The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K.
For background on the Act and the National Security and Investment (NSI) regime, please see our November 2020 Client Alert, August 2021 Client Alert, and
Contradicting the popular opinion that inflation is an issue that’s set to stick around for a while yet, an article in the Times this weekend put forward an interesting opposing view - that inflation has already peaked and is likely to be on the way down.
The UK's latest quarterly company insolvency statistics, published on 2 August, confirm the trends the restructuring community are seeing so far this year and are expecting to continue as we progress through the year.
The recently published Financial Services and Markets Bill (FSM Bill) is intended to recast the U.K.’s regulatory architecture post-Brexit. It was introduced to Parliament on 20 July 2022. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K.
A company experiencing financial difficulties is not necessarily a cause for alarm, as it is part of the natural cycle of a business generally. If, however, the directors are concerned about the financial position of their company, they should seek professional advice on the next steps to improve the company’s financial position and to protect themselves from any actions being taken against them personally for breach of their director’s duties.
Key Point
- The UK government's proposals to only partially implement a new UNCITRAL Model Law means that creditors of English law debts who do not consent to a foreign restructuring proceeding will still have recourse to enforcing their rights against the debtor's UK-based assets.
English Law Is Still a Special Situation
Is the rule in Gibbs justifiable in the context of modern international insolvency laws or is England clinging to an outdated rule simply to keep restructurings here? The rule stems from an 1890 Court of Appeal Case, which holds that only English courts can validate the compromise or discharge of English law governed debt. The rule cuts across the trend of increased cross-border cooperation in insolvency matters – commonly described as the “modified universalist” approach and critics see the rule as a relic of a more Anglo-centric approach to insolvency law.
What remedies should lenders, borrowers and opportunistic credit investors prescribe in light of current market practice and documentation?
This article examines some of the current issues arising in leverage finance agreements on defaults and the expansion of express remedy terms that can impact on debt transfers.
Key Points
Those of us in the restructuring community are all too aware of the “ripple-out” effect caused by the financial deterioration and failures of multi-national companies on the wider supply chain and customers in general.