Moratorium

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

Congolese bank wins summary judgment against Travelex in England

The Democratic Republic of Congo’s largest bank has obtained a US$60 million summary judgment against struggling foreign exchange company Travelex in England, following a breach of contract over a supply of bank notes.

25 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

Singapore court extends KrisEnergy’s moratorium as Cayman winding up action allowed

A Singapore court has extended Cayman oil company KrisEnergy’s worldwide restructuring moratorium until late August, just a week after a Cayman court allowed a creditor to commence a local winding-up petition against its subsidiary.

23 June 2020

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