The Government intends to enhance the UK's cross-border insolvency regime with the adoption of the UNCITRAL Model Law on Enterprise Group Insolvency (MLEG) and, after further consideration, Article X of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ).
The U.K. Financial Services and Markets Act 2023
An article for Insolvency Practitioners and other insolvency specialists outlining the challenges and pitfalls of obtaining recognition of a Trustee in Bankruptcy to enable enforcement over assets in France in a post-Brexit and post-Covid cross-border insolvency landscape.
Introduction
Understandably the focus of corporate transactions, restructures and insolvencies tends to be big ticket issues such as finance, tax and assets.
Immigration considerations are often overlooked, potentially resulting in hidden risks and headaches for those involved. In this article, we look at the implications of such scenarios in two key compliance areas: sponsor licences and the prevention of illegal working.
What is a sponsor licence?
On June 15, 2023, the United States Supreme Court held that “the Bankruptcy Code unambiguously abrogates the sovereign immunity of all governments, including federally recognized Indian tribes.”1 In other words, Native American Tribes' sovereign immunity does not shield them from suits brought by debtors who declare bankruptcy.
The ongoing war and full-scale russian invasion have significantly impacted Ukraine’s legal system and economic landscape. However, despite the challenging circumstances, Ukrainian courts have continued to administer justice, ensuring the protection of constitutional rights.
Managing the financial health of a business to ensure it continues to be viable and successful can be challenging, particularly in today’s economic environment.
June 2023
Contents
Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of May 22, 2023.
In the first case of its kind since Re Business City Limited ([1997] 2 BCLC 510) in 1997, and only the second ever such case, the High Court of England and Wales made an order on 5 April 2023 recognising and giving the force of law in England and Wales to a scheme of arrangement in an Irish examinership. The High Court of Northern Ireland made a similar order in the same case on 3 April 2023.
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?