Ipso facto

A balancing Act: the UK’s new corporate insolvency and governance law

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

Second Circuit blocks US$1 billion Lehman clawback under safe harbour rules

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 UK’s Corporate Insolvency and Governance Bill is law

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

UK Bill leaves upper house with new powers for pensions and financial creditors’ priority scaled back

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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