The uncertainty surrounding the COVID-19 pandemic has rocked the global economy, and companies of all types and sizes are feeling the impacts. In recent weeks, certain high-profile retailers filed for Chapter 11 bankruptcy protection. Some airlines are expected to enter
Global Restructuring Watch
Providing updates and commentary on global restructuring and bankruptcy law
Latest from Global Restructuring Watch
Weathering the Storm: The Impact of COVID-19 on the Hospitality Industry and the Path Forward
As the COVID-19 pandemic continues, the hospitality industry is being hit particularly hard. Reservations and travel are down, while cancellations are up. The hotel sector in particular is facing momentous challenges, which is having a significant impact on the economy…
Focusing on the Three C’s in the Face of COVID-19
As the COVID-19 pandemic continues to unfold across the country, voluntary self-isolation efforts and a proliferation of state and local “shelter-in-place” orders have brought business activity to a screeching halt. As business leaders work feverishly to consider the options available…
Collective redundancies following insolvency – back in the spotlight
Following the insolvency of Monarch Airlines Limited (in administration) (Monarch), a large number of employees of Monarch were made redundant. An employment tribunal has recently found of favour of a claimant who brought a claim against Monarch for its failure…
Airline Insolvency Overhaul: a summary of the final report of the Airline Insolvency Review
On 9 May 2019 the Airline Insolvency Review (the AIR), chaired by Peter Bucks, published its Final Report on passenger protections in the context of airline insolvencies, having been commissioned by the Chancellor of the Exchequer in November 2017…
Clarity on Cross-Border Conundrum
It is well established that the type of recognition granted by the recognising court under the UNCITRAL Model Law will depend on whether the originating proceedings are ‘foreign main’ or ‘foreign non-main’ proceedings, which in turn hinges on the centre…
Different rights require different classes – schemes of arrangement
Re Stronghold Insurance Company Limited [2018] EWHC 2909 (Ch)
Mr Justice Hildyard, who continues to amass expertise on schemes of arrangements, recently ruled against convening a single meeting of creditors on a scheme of arrangement proposed by Stronghold Insurance Company…
A Shift in Focus: Rescuing Viable Companies
Following consultations on insolvency and corporate governance in 2017 and 2018, the Government recently published its response setting out some notable proposed changes to the existing insolvency and corporate governance legislation. Following the high profile failures of Carillion and BHS,…
Will diplomatic immunity win – game, set and match?
Former world number one and three-time Wimbledon champion Boris Becker, who was declared bankrupt by an order dated 21 June 2017, is claiming diplomatic immunity against ongoing bankruptcy proceedings in the High Court. Mr Becker claims his role as sports…
What do House of Fraser, Byron Burger, Carluccios, Mothercare, Prezzo and Carpetright have in common?
These are just a few of the big high street names which have sought to compromise their obligations to creditors in recent months via a company voluntary arrangement (CVA).
CVAs are designed as a flexible method by which companies can…