Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not...more
3/2/2021
/ Corporate Restructuring ,
Cross-Border ,
Cross-Border Insolvency Regulations (CBIR) ,
Debt Restructuring ,
EU ,
Insolvency ,
Scheme of Arrangement ,
The Model Law ,
UK ,
UK Brexit ,
UK Insolvency Act
On 20 May 2020, the U.K. government published the Corporate Insolvency and Governance Bill (the bill), which includes measures designed to help businesses through the COVID-19 pandemic and features important substantive...more
5/26/2020
/ Contract Termination ,
Coronavirus/COVID-19 ,
Corporate Restructuring ,
Financial Assistance Policies ,
Insolvency ,
Moratorium ,
New Legislation ,
Relief Measures ,
Shareholder Rights ,
Small and Medium-Sized Enterprises (SMEs) ,
Small Business ,
Trading Suspension ,
UK ,
UK Insolvency Act
As the coronavirus/COVID-19 crisis deepens, U.K. businesses are facing significant challenges. Many companies are having to react to mandatory operating restrictions, dramatic drops in demand, strained liquidity and...more
The U.K. government is proposing to reintroduce preferential status to certain taxes in U.K. insolvencies beginning 6 April 2020. If enacted:
- certain taxes owed to HM Revenue & Customs (HMRC) would rank ahead of floating...more
6/6/2019
/ Asset-Backed Loans (ABLs) ,
Creditors ,
Crown Preference ,
Debtors ,
HMRC ,
Insolvency ,
Lenders ,
Preferred Treatment ,
Proposed Legislation ,
Tax Debt ,
UK
As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more
Europe's latest legislative response to the recent financial crisis — the Bank Recovery and Resolution Directive (BRRD) — is intended to establish a minimum common toolbox for regulators in each member state to address bank...more
A scheme of arrangement is a tool of English corporate law that has been used in M&A and restructurings for decades. A company implementing a scheme has complete freedom to choose with which groups of shareholders and...more
The statutory gateway to an insolvency process under U.K. law hinges on the definition of insolvency in the Insolvency Act 1986 (IA 1986). However, a 2013 decision by the Supreme Court of the United Kingdom has created...more