A number of recent extensions and changes to temporary measures have been announced that impact insolvency practice and procedure, what are they?
Recent insolvency law reforms in the UK, Singapore and Australia impact upon the ability of a party to a construction contract to terminate it due to the other party's insolvency.
Background
On 8 October 2020, the UK government published a report reviewing voluntary measures introduced in 2015 to improve the transparency of pre-pack sales in administration.
Following its decision in July to consider restructuring options in light of its mounting debts, the popular restaurant chain Pizza Hut has reached an agreement with its creditors by way of a company voluntary arrangement (CVA) that will see 215 of its 244 restaurants (88%) continue trading, as well as retaining around 5,000 of its 5,450 employees (92%).
R3, the association of business recovery professionals, has produced a Standard Form Covid 19 CVA Proposal and accompanying Covid 19 Standard Conditions.
The Standard Form proposals are intended for use by SME companies, in each of the jurisdictions across UK that have been affected by Covid 19, to save time and cost and make CVAs more accessible to them.
On 8 October the Insolvency Service published a report on pre-pack sales in administrations, together with draft regulations imposing a mandatory referral to independent scrutiny in the case of pre-packaged sales to connected parties.
This article, written by Tim Carter and Helen Martin, considers the background to the proposed regulations, their content and their potential impact.
Background
In Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) [2020] EWHC 2483 (Comm) the High Court granted Riverrock Securities Limited (“RSL”) an interim anti-suit injunction against bankruptcy proceedings brought against RSL by the receiver of the International Bank of St Petersburg (“IBSP”) (the Bankruptcy Proceedings).
John Doyle Construction Limited (in liquidation) v Erith Contractors Limited sees the first consideration of a claim for summary enforcement of an adjudication decision by a company in liquidation following the Supreme Court’s decision in Bresco Electrical Services Limited (in liquidation) v Michael J Lonsdale (Electrical) Limited.
Background
With two of the UK's biggest cinema chains announcing, within days of each other, significant curbs to their operations due to COVID-19's continued impact on the entertainment sector, our restructuring and insolvency team have looked at the particular challenges faced by these venues and some of the steps their operators and funders should consider to help keep the curtains open.
THE IMPORTANCE OF THE UK'S ENTERTAINMENT INDUSTRY