As discussed in our prior blog entitled “New York’s Sovereign Debt Restructuring Proposals,”[1] three bills were introduced in the New York state legislature to overhaul the way sovereign debt restructurings are handled in New York. Those bills sought to implement a comprehensive mechanism for restructuring sovereign debt, limit recovery on certain sovereign debt claims, and … Continue Reading
In our latest insight we look back at the key restructuring cases and events from last year in the United States, Asia-Pacific, and Australia and consider the outlook in 2024 for restructuring transactions as a whole. This insight provides an overview of the US banking crisis involving Silicon Valley Bank and Signature Bank, the … Continue Reading
On 23 January 2024, the Court of Appeal handed down its much anticipated judgment[1] on the appeal of the Adler restructuring plan pursuant to Part 26A of the Companies Act 2006 (“RP”), which was sanctioned by the High Court on 12 April 2023[2], with judgment setting out the reasoning for that decision handed down on … Continue Reading
Our recent insight provides a comparative summary of the insolvency procedures that are available in the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), England and Wales, and the US. It compares which debtor-in-possession, office-holder and terminal procedures are available in each of those jurisdictions, as well as considering the extent to which the … Continue Reading
On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore. As we discussed earlier this year, on December 2, 2022, the bankruptcy court presiding over 3AC’s chapter 15 proceeding pending in … Continue Reading
The requirement for overseas entities to register or be registered on the UK Register of Overseas Entities (ROE) at Companies House could impact certain transactions that insolvency practitioners (IPs) and lenders are involved with. Our latest quick guide highlights some of those areas and flags points for IPs and lenders to consider when dealing with … Continue Reading
Join SPB’s global chair of R&I Stephen Lerner and an esteemed panel of experts for an American Bankruptcy Institute (ABI) webinar addressing recent developments impacting formal and informal debt-restructuring procedures in the U.S. and Europe, practical issues for lawyers advising on cross-border debt-restructurings, key legal strategies regarding a cross-border debt-restructuring, and the role of management … Continue Reading
The impact of Russia Sanctions has, as we have seen in the US with the first Chapter 11 filing (see our previous blog) started to have an adverse impact on businesses that have connections with Russia. The impact on supply chains, and the consequences for business remain at the forefront of discussions and in our … Continue Reading
The huge and devastating impact of COVID-19 on people, economies and business was unforeseen, and although (in the UK, at least, with all restrictions now lifted) the pressures created by COVID-19 are hopefully a thing of the past, businesses are seeing new challenges impacting recovery, trade and growth. It is saddening to watch the developments … Continue Reading
A restructuring plan may well be a very effective way of restructuring a foreign company. It has several advantages over a scheme of arrangement and with a relatively low entry threshold, the English court has already sanctioned at least one plan for a foreign company in the relatively short time that it has been available. … Continue Reading
Our most recently updated guide includes updates for the UK, France, Italy, Germany, Czech Republic and Slovakia. In brief, the updates include: UK Updates to the Coronavirus Job Retention Scheme (CJRS) including that claims for furlough days in August 2021 must be made by 14 September 2021. Updates to temporary extension to carry back of … Continue Reading
Both Spain and Italy have introduced recent changes to their insolvency laws. The changes are covered in our global guide and cover: Spain The obligation for a debtor to file for bankruptcy within two months of becoming insolvent is suspended until December 31 2021. Updates to the Modification of the Creditor’s agreement measures. Postponement of … Continue Reading
Our most recently updated guide includes updates for the UK, UAE, Germany, the Czech Republic, Italy. In brief, the updates include: UK Updates to the Coronavirus Job Retention Scheme (CJRS), Statutory Sick Pay (SPP) and VAT deferral scheme. United Arab Emirates An extension to the TESS scheme Germany Updates on Bridging Aid available to small … Continue Reading
Our most recently updated guide includes updates for Germany, the Kingdom of Saudia Arabia and Prague, notably: Germany Based on the “Guideline for Federal Funding of Production Plants for Borosilicate Tubular Glass and Glass Vials for Use in Vaccine Production”, the BMWi is funding important products for vaccine supply in Germany. Kingdom of Saudi Arabia … Continue Reading
The most notable changes to our updated guide this week are those impacting Germany where: The suspension of the obligation to file for bankruptcy has expired. A new preventive restructuring framework for enterprises has been introduced (implementation of the European Directive on the Preventive Restructuring Framework). The suspension of the obligation to file for insolvency … Continue Reading
The most notable changes to our updated guide this week are those impacting Japan where the period of the expanded Employment Adjustment Subsidy has not been extended beyond April 30 2021 and Germany, where the Suspension of the Obligation to File for Bankruptcy expires on 30 April 2021. All other jurisdictions remain largely the same. … Continue Reading
Our most recently updated guide includes updates for the Czech Republic, France, UK, Italy, Germany, the Slovak Republic and the UAE, notably: Czech Republic There have been updates to: The deadline for submitting applications for the COVID-lease programme has now expired. A new COVID-2021 programme has been introduced. A new COVID Uncovered Costs programme has … Continue Reading
The most notable changes to our updated guide this week are those impacting Japan where the period of the expanded Employment Adjustment Subsidy will be extended until April 30 2021. All other jurisdictions remain largely the same. Please click here to see our updated guide.… Continue Reading
Our most recently updated guide includes updates for the UK, Italy, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Grants under the Self-Employment Income Support Scheme (SEISS) have been extended. An increase to the Value Added Tax (VAT) for hospitality, holiday accommodation and attractions. The full relief available … Continue Reading
The most notable changes to our updated guide this week are those impacting Japan where: There has been no further extension to the subsidy program for businesses facing severe conditions There has been no further extension to the national rent subsidy program; but The period of the expanded Employment Adjustment Subsidy will be extended; and … Continue Reading
Our most recently updated guide includes updates for the UK, EU, France, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Claims for certain grants under the Self-Employment Income Support Scheme (SEISS) have now closed but there has been an update regarding when details for the next grant will … Continue Reading
Our latest updated guide setting out the financial support measures available to businesses across Europe and the Middle East is now available here. This updated guide includes changes from: UK; Czech Republic; France; Germany; and Saudi Arabia.… Continue Reading
Our guide sets out how different jurisdictions are changing their Insolvency Laws to help alleviate additional pressures placed on businesses as a consequence of cash flow pressures caused by COVID-19. This week’s updates include changes in Germany and Japan. Click here to see our updated guide.… Continue Reading
Our latest updated guide setting out the financial support measures available to businesses across Europe and the Middle East is now available here. This updated guide includes changes from: UK; Czech Republic; France; Germany; and Italy.… Continue Reading
