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
On Monday, Zacaroli J handed down his eagerly anticipated judgment in Lazari Properties (2) Limited (and others) v New Look Retailers Limited (and others). The New Look landlords challenged the New Look CVA and raised a number of arguments which some believed could be the end of CVAs as we know them. In particular, the … Continue Reading
On April 19, 2021, the United States Bankruptcy Court for the Eastern District of Virginia granted a motion (the “Seal Motion”) filed by the Intelsat S.A. debtors (the “Debtors”) to seal the hearing on the Debtors’ motion to extend exclusivity and motion to compel plan mediation. Although bankruptcy courts routinely grant motions to seal content … Continue Reading
With the UK taking positive steps towards re-opening the economy, businesses will start to see the true impact that lockdown restrictions (and the lifting of those restrictions) have on supply and demand. The UK government has continued to support UK businesses including, most recently, extending the prohibition on winding up petitions and the forfeiture moratorium, … Continue Reading
With fairly swift measure the UK House of Commons approved the ‘pre-pack regulations’ confirming that, with effect from 30 April 2021, before a pre-pack sale can complete creditor approval or an independent written report from an evaluator will be required. The detail about, the now mandatory referral process, can be found in our previous blogs. … Continue Reading
The Government has issued a consultation paper regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We have previously summarised the proposals impacting the purpose and scope of an audit. This post will focus upon the matters affecting … Continue Reading
For the past year, many Australian businesses, ranging from very significant publicly listed corporations, to much smaller family businesses, have benefited from public and private relief measures intended to soften the impact of COVID-19. Although those measures were introduced as a direct result of pandemic-related concerns, the economic reality in many sectors was already uncertain … Continue Reading
HMRC expect all UK taxpayers to pay the tax they owe, in full and on time, whenever they are able to do so. However, in circumstances where a taxpayer is unable to meet its liability, HMRC are able to exercise a discretion to allow the taxpayer to pay tax after the due date, over an … Continue Reading
It is perhaps not unsurprising that the prohibition on landlords taking forfeiture action will be extended until 30 June 2021 given that the UK government has extended other support measures for UK businesses (such as the furlough scheme) and is keen to avoid the cliff edge of insolvencies that many fear could happen should support … Continue Reading
In the final part of our predictions for 2021 for the UK insolvency market we look at pensions, the National Security and Investment Bill and cross border matters. The first and second part of this series of blogs is available here (part 1) and here (part 2).… Continue Reading
Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies. We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will publish the final part of this series next week.… Continue Reading
Increasing pressures placed on those operating in the retail and hospitality sectors as a result of COVID-19, means there is likely to be an increasing use of CVAs in these sectors. The intention would be to help support and restructure businesses in distress, but could retailers use a CVA as a mechanism to re-write the … 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 Japan. Click here to see our updated guide.… Continue Reading
Following the UK Prime Minister’s announcement on Saturday night that England will enter a second national lockdown on Thursday 5 November, HM Treasury has confirmed that the Coronavirus Job Retention Scheme (CJRS) that was due to close at the end of October will be extended for a month (for now!). The introduction of the Job … Continue Reading
While much of the focus of the insolvency and restructuring world has (rightly and understandably) been on the fundamental changes introduced under the Corporate Insolvency and Governance Act 2020, it is worth remembering that there have been major tax changes too. The Finance Act 2020 introduced new rules making directors, shadow directors and certain … Continue Reading
The UK Government is implementing further measures to protect commercial tenants from rent collection until the end of the calendar year. This is the latest in a number of extensions to the provisions of the Coronavirus Act 2020 that have been enacted to help businesses navigate the effects of the COVID-19 pandemic. The new measures … 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. We have updated our guide to introduce a traffic light system to show the current status of these measures and to include further changes to … 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. We have updated our guide to introduce a traffic light system to show the current status of these measures and to include further changes to … Continue Reading
Following our webinar discussing the impact of the Corporate Insolvency and Governance Act 2020 for corporates, we have prepared a question and answer sheet addressing questions raised including: Does ipso facto apply to just UK contracts? Can a supplier still exercise set off rights if its customer enters into a moratorium? What should a supplier … 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. We have updated our guide to include further changes to insolvency laws in Italy and Japan. Click here … Continue Reading
We have updated our European & Middle Eastern Government Financial Support guide, which sets out what financial support businesses in different jurisdictions could access to help manage financial distress caused by Covid-19. We have updated this with new details for: France Czech Republic Italy Slovakia To access the updated guide – click here … 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. We have updated our guide to include further changes to insolvency laws in the UK, Poland and Italy. … Continue Reading
By Emily Davis and Simran Basran on Posted in Cross Border
We have updated our European & Middle Eastern Government Financial Support guide, which sets out what financial support businesses in different jurisdictions could access to help manage financial distress caused by Covid-19. We have updated this with new details for the Czech Republic, France, Italy, Germany, UK and EU. To access the updated guide – … Continue Reading
The UK Government have announced the implementation of the Trade Credit Reinsurance Scheme (TCRS), which will provide guarantees of up to £10 billion to Trade Credit Insurers in respect of business-to-business transactions. Trade Credit Insurance in the UK underwrites an estimated £350 billion of trading for more than 630,000 businesses each year. It insures suppliers … Continue Reading
