With many airlines having weathered the storm of the Covid-19 pandemic, one common theme with airline restructurings has been a clear reliance on the United States’ Chapter 11 bankruptcy proceedings – particularly over their domestic jurisdictions or other viable jurisdictions (such as a UK scheme of arrangement or UK restructuring plan). But when seeking to restructure, why have many airlines tended towards Chapter 11 bankruptcy proceedings as an internationally recognised restructuring procedure and shied away from the UK schemes?
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
Injunctions
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
Maritime
It is now just over two years since the UK entered its first emergency Covid-19 induced lockdown. That caused the government to introduce radical emergency legislative measures, preventing landlords from taking certain legal action against their tenants, in a bid to protect businesses, the economy and jobs.
Restrictions on Landlords’ Remedies
On 16 March 2022, the Australian High Court handed down its decision in Wells Fargo Trust Company, National Association (As Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors [2022] HCA 8. This is the first judgment by a court of final appeal on the interaction between the Cape Town Convention and local insolvency laws.
Background
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
Appeals
Watson Farley & Williams has developed the Global Aviation Restructuring Index (“GARI“), an online tool providing a comparative index of 50 restructuring processes in 25+ key aviation jurisdictions. GARI also assigns ‘debtor and creditor friendliness’ scores to each restructuring procedure, allowing for easy comparison across different procedures in the same or multiple jurisdictions. Please to access GARI.
Payment Orders were originally introduced in the CPC as a fast track route for creditors holding a financial instrument, such as a letter of credit or cheque, to obtain judgment against their debtor for what is a simple and indisputable debt. Payment Orders were rarely issued by the onshore UAE courts. In 2018, Cabinet Resolution No 57 of 2018 (the “2018 Cabinet Resolution”) significantly expanded the scope of application of Payment Orders by extending them to all admitted debts rather than simply those arising out of financial instruments only.
Introduction
The UK Supreme Court has today handed down a significant and highly anticipated decision on the interpretation of liquidated damages clauses.
The second webinar in our series brought together WFW Real Estate Partner , George Nicholas, Global Head of Hotels at Savills, Felicity Black-Roberts, VP Acquisitions and Development – Europe and North Africa at Hyatt and Yannis Ermilios, Managing Director – Portfolio Management at Colony Capital. The panel debated the potential for M&A in the hotel sector, as it lined up to be the fastest-recovering of the real estate segments.