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09 June 2020
Governance: Changes to UK insolvency law could significantly reduce landlords’ recoveries in an insolvency process (UK)
Update ; The Corporate Insolvency and Governance Act 2020 commenced into effect on 26 June 2020. While the final provisions of the Act largely reflected the drafting of the original Bill, certain amendments were made including to: (i) improve the information available to certain pensions creditors...
09 June 2020
Governance: Corporate Insolvency and Governance Bill: impact on supply chains and their customers (UK)
Update ; The Corporate Insolvency and Governance Act 2020 commenced into effect on 26 June 2020. While the final provisions of the Act largely reflected the drafting of the original Bill, certain amendments were made including to: (i) improve the information available to certain pensions creditors...
09 June 2020
Governance: Changes to UK insolvency law could impact secured and unsecured bank debt (UK)
Update ; The Corporate Insolvency and Governance Act 2020 commenced into effect on 26 June 2020. While the final provisions of the Act largely reflected the drafting of the original Bill, certain amendments were made including to: (i) improve the information available to certain pensions creditors...
21 May 2020
COVID-19: Governance: Corporate Insolvency and Governance Bill – major insolvency reforms proposed (UK)
The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive...
18 May 2020
COVID-19: GOVERNANCE: Directors’ Duties in a COVID-19 World (UK)
With a global pandemic causing unprecedented uncertainty for businesses, it has never been more difficult for the directors of UK companies fully to discharge their duties – and the risks when they do not do so have never been higher. Government schemes which seek to protect UK businesses may add...
02 April 2020
COVID-19: PRESSURE POINTS: Right vs obligation to file for insolvency (Spain)
In Spain individuals and entities have an obligation to file for insolvency if they are unable to regularly meet their obligations within two months of the position of insolvency coming to light. Breach of that obligation could lead to civil (and even criminal) liability.
31 March 2020
COVID-19: Governance: Proposed changes to insolvency law in response to the crisis announced by Government (UK)
The Department for Business, Energy and Industrial Strategy (“ BEIS ”) over the weekend announced a number of proposed changes to UK insolvency law in response to the COVID-19 crisis. While the details of these changes are not yet clear – BEIS indicates that it will be introducing legislation to...
31 March 2020
COVID-19: PRESSURE POINTS: IS A TEMPORARY SUSPENSION OF BUSINESS DUE TO COVID-19 AN EVENT OF DEFAULT? (GLOBAL)
In secured lending transactions, it is common to include a trigger whereby an event of default will occur if a borrower “suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business”. This is consistent with the Loan Market Association (LMA)...
26 March 2020
COVID-19: Pressure Points: Business Rescue and Insolvency in the OHADA region (Africa)
A mere few weeks ago, the hypothesis that the COVID-19 virus would not affect the African continent was still being widely propagated. The theory that the virus does not survive in warm weather has since been debunked and the number of African countries that have recorded confirmed cases of...
18 March 2020
COVID-19 People: Short guide for employers (Australia)
The COVID-19 virus is new, rapidly evolving and having a major impact on workplaces. The virus is giving rise to multitude of employment and safety-related questions in a context which has not previously been contemplated, on topics ranging from an employer’s payment obligations and dealing with...
21 November 2019
Liquidator's firm ordered to pay costs of insolvent company's unsuccessful litigation
The High Court has ordered a liquidator's firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation. The court held that the liquidator's firm should not be made liable for all of the defendants' costs,...
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07 September 2020
London International Disputes Week 2020
We are pleased to announce that London International Disputes Week (LIDW) is returning for a second year in September 2020. Herbert Smith Freehills is proud to be associated with this key event, which celebrates London as a global centre for dispute resolution. 7 – 11 September 2020 For more...
03 July 2020
People: Post-lockdown issues for employers (UK)
On 11 May 2020 the UK Government published its roadmap for coming out of lockdown, providing for a (conditional) phased return of schools and businesses over the coming months and subject to continuing social distancing requirements. Most businesses and venues (except for certain close contact...
03 July 2020
Pressure Points: Key actions checklists for trustees and sponsors of DB schemes (UK) - Updated
Current events related to Covid-19 and the related economic impact are raising a number of time critical issues that sponsors and trustees of defined benefit schemes need to address. To help with this, we have created checklists (based on our experience advising clients to date) which summarise the...
03 July 2020
People: Key actions checklists for trustees and employers of DC schemes (UK) - Updated
Current events related to Covid-19 and the related economic impact are raising a number of time critical pensions-related issues that employers with defined contribution (DC) schemes and trustees of such schemes need to address. To help with this, we have created checklists (based on our experience...
02 July 2020
Woolworths spam receives unwelcome attention
The Australian Communications and Media Authority ( ACMA ) reported on the 2 July that Woolworths Group Limited has paid a million-dollar infringement notice and agreed to a court-enforceable undertaking in response to breaches of spam laws. The infringement notice for $1,003,800 is the largest...
02 July 2020
Pressure points: Trustees beware – Changes to UK insolvency regime are now in force (UK)
The Corporate Insolvency and Governance Act 2020 received Royal Assent and is now in force. The Act contains the most far-reaching reforms to UK insolvency law in over 30 years. The Act has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies...
02 July 2020
Foreign Investment: Rising Tides of Politics in Regulation - Updated Report
We are delighted to share with you our newly updated report on Foreign Investment: Rising Tides of Politics in Regulation, which reflects a swathe of recent changes to Foreign Direct Investment ( FDI ) regimes around the world against the backdrop of the Covid-19 pandemic.
01 July 2020
People: Job Retention Scheme and Pensions (UK)
The Coronavirus Job Retention Scheme ("CJRS"), opened for claims on 20 April. Originally due to end on 31 May, then 30 June, the Chancellor announced on 12 May that it will remain in place and available to all sectors through to the end of October 2020. New rules, which will apply from 1 July 2020...
01 July 2020
Pressure Points: Corporate real estate: a post-Covid-19 perspective (UK)
Revival signs in real estate M&A The Covid-19 pandemic caused a noticeable slowdown in real estate M&A activity. Despite this, there are early signs in the market of a bounce back. Opportunistic/strategic deals are still completing and many investors have capital reserves ready to be...
30 June 2020
REACTIVACIÓN: Análisis del Real Decreto Ley 23/2020, de 23 de junio: su impacto en renovables (España)
El 24 de junio se publicó en el Boletín Oficial del Estado, el Real Decreto-Ley 23/2020, de 23 de junio, por el que se aprueban medidas en materia de energía y en otros ámbitos para la reactivación económica (“RDL 23/2020”). Este Real Decreto-Ley entró en vigor el 25 de junio de 2020, si bien debe...
30 June 2020
Saving millions of shareholder dollars and forests of trees is easier than you think
How often do those of us in M&A and in-house legal and company secretariat teams have an opportunity to save trees and millions of shareholder dollars? The recent temporary changes to the Corporations Act in response to the challenges posed by COVID-19 facilitate this by allowing notices of...
29 June 2020
COVID-19: Pressure Points: The Global Impact on the Mining Industry
The COVID-19 pandemic is an unprecedented humanitarian and economic crisis. The mining industry has sought to respond quickly to protect the health of its employees and its communities. These steps are in response to (and often ahead of) emergency measures and lockdowns implemented by governments...
29 June 2020
Governance: An Overview of E-signatures and Electronic Legal Transactions (Germany)
In light of the restrictions on contact necessitated by the Covid-19 pandemic, the possibility of conducting legal transactions electronically has become a central issue. Corresponding questions which investors should consider when doing transactions in the German market are inter alia whether...
