In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs....more
Investors in LMA-based intercreditor agreements (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions)....more
Key Points -
- The UK Supreme Court has affirmed directors' duty to consider creditors' interests.
- The timing for the duty to be engaged is pushed back to when a company is bordering on insolvency.
- Once the...more
On Thursday, 22 September 2022, the UK Financial Conduct Authority (FCA) held a webinar and Q&A session aimed at clarifying the FCA's expectations of office holders, lawyers and consultants navigating insolvencies and...more
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...more
Key Points -
- The use by Malaysia Airlines' subsidiary, MAB Leasing Ltd. (incorporated in Malaysia) ("MABL"), in 2021, of an English Scheme of Arrangement (a "Scheme") to compromise its aircraft lease obligations proved...more