-Priority Revolvers without an AAL
As the Grand Court of the Cayman Islands reopens for 2024, we reflect on 2023 and some of the large-scale cross-border insolvency and restructuring proceedings, and complex commercial disputes dealt with in the jurisdiction over the past year.
Statistics from the Grand Court
There were approximately 1,579 filings made in the Grand Court, which can be broken down as follows:
“Bankruptcy provides a valuable and desirable venue for the resolution of [mass tort] disputes” by:
一，问题的提出 随着近年来供给侧结构性改革以及优化营商环境指标相关措施的推进，企业破 产案件数量逐年增加。以上海破产法庭为例，2020 年全年立案受理破产、公司 强制清算、衍生诉讼等各类案件共计 1567 件，同比增长 32.7%；2021 年全年立 案受理同类案件共计 2381 件，同比增长 51.9%；2022 年全年立案受理同类案件 共计 3412 件，同比增长 43.3%。 但是仅就重整程序而言，上海破产法庭 2020 年共计办结重整成功案件 4 件，盘 活企业资产总价值 14.66 亿元，普通债权平均清偿率 57.5%[1]；2021 年共计办 结重整成功案件 13 件，盘活企业资产总价值 75.6 亿元，普通债权平均清偿率 10.4%[2]；2022 年盘活企业资产 11.3 亿元，普通债权平均清偿率 4.9%[3]。 可以看出，近年来破产案件受案数量呈现爆发性增长的态势，但是重整成功的 案件数量增长率相较于整体破产案件的涨幅来讲并没有显著增加，同时盘活资 产总价值也存在波动，而评判一个重整案件法律效果和社会效果最直观的指标 “普通债权清偿率”呈现出断崖式下降，降幅高达 91.48%。
Subsequent to the High Court’s decision inGalapagos Bidco S.à r.l. v Dr Frank Kebekus [2023] WHC 13931 (Ch) (for more on which see our commentary), the High Court dismissed yet another claim brought by a junior creditor in the context of a senior creditor enforcement.
Introduction
Looking back at 2023, one of the more memorable judicial decisions emanating from Jersey was the decision of the Court of Appeal in HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen [2023] JCA 085. In this update we explore how this decision might impact upon the creditors’ winding-up regime provided for in the Companies (Jersey) Law 1991.
HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen
Introduction