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    The presumption of intent to disadvantage creditors in German avoidance proceedings
    2024-02-06

    Payments made by a debtor which disadvantage its creditors may be void and if so must be returned. This applies where the debtor and the recipient of the payment knew that the debtor was unable to pay its debts.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    Germany
    Firm:
    Taylor Wessing
    UK government updates water company insolvency regime
    2024-02-06

    The UK government has updated the 30-year-old special administration regime for water companies making it possible to rescue water companies.

    The new legislation (plus two draft instruments) aims to modernise water company insolvency legislation in the face of the growing challenges in the industry including higher operating costs, claims over sewage pollution and significant debt burden (Thames Water owes £18.3 billion).

    New special administration regime

    Filed under:
    United Kingdom, Insolvency & Restructuring, Taylor Wessing, Insolvency
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    SIGNA - importance of timing in Austrian debtor in possession proceedings
    2024-02-06

    The insolvency of the SIGNA Group is the largest ever insolvency in Austria with debts reportedly exceeding EUR14 billion.

    Recently, the three largest holding companies of the group started debtor in possession restructuring proceedings which allowed management to continue the day-to-day running of the businesses during insolvency proceedings. Due to an error in the timing of the proceedings, the non-operationally active top holding company (SIGNA Holding) was forced to end self-administration.

    The timing problem

    Filed under:
    Austria, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Susanne Fruhstorfer , Andreas Howadt
    Location:
    Austria
    Firm:
    Taylor Wessing
    English Court of Appeal overturns Adler's restructuring plan
    2024-01-30

    On 23 January 2024, the Court of Appeal overturned the High Court's sanction of Adler Group's (Adler) restructuring plan (the Plan) (see our alert). This much anticipated judgment provides clarity on the court's discretion to sanction a plan where there are dissenting classes of creditors.

    Background

    The Plan envisaged:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson , Kirsten Fulton-Fleming , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK distressed restructuring: why are ESG issues important?
    2024-01-19

    Key points

    Filed under:
    United Kingdom, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Taylor Wessing, ESG
    Authors:
    Kirsten Fulton-Fleming
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    The UAE modernises its bankruptcy and financial restructuring legislation
    2024-02-06

    On 31 October 2023, the Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the Bankruptcy Law) was published in the UAE Gazette. The Bankruptcy Law replaces the Federal Law No. 9 of 2016 on Bankruptcy (as amended) (the 2016 Law).

    The aim of the Bankruptcy law is to introduce a modern, streamlined and business-friendly approach to restructuring in the UAE (except for the DIFC and ADGM freezones, which have their own insolvency regimes).

    Key Changes

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Kirsten Fulton-Fleming , James Baldwin
    Location:
    United Arab Emirates
    Firm:
    Taylor Wessing
    English Court confirms 'substitution first, standing later' approach to winding up petitions
    2023-10-03

    The English court has (for the first time) given guidance on the long-established practice of substituting a creditor as petitioner in a winding up petition and hearing argument about the creditor’s standing later.

    Background

    In March 2021, Citibank petitioned to wind up Liberty Commodities (LCL). The petition was supported by two creditors, White Oak and NPS. Citibank settled with LCL and applied to dismiss the petition. The supporters applied to be substituted.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English court considers directors' "creditor duty" in context of failed tax avoidance scheme
    2023-09-06

    In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

    Background

    Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Requirement to substantiate German debtor's illiquidity remains high
    2023-09-06

    Where a creditor believes that a debtor is insolvent, any “third-party application” that it makes for the insolvency of the debtor must be well substantiated.

    Decision

    The District Court of Hamburg recently considered an application for insolvency on grounds of illiquidity due to default in social security contributions.

    A landmark decision of the German Federal Court (13 June 2006 – IX ZB 238/05) held that the illiquidity of a company could be assumed where it was in default for more than six months of social security contributions.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    English Court confirms 'substitution first, standing later' approach to winding up petitions
    2023-10-03

    The English court has (for the first time) given guidance on the long-established practice of substituting a creditor as petitioner in a winding up petition and hearing argument about the creditor’s standing later.

    Background

    In March 2021, Citibank petitioned to wind up Liberty Commodities (LCL). The petition was supported by two creditors, White Oak and NPS. Citibank settled with LCL and applied to dismiss the petition. The supporters applied to be substituted.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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