Moratorium

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

Chinese-owned Hontop Energy placed under judicial management

A Singapore court has placed Hontop Energy, the trading arm of a Chinese independent oil refiner, under full judicial management supervised by RSM Advisory, following allegations of “suspicious transactions” from its biggest lender.

11 September 2020

Can legal liberalisation rescue businesses from covid-19 catastrophe?

Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?

07 September 2020

Foreign pension investors’ claims to be heard in German group insolvency

An administrator from German law firm GÖRG will oversee the insolvencies of more than 100 entities in a group that invited pensioners from the UK, Ireland and Asia to finance the conversion of historic buildings.

03 August 2020

Singapore omnibus legislation set to come into force

Local practitioners have welcomed Singapore’s “elegant and comprehensive” new Insolvency, Restructuring and Dissolution Act and its 48 pieces of subsidiary legislation, which are set to come into force on 30 July.

24 July 2020

SGX listing is “substantial connection” for Indonesian group's Singapore moratorium

A foreign company with securities listed on the Singapore Stock Exchange has a “substantial connection” to Singapore and can apply for a moratorium extension under the new Companies Act, a court has ruled for the first time.

23 July 2020

Canadian oil servicer Calfrac secures emergency stays in Texas and Alberta

A Canadian oilfield services provider that operates in Russia and Argentina has secured an emergency Chapter 15 injunction in Texas, as well as a stay on creditor proceedings in Alberta.

15 July 2020

UK introduces new Insolvency Practice Direction

The UK has a new Insolvency Practice Direction and an amended Insolvency Proceedings Practice Direction, updated to reflect the new Corporate Insolvency and Governance Act.

07 July 2020

McDermott exits Chapter 11 after “complicated” sale of subsidiary

Global oil and gas engineering powerhouse McDermott International has emerged from bankruptcy after the sale of its technology licensing subsidiary allowed it to pay off a US$2.81 billion debtor-in-possession finance package.

06 July 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

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