Under new regulations to be made under section 3 of the Small Business, Enterprise and Employment Act 2015 (the Payment Reporting Regulations), large UK companies will be required on a half-yearly basis to prepare and publish a report on their payment
Global Restructuring Watch
Providing updates and commentary on global restructuring and bankruptcy law
Global Restructuring Watch, published by Reed Smith LLP, focuses on legal issues related to corporate restructuring, insolvency, and bankruptcy across multiple jurisdictions. The blog covers topics such as mass redundancies following insolvency, airline insolvency protections, bankruptcy proceedings involving environmental agencies, and the impact of economic disruptions like the COVID-19 pandemic on various industries. It also addresses legal compliance in restructuring scenarios, employee consultation obligations, and government policy responses affecting distressed companies. The content is aimed at providing insights into the legal and regulatory challenges faced by companies undergoing financial distress and restructuring processes globally.
Latest from Global Restructuring Watch - Page 3
What is half of nothing? Wrongful trading developments in the ‘Robin Hood’ case
Case law on wrongful trading has developed significantly over the past two years, with the cases of Ralls Builders and Brooks increasing judicial consideration of the conduct of directors in the period preceding an insolvency.
The judgment of the appeal…
Amendment of Core Payment Terms Only: Second Circuit Court of Appeals reverses the Marblegate challenge to Section 316(b) of Trust Indenture Act 1939
Restructuring lawyers and distressed companies alike were granted welcome relief by the US Second Circuit Court of Appeals when it overturned the decision of the District Court in the case of Marblegate Asset Management, LLC v Education Management Finance Corp.…
Watershed Ruling in U.S. Rejects OW Bunker’s Maritime Lien Claims
By Andrea Pincus & Jane Sarma
In a watershed decision concerning the scope of maritime liens under the U.S. Commercial Instruments and Maritime Lien Act (“CIMLA”), the District Court for the Southern District of New York recently held that OW Bunker entities did not have valid…
Au revoir bailiff notifications for the assignment of receivables
Starting on October 1st , 2016 the French law on receivable acquisition has changed to become simpler. Before, a formal bailiff’s notification was required in order to render a receivable acquisition enforceable towards the debtor of such receivable.
Now a…
Default interest gets washed out of the waterfall
The degree to which certain elements of a recovery right under a contract, including a debt instrument, are assignable or transferable to a third party has been questionable under English law for some time. “Litigation rights” are one example. Many…
Reed Smith Prepares Enforceability Opinion for IECA New Master Netting Agreement
On October 7, 2016, Reed Smith assisted the International Energy Credit Association (“IECA”) in preparing an enforceability opinion for the release its Master Netting Agreement (the “MNA”) under both English and U.S. law.1 The MNA is billed as a state-of-the-art solution designed to…
Court of Appeal considers the treatment of contingent assets in balance sheet test
Evans v Jones [2016] EWCA Civ 660
Executive Summary
The Court of Appeal recently considered an appeal from the liquidators of a property development company which went into creditors’ voluntary liquidation. The company had made an unlawful dividend to its…
UAE Bankruptcy law
By Nika Silva & Sabah Rahman
Currently in the UAE, laws related to insolvency are unclear. Companies face harsh penalties in a bankruptcy scenario, and individuals can face criminal sanctions and penal sentences. However, a new bankruptcy law drawing from international best practice is expected to…
A lifeboat with conditions: new guidance from the PPF
The Pension Protection Fund (“PPF”) has updated its approach to employer restructuring guidance and its general guidance for restructuring and insolvency professionals. These documents set out certain criteria that should be met when making proposals to the PPF in respect…