eSQUIRE Global Crossings

Current Global and Cross Border Restructuring Matters

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Antoine Adeline

John Alderton

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Latest from eSQUIRE Global Crossings

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Will director/shareholders always be liable to repay unlawful dividends?

By Jon Chesman on August 9, 2019

When can an insolvency practitioner pursue directors for declaring unlawful dividends? Does an insolvency practitioner need to demonstrate that the directors knew, or ought to have known, that the dividend was paid unlawfully, or is it a strict liability issue? Can director/shareholders rely on professionally prepared accounts to avoid liability?…

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Defining cryptocurrency in Russia: does it form part of the bankruptcy estate?

By Sergey Treshchev on August 1, 2019

We recently published a blog identifying issues which cryptocurrency pose in insolvencies; not least identifying and classifying it, how to take control of it and realising value for the insolvency estate. Given cryptocurrencies are global, the question of how to classify cryptocurrency on insolvency is not limited to just one jurisdiction. We consider a recent Court of Appeal decision and whether that helps clarifies the uncertain legal status of cryptocurrency in Russia.…

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Prepare for a no deal Brexit or prepare to fail? Practical steps for UK businesses

By Rachael Markham on August 1, 2019

Prime Minister Boris Johnson promises that the UK will leave the EU on 31 October with “no ifs or buts”. With three months left until the UK is due to leave the EU, the Prime Minister states that he hopes to negotiate a better deal, but concern remains that the UK will leave the EU with no deal. Are UK businesses prepared for that? The majority are not. The Confederation of British Industry (“CBI”) has…

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Cryptocurrencies: practical considerations in insolvencies

By Charles Draper on July 25, 2019

In a recent report by INSOL International, only 5% of insolvency practitioners (“IPs”) said that they had a “comprehensive or practical/working or understanding” of crypto-currency. So with over 4,000 types of cryptocurrency now available and as payment technology continues to develop, we look at some issues facing IPs, including How to identify cryptocurrency How to categorise it How to take control of it and sell it; and What value does it have…

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Green Finance: is your business ready? Future challenge or opportunity?

By Mark Prior on July 23, 2019

We recently commented on the Government’s Clean Air Strategy raising awareness of the potential impact on a wide range of businesses if they failed to plan ahead to ensure compliance. Hot on the heels of this follows the Government’s Green Finance Strategy, launched on 2 July 2019. This strategy, together with the Clean Air Strategy and other policies whose objective is to take the UK towards carbon neutral targets by 2050, may present significant challenges…

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The Government fails to listen to lenders as it presses on with reforms which may stifle UK enterprise

By Rachael Markham & John Alderton on July 18, 2019

We reported last week that the Government intends to proceed with its proposal to reinstate HMRC as a preferential creditor on insolvency, which could spell disaster for UK businesses, lenders and the UK economy. The Government has failed to listen to lenders and others who responded to the Government’s consultation about the impact of its proposed changes to HMRC’s status as a creditor in insolvencies. Squire Patton Boggs hosted a roundtable discussion in May…

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Draft Finance Bill published: HMRC preferential status on insolvency confirmed

By Rachael Markham & John Alderton on July 11, 2019

Today the Government published draft provisions for inclusion in the Finance Bill which will amend the Insolvency Act 1986 and grant HMRC preferential status on insolvency. A status that was removed in 2003 but which will be re-instated (in part) from 6 April 2020. Despite huge concern from the lending market, voiced in responses to the Government’s consultation on this measure, the only material change we can see is confirmation that preferential status will not apply…

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Dubai Makes Moves Toward International Best Practices with New Insolvency Law

By Tomas Cerdan, Mark Salzberg & Maura McIntyre on July 9, 2019

On May 30, 2019, Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, signed DIFC Insolvency Law, Law No. 1 of 2019 (the “New Insolvency Law”) into law, thereby repealing and replacing DIFC Law No. 3 of 2009. The New Insolvency Law, and supporting regulations (the “Regulations”), became effective on June 13, 2019, and govern companies operating in the Dubai International Financial Centre (the “DIFC”). A full analysis of the New Insolvency Law is beyond the scope…

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Clean Air: is your business ready?

By Mark Prior on July 2, 2019

There in an increasing focus on emissions and pollution through various regulations and initiatives. You may have seen coverage of, or taken part in activities for “Clean Air Day” on 20 June 2019, a campaign to grow awareness about air pollution. Clean Air legislation has of course been around for a number of decades, with statutory provision initially aimed at issues like smog, burning of fossil fuels, and dark smoke. The Government set out its…

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It Should Be Settled Law – Unsecured Attorney’s Fees Claims Are Permissible

By Jeffrey N. Rothleder on June 28, 2019

In Travelers Cas. & Sur. Co. of Am. v. PG&E, 549 U.S. 443 (2007), the Supreme Court held that bankruptcy law does not disallow a post-petition unsecured claim for attorney’s fees to the extent such claim is authorized by a pre-petition contract and not otherwise expressly disallowed. That pronouncement should have stopped all future litigation over the issue. That has not been the case. Recently, the Fourth Circuit confronted this very issue in SummitBridge Nat’l Invs. …

eSQUIRE Global Crossings

Current Global and Cross Border Restructuring Matters

Blog Authors

Will director/shareholders always be liable to repay unlawful dividends?

Defining cryptocurrency in Russia: does it form part of the bankruptcy estate?

Prepare for a no deal Brexit or prepare to fail? Practical steps for UK businesses

Cryptocurrencies: practical considerations in insolvencies

Green Finance: is your business ready? Future challenge or opportunity?

The Government fails to listen to lenders as it presses on with reforms which may stifle UK enterprise

Draft Finance Bill published: HMRC preferential status on insolvency confirmed

Dubai Makes Moves Toward International Best Practices with New Insolvency Law

Clean Air: is your business ready?

It Should Be Settled Law – Unsecured Attorney’s Fees Claims Are Permissible

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