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When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?
11 September 2020
A US appeals court has prevented a Lehman Brothers unit from recovering payments distributed to noteholders after the bank’s collapse, finding that potential ipso facto clauses would not invalidate a safe harbour provision under the US Bankruptcy Code.
13 August 2020
The Corporate Insolvency and Governance Bill has received Royal Assent and is now law, after the UK parliament approved a slew of changes tabled by its upper house this week.
26 June 2020
An end to super-priority for financial creditors’ accelerated debts, new powers for the Pension Protection Fund, and more time for the government to regulate pre-packs: the Corporate Insolvency and Governance Bill has had the scrutiny of the UK parliament’s upper house, but as before, only the government’s tabled amendments were accepted.
24 June 2020
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