Zone of Insolvency

Zone of Insolvency

Category Archives: Europe

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2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US

This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group).

COVID-19 continues to present a variety of unique challenges for insolvency regulators and lawmakers worldwide. In March 2020, closing borders and widespread uncertainty underscored a crisis, prompting authorities around the world to devise and rapidly roll out measures designed to shield businesses, financial institutions and individuals against … Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q3 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.

In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia.

Also, we are pleased to announce the appointment of our partner, Scott Atkins, to the role of President of INSOL International.

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Scott Atkins appointed President of INSOL International

Posted in Australia, Canada, Europe, Latin America, Singapore, UK

INSOL International is delighted to announce that Norton Rose Fulbright’s Scott Atkins has been appointed INSOL President, succeeding Julie Hertzberg.

An INSOL Fellow, having been part of the inaugural class in 2008, Scott has been heavily involved with INSOL for almost 15 years, and a Board member since 2014. Scott was a driving force behind INSOL’s Taskforce 2021 and its initiatives which included the establishment of a physical presence in the Asia Pacific region; the launch of an on-line qualification; and the development of a forum for legislators and regulators to consider restructuring and insolvency matters.

Read more on Scott Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q2 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

This issue of the International Restructuring Newswire surveys recent developments in no fewer than five countries.

In the United States, on the 15th anniversary of the enactment of the Model Law on Cross-Border Insolvency as Chapter 15, we present our annual survey of new case law in the US. These decisions have far-reaching influence in the more than 50 countries that have enacted the Model Law.

In Canada, we look at developments in the use of a corporate “arrangement ” as an alternative to the CCAA insolvency regime.

Recent developments in new restructuring laws are examined in … Continue Reading

Litigation trends survey

Posted in Australia, Canada, Europe, Singapore, UK, US

16th Annual Litigation Trends Survey ReportFieldwork for Norton Rose Fulbright’s sixteenth annual litigation trends survey was conducted in December 2020, providing up-to-date insights on key US disputes trends across a tumultuous year and a look ahead into 2021.

View our sixteenth annual litigation trends survey here for insights from 183 corporate counsel on disputes trends, the impact of COVID-19 on litigation, emerging dispute sources, and more.… Continue Reading

Scheme update: fees, class composition and forum shopping in Re Codere Finance

Posted in Europe, Latin America, UK

Introduction

Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees and benefits were not so material as to fracture the single voting class of noteholders. Re Codere Finance 2 (UK) Limited) [2020] EWHC 2441 (Ch) and [2020] EWHC 2683 (Ch).

The court also considered Codere’s incorporation of a new English subsidiary and the assumption by … Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q4 2020 issue of International Restructuring Newswire

Posted in Canada, Europe, UK, US

Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.
International Restructuring Newswire - Norton Rose Fulbright
Our team has published five articles examining new developments and a number of the tools available for financial restructurings in the United Kingdom, Germany, the Netherlands and Canada.

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UK Update: Foreign solvent proceedings not recognised in England under the UNCITRAL model law (as enacted)

Posted in Europe, UK

Introduction

In Carter v Bailey and Hutchinson (as foreign representatives of Sturgeon Central Asia Balanced Fund Ltd) [2020] EWHC 123 (Ch), the English High Court found that a foreign solvent liquidation could not be recognised under the Cross-Border Insolvency Regulations 2006 (CBIR) (which enacted the UNCITRAL Model Law on Cross-Border Insolvency in Great Britain). Accordingly, the court terminated the recognition order granted previously.

Key points to note

  • It was held to be contrary to the purpose and object of the UNCITRAL Model Law to interpret “foreign proceedings” as including solvent debtors and proceedings directed to producing returns for members instead
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Claims against IPs: the rising tide

Posted in Europe

The role of an IP has always been challenging – taking control of a company in crisis, making swift decisions based on limited information and balancing the competing interests of stakeholders; all of this requires sound judgment, often under extreme pressure. It is no surprise that, when things go wrong (or perhaps more accurately when parties feel they have lost out), the IP can become the focus of blame, and their insurance policy an attractive target for ‘last resort’ litigation.

The traditional situation in which an IP finds themself the target of litigation is one where lenders have enforced personal … Continue Reading

Cambridge Gas resuscitated — Farewell Rubin and Singularis?

Posted in Europe

Cambridge Gas Resuscitated – Farewell Rubin and Singularis?
On September 19, 2018 UNCITRAL published the final text of its new Model Law on Recognition and Enforcement of Insolvency-Related Judgments.
The working group considered the arrested development of the concept of modified universalism following the UK Supreme Court (“UKSC”) judgments in Rubin v Eurofinance SA [2013] 1 AC 236 which overturned a previous decision of the Judicial Committee of the Privy Council (“JCPC”) in Cambridge Gas v Navigator Holdings on appeal from the Isle of Man.… Continue Reading

“No Deal Brexit” and cross-border insolvency cases in the EU

Posted in Europe

On 13 September 2018 the UK Government published a briefing on the likely response post exit of the UK to cases which currently fall within the Recast EU Insolvency Regulation (2105/848) (“Regulation”)

The full text of its proposal for insolvency cases is as follows:

Cross-border insolvency cooperation

The majority of the Insolvency Regulation, which covers the jurisdictional rules, applicable law and recognition of cross-border insolvency proceedings, would be repealed in all parts of the UK. We would retain the EU rules that provide for the UK courts to have jurisdiction where a company or individual is based in the UK, … Continue Reading