By Jack Mead on Posted in Financial institutions, funds and creditor representation,UKIn the second of this two-part post, we continue our overview of claiming in a debtor’s insolvency. In particular we look at contingent debts, interest on debts, and debts in foreign currencies. For obvious reasons, the element of uncertainty in the value or even the existence of a contingent debt conflicts with the insolvency practitioner’s… Continue Reading
By Jack Mead on Posted in Financial institutions, funds and creditor representation,UKUnder English insolvency law, creditors “prove” for their debts against an insolvent debtor’s assets. They do this by submitting a ‘proof of debt’ form. Generally, submitting a proof of debt is necessary to allow the creditor to both receive a distribution from the assets (i.e. to get its money back) and to allow it to… Continue Reading
By Helen Coverdale on Posted in Financial Restructuring & Insolvency,UK,UncategorizedThe English High Court has considered whether the new restructuring plan under Part 26A of the Companies Act 2006 (CA 2006) can release claims against third party guarantors. This decision has important implications for guarantors and creditors holding third party security in a restructuring scenario. What was the background? The case had its origins in… Continue Reading
By Scott Atkins (AU), Noel McCoy (AU) and Lee Pascoe (AU) on Posted in Australia,Financial Restructuring & Insolvency,Global,UKThis special edition of the South Square Digest features collaborative articles with members of INSOL International, with a particular emphasis on transaction avoidance. Read the latest insights from Scott Atkins, Partner and President of INSOL International; Noel McCoy, Partner and member of INSOL International; and Lee Pascoe, Special Counsel and member of INSOL International. Evidence gathering… Continue Reading
By NRF Digital Team on Posted in Canada,Europe,Financial Restructuring & Insolvency,Global,UK,USOur global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire. Our new issue features articles from Canada, Germany, the Netherlands, South Africa, the US and the UK to help you stay current on recent developments in restructurings in various jurisdictions around the globe. Steinhoff restructuring: The Dutch suspension of payments as an… Continue Reading
By Scott Atkins (AU) on Posted in Australia,Financial Restructuring & Insolvency,Global,Singapore,UK,USJurisdictions across the world have been seeking to simplify their domestic insolvency processes and create flexible restructuring alternatives to enable viable entities experiencing financial distress to have better prospects of recovery. In an article co-authored by Scott Atkins and Debra Grassgreen and published in the Global Restructuring Review, the authors discuss the potential uses of mediation… Continue Reading
By Scott Atkins (AU) on Posted in Australia,Canada,Europe,Latin America,Singapore,UK,USThis article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group). COVID-19 continues to… Continue Reading
By Howard Seife (US) on Posted in Australia,Canada,Europe,Latin America,UK,USOur global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire. In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia. Also, we are pleased to announce the appointment of… Continue Reading
By Howard Seife (US) on Posted in Australia,Canada,Europe,Latin America,UK,USThis issue of the International Restructuring Newswire surveys recent developments in no fewer than five countries. In the United States, on the 15th anniversary of the enactment of the Model Law on Cross-Border Insolvency as Chapter 15, we present our annual survey of new case law in the US. These decisions have far-reaching influence in the… Continue Reading
By NRF Digital Team on Posted in Australia,Canada,Europe,Singapore,UK,USFieldwork for Norton Rose Fulbright’s sixteenth annual litigation trends survey was conducted in December 2020, providing up-to-date insights on key US disputes trends across a tumultuous year and a look ahead into 2021. View our sixteenth annual litigation trends survey here for insights from 183 corporate counsel on disputes trends, the impact of COVID-19 on… Continue Reading
By Matthew Thorn (UK) on Posted in Europe,Latin America,UKIntroduction Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees… Continue Reading
By NRF Digital Team on Posted in Canada,Europe,UK,USOur global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.… Continue Reading
By Natasha Toholka (AU) and Deborah Tsai on Posted in Australia,Singapore,UKDue to COVID-19, several countries have passed (or propose to pass) coronavirus-relief legislation for business directors in financial distress.… Continue Reading
By Matthew Thorn (UK) and Joseph McHale (UK) on Posted in Europe,UKIntroduction In Carter v Bailey and Hutchinson (as foreign representatives of Sturgeon Central Asia Balanced Fund Ltd) [2020] EWHC 123 (Ch), the English High Court found that a foreign solvent liquidation could not be recognised under the Cross-Border Insolvency Regulations 2006 (CBIR) (which enacted the UNCITRAL Model Law on Cross-Border Insolvency in Great Britain). Accordingly,… Continue Reading
