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    Modernisation of bankruptcy and restructuring in Poland
    2019-05-03

    Bankruptcy and restructuring law in Poland is undergoing considerable modernisation, as demonstrated by the following:

    Filed under:
    Poland, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Sylwester Żydowicz
    Location:
    Poland
    Firm:
    Taylor Wessing
    Vietnam: special control over underperforming credit institutions
    2018-03-01

    Law No. 47/2010/QH12 on credit institutions has been amended pursuant to Law No. 17/2017/QH14 (“Amended Law”) passed by the National Assembly. The Amended Law came into effect on 15 January 2018.

    The Amended Law provides grounds for special control by the State Bank of Vietnam (“SBV”) against underperforming credit institutions which:

    • have failed to maintain liquidity requirements;

    • have accumulated losses exceeding 50% of the charter capital and reserve funds as recorded in the latest audited financial statements;

    Filed under:
    Insolvency & Restructuring, Taylor Wessing
    Location:
    Vietnam
    Firm:
    Taylor Wessing
    Payment of interest on proved debts
    2017-12-05

    Key points

    • The Court of Appeal confirmed that there is a complete statutory code for the payment of interest.

    • Statutory interest represents compensation for dividends paid after the administration, and does not depend on any right to interest under the underlying claim.

    • Regard can be had, however, to the rate at which interest would have been paid to the creditor after the administration.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK court sanctions Amigo's scheme that allows for two alternative outcomes
    2022-07-07

    The court sanctioned one of two potential schemes of arrangement for Amigo Loans Ltd (Amigo) and approved a plan that provided for two possible outcomes.

    Background

    Amigo provided guarantor loans to customers with poor credit scores. Amigo owed customers and the Financial Ombudsman Service £375 million for customer complaints and was insolvent.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Trade & Customs, Taylor Wessing, Financial Conduct Authority (UK)
    Authors:
    Kate Hamblin
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Smile Telecoms: first UK restructuring plan to exclude 'out of the money' creditors
    2022-03-09

    The UK High Court has excluded 'out of the money' creditors and shareholders from voting on Smile Telecoms Holdings Limited’s (Smile) restructuring plan because they did not have a genuine economic interest in the company.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    The impact of the recent changes to UAE bankruptcy law on the construction industry
    2021-12-15

    Liquidity issues within the construction industry have only been exacerbated by the COVID-19 pandemic. Faced with the high-profile collapse of major contractors in the region, the UAE has taken strides to improve upon its existing Bankruptcy Law (Law 9 of 2016) to ensure that it remains capable of facing the very modern challenges presented by the current climate. This includes the introduction of provisions which give debtors limited reprieve in circumstances of “Emergency Financial Crisis” under Law 9 of 2019 amending the Bankruptcy Law.

    Filed under:
    United Arab Emirates, Construction, Insolvency & Restructuring, Litigation, Taylor Wessing, Coronavirus
    Location:
    United Arab Emirates
    Firm:
    Taylor Wessing
    Dutch Minister proposes new temporary expedited liquidation rules
    2021-07-15

    On 28 June 2021 the Dutch government initiated a public consultation procedure concerning a legislative proposal intended to make expedited liquidation of legal entities more transparent for creditors. To achieve this goal, the Minister has proposed that the management board of a legal entity should file a number of documents with the Trade Register within 10 days of liquidation and then notify their creditors that they have done so. The proposal also allows for the possibility of disqualifying a managing director who should fail to observe the new rules.

    Filed under:
    Netherlands, Company & Commercial, Insolvency & Restructuring, Taylor Wessing, Coronavirus
    Location:
    Netherlands
    Firm:
    Taylor Wessing
    Virgin Active's UK restructuring plans sanctioned following landlord challenge
    2021-05-27

    On 12 May 2021, in the first opposed cross-class cram down case, the English High Court sanctioned Virgin Active's restructuring plans, the first to bind landlords to lease compromises.

    The decision

    While the opposing landlords challenged the valuation evidence advanced by the companies, they did not advance evidence of their own. The court accepted the companies' evidence that:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Taylor Wessing
    Authors:
    Amy Patterson , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Creditors in the spotlight - court holds the line on priorities
    2021-03-03

    In Arlington v Woolrych, the failure by a junior creditor to gain the prior written consent of senior creditors pursuant to a Deed of Priority rendered the appointment of administrators invalid.

    Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Cheng Bray
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Lenders - remember to obtain all necessary consents before taking enforcement action
    2021-01-07

    In Arlington Infrastructure Ltd (In administration) and another v Woolrych and others [2020] EWHC 3123 (Ch), the Court considered the meaning of a deed of priority entered into between the senior and junior secured creditors of Arlington Infrastructure Limited (AIL). The junior creditors (but not the senior creditor) also held debentures over AIL's subsidiary companies.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency Act 1986 (UK)
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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