As we reported in a previous blog the German legislator in November 2022 introduced the Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the Crisis (SanInsKG). This addressed the difficulty of companies
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Current Global and Cross Border Restructuring Matters
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Restructuring Plans given a Shake-up after the Adler Plan is Overturned (UK)
The Court of Appeal has, today, overturned the High Court’s decision to sanction the Part 26A restructuring plan put forward by the Adler Group (the “Plan”).
Following the Plan’s sanction by Judge Leech in the High Court in April 2023,…
Czech Republic’s New Act on Preventive Restructuring: Game-Changer in Creditor-Debtor Relationships
On 23 September 2023, the new Act on Preventive Restructuring (284/2003 Coll.) entered into effect in the Czech Republic (the “Czech Preventive Restructuring Act”), incorporating the EU Directive 2019/1023 on preventive restructuring frameworks in the Czech legal environment. This legislation…
Part 26A Restructuring Plans – Sanction Hearing Timetabling Considerations
The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have applied for a restructuring plan under Part 26A of…
What Can We Expect in 2024 in UK Restructuring?
There are a few things that we can be almost certain of in 2024, and others are things to add to the watchlist, but with a potential change in government on the cards, there are likely to be a few…
Administration Extensions: Key Considerations for UK Practitioners
In Lehman Brothers (PTG) Ltd (In Administration), the court considered whether to grant an order extending the administration of Lehman Brothers (PTG) Ltd (the “Company”) for a further two years and in doing so, provided some useful observations about when…
Prepared Liquidation – Pre-Pack Sales Under Polish Bankruptcy Law
Amid the current market uncertainties, distressed asset sales are likely to rise. International investors are looking for efficient solutions, preferably ones that reflect solutions in their home jurisdictions. One popular mechanism is the use of pre-pack sales. A pre-pack sale…
(UK) Director Administration Appointments: Does the Company Really Need a Moratorium?
With increased public awareness that a notice of intention to appoint administrators (NOI) has been filed, we are finding that third parties – usually the company’s creditors, suppliers and employees – are disrupting the administration process in a way that…
(US) Delaware Bankruptcy Court Strikes Down Global Rockport Settlement
A consensual resolution among all stakeholders is an important goal of any bankruptcy proceeding. But how can parties reach a consensual deal if financing is drying up quickly and the prospect of confirming a plan is grim? That was the…
(US) Who Owns the Crypto: Bankruptcy Court Rules That Customers Do Not Own The Deposited Crypto
Who owns cryptocurrency held by a cryptocurrency exchange? Do the cryptocurrency assets belong to the customers who deposited the crypto with the exchange, or do the cryptocurrency assets belong to the exchange itself? The answer to this question will have…