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    United Kingdom: The New UK Restructuring Plan: an overview
    2020-09-16

    What is it?

    The UK Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. It introduced a new restructuring plan procedure amongst its package of permanent measures. The restructuring plan gives directors another tool when considering restructuring options. Directors faced with financial distress can now weigh up the new restructuring plan, or the existing “tried and tested” scheme of arrangement.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Baker McKenzie
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    United Kingdom: COVID-19 - Dishonest assistance and fraudulent trading: Bilta (UK) Limited (in liquidation) et ors v (1) Natwest Markets PLC and (2) Mercuria Energy Europe Trading Limited
    2020-07-08

    Earlier in March and prior to Covid-19 taking over both the world and the legal world, Mr Justice Snowden handed down his judgment in Bilta (UK) Limited (in liquidation) et ors v (1) Natwest Markets PLC and (2) Mercuria Energy Europe Trading Limited [2020] EWHC 546 (Ch) in which he found both RBS (as defined below) and RBS SEEL (also as defined below) liable for dishonest assistance and knowingly being a party to fraudulent trading. As demonstrated below, the judgment contains a number of cautionary lessons for both banks and traders alike.

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, Tax, Baker McKenzie, Coronavirus, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    United Kingdom: Pensions - Corporate Governance and Insolvency Act 2020 comes into force
    2020-07-02

    In brief

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporate governance, Coronavirus, UK House of Commons
    Authors:
    Priyanka Usmani
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    IP License Agreements in Insolvency survey
    2020-06-27

    The ongoing COVID-19 pandemic has profoundly reshaped the global business landscape. Some companies that only months ago seemed unstoppably profitable have been brought to an existential brink by extended lockdowns, supply chain failures, and other obstacles caused by the pandemic. Other companies who have experienced less disruption (or in some cases windfalls) stand at the threshold of opportunity even as they prepare themselves for the challenges of the 'new normal'.

    Filed under:
    Australia, Brazil, Canada, China, France, Germany, Hong Kong, Italy, Japan, Mexico, Russia, Singapore, Spain, Switzerland, United Kingdom, Copyrights, Designs and trade secrets, Insolvency & Restructuring, Patents, Trademarks, Baker McKenzie, Coronavirus
    Location:
    Australia, Brazil, Canada, China, France, Germany, Hong Kong, Italy, Japan, Mexico, Russia, Singapore, Spain, Switzerland, United Kingdom
    Firm:
    Baker McKenzie
    United Kingdom: Corporate Insolvency and Governance Act 2020 becomes law
    2020-06-26

    In May, we reported (please refer to our previous alert available here) that the UK Government's much anticipated reforms to UK insolvency law were introduced in Parliament when the Corporate Insolvency and Governance Bill 2020 (the "Bill") started its passage in the House of Commons on 20 May 2020.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Baker McKenzie, UK House of Commons
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    When worlds collide: navigating M&A and restructuring in volatile global markets
    2019-10-02

    "Whenever there is change, and whenever there is uncertainty, there is opportunity."Mark Cuban, American businessman and investor

    In the current global market, very few things are clear other than that volatility and change are ever-present.

    Filed under:
    Australia, European Union, Global, United Kingdom, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Public, Corrs Chambers Westgarth, Brexit
    Authors:
    Cameron Cheetham
    Location:
    Australia, European Union, Global, United Kingdom
    Firm:
    Corrs Chambers Westgarth
    TGIF 20 September 2019: Bondi Ponzi : investor funds rescued and found to be held on trust
    2019-09-20

    This week’s TGIF examines a recent decision of the NSW Supreme Court which considered whether funds held in certain bank accounts of a failed Ponzi scheme should be returned to investors or paid to creditors of the companies.

    What happened?

    Since freezing orders were obtained by ASIC in 2017, details surrounding the infamous Courtenay House ‘Ponzi’ scheme operated from a small office at Westfield in Bondi have slowly emerged.

    Filed under:
    Australia, European Union, United Kingdom, New South Wales, Capital Markets, Insolvency & Restructuring, Litigation, Public, Corrs Chambers Westgarth, Brexit, Beneficial ownership, Barclays, Australian Securities and Investments Commission, New South Wales Supreme Court
    Authors:
    Cameron Cheetham , Mark Wilks , Craig Ensor , Felicity Healy , Kirsty Sutherland , Matthew Critchley , Michael Catchpoole , Michael Kimmins , Michelle Dean , Sam Delaney , James Lucek-Rowley
    Location:
    Australia, European Union, United Kingdom
    Firm:
    Corrs Chambers Westgarth
    Where’s Your COMI? - Recognition of Foreign Proceeding
    2016-10-28

    This week’s TGIF considers Wood v Astra Resources Ltd (UK Company No 07620218) [2016] FCA 1192, in which the Federal Court was asked to recognise a foreign proceeding under the Model Law on Cross Border Insolvency.

    BACKGROUND

    Filed under:
    Australia, United Kingdom, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia, United Kingdom
    Firm:
    Corrs Chambers Westgarth
    When “insolvency remoteness” is closer than you think
    2014-05-07

    The ability of limited recourse provisions to protect borrowers and financiers against insolvency risks may be weaker due to a recent English court case.

    Limited recourse clauses are often used in project and structured finance transactions. Borrowers want to avoid the risk of their directors being liable for trading while insolvent; and financiers may want to avoid the possibility of insolvency clawback actions if they seek to enforce their security documents.

    Filed under:
    Australia, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Balance sheet
    Location:
    Australia, United Kingdom
    Firm:
    Corrs Chambers Westgarth
    Banking litigation update
    2012-07-19
    1. The 1992 ISDA Master Agreement: Court of Appeal provides clarity on payment obligations owed to insolvent counterparties

    Lomas v JFB Firth Rixson Inc [2012] EWCA Civ 419

    Filed under:
    United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Herbert Smith Freehills LLP, Debt, Default (finance)
    Authors:
    Damien Byrne Hill , Simon Clarke
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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