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03 December 2021
Directors, Insolvency Practitioners and Third Parties Must Tread Carefully as New Pensions Offences Lie in Wait for the Unwary
The Pension Schemes Act came into effect on 1 October 2021 introducing the possibility of criminal prosecution where the restructuring arrangements or corporate actions of directors, lenders, investors, advisers and other parties might affect the interests of a defined benefit pension scheme. The...
06 October 2021
Webinar: Cross-border restructurings: how UK schemes may benefit businesses in Asia Pacific
Jurisdictions across the globe have sought to expand their restructuring toolkits – spurred on by Governments seeking to support business during the pandemic. This has had a significant impact on the options available when restructuring business in Asia Pacific.
20 July 2021
Virgin Territory: What are the Implications of Restructuring Plans for Defined Benefit Pension Schemes?
The judgment in Re Virgin Active Holdings Limited [2021] EWHC 1246 has empowered the use of restructuring plans under Part 26A to the Companies Act 2006 (‘RPs’) to compromise the rights of unsecured creditors based on evidence that they would receive little or no return on an insolvency.
01 June 2021
Pensions Regulator Outlines Scope of New Pensions Criminal Offences but Uncertainty Remains
The UK Pensions Regulator has published its draft policy on investigating and prosecuting the new pensions criminal offences, which are due to come into force this Autumn. In this article for International Corporate Rescue, Samantha Brown and John Whiteoak consider the mixed messages contained in...
24 May 2021
Mutual recognition of insolvency in Hong Kong and Mainland China – first steps
Initial arrangements have been put in place for mutual recognition and assistance to be provided by courts in Mainland China and Hong Kong in respect of corporate insolvency proceedings. This is a significant and long awaited development which could substantially enhance the ability for cross...
13 May 2021
Part 26A restructuring plans - most significant change in 20 years
In what is likely to be the most significant change to the UK restructuring and insolvency market since the Enterprise Act 2002, the Court has yesterday 1 paved the way for restructuring plans under Part 26A to the Companies Act 2006 ("RPs") to be used to compromise the rights of landlords,...
21 January 2021
Proposals by the Indian Ministry of Corporate Affairs for a new Prepackaged Insolvency Resolution Process
Background and purpose of the proposals On 8 th January proposals for a new ‘Prepackaged Insolvency Resolution Process’ ("PIRP") were issued by the Indian Ministry of Corporate Affairs for public consultation, and we have considered them from a foreign perspective. The proposals are continuing...
17 November 2020
Pressure Points: Timely amendments to UAE Bankruptcy Law introduced to cover emergency situations
On 24 October 2020, the UAE Cabinet announced its decision to amend Federal Law No. 9 of 2016 (the “Bankruptcy Law”) by adding certain provisions to allow for business continuity during emergency situations, including pandemics and natural disasters. This is a timely amendment to the Bankruptcy Law...
06 November 2020
That’s Gold: Federal Court gives Gascoyne DOCA the green light
On 29 September 2020, the Federal Court of Australia published its much anticipated decision in Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395, dismissing Habrok’s attempt to set aside a Deed of Company Arrangement ( DOCA ). The DOCA had been the culmination of a 15 month...
29 September 2020
New restructuring and insolvency processes for small Australian businesses
The Australian Federal Government has announced significant insolvency law reforms that will affect small businesses with liabilities of less than $1 million. The reforms are expected to commence on 1 January 2021 and will introduce, among other measures, a new debt restructuring process and...
14 September 2020
Restructuring and turnaround: tax implications of financial restructurings (Germany)
Introduction Businesses are struggling. Many have lost a significant portion of their annual revenue as a result of lockdowns and other measures to prevent the spread of Covid19 during the first half of 2020.
03 August 2020
Governance: CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020 - SOUNDBITE SERIES (UK)
Welcome to our soundbite series on the new Corporate Insolvency and Governance Act 2020 which came into effect on 26 June 2020. The provisions of the Act are complex and could have significant impact on companies in distress and their creditors, particularly landlords, suppliers, financial services...
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20 May 2022
Issues in Contentious Insolvency Webinar Series
Liquidators are appointed whenever a company is wound up. Banks and other financial institutions often need to deal with liquidators. These interactions can range from (and can turn from) run-of-the-mill document/information requests, to something more contentious, high-profile and high-stake:...
19 May 2022
Do companies have a moral duty to self report to the SFO?
Although Amec Foster Wheeler’s corporate bribery settlement has not introduced any legal obligation to self-report wrongdoing to the Serious Fraud Office, the judgment does encourage companies to seriously consider their moral and ethical duties when deciding whether to do so, argue Herbert Smith...
18 May 2022
Australian Federal Election Workplace and Industrial Relations Survey: Back to the future?
In the lead up to the 2022 Australian Federal Election, our national team ran a series of feedback sessions and surveyed our national clients. The results of our 2022 Federal Election Workplace and Industrial Relations Survey are in.
12 May 2022
Half way to COP27: Are governments delivering on their climate promises?
We are excited to launch our latest report, Halfway to COP27 – a review of governments' ambitions and promises in respect of climate change, six months after the 2021 United Nations Climate Change Conference, commonly referred to as COP26, brought together 120 world leaders to discuss the issue.
10 May 2022
Corporate Governance snapshot: New rules on diversity-related disclosures for listed companies
The Financial Conduct Authority (FCA) has published its policy statement and new rules which require listed companies to make disclosures in relation to gender and ethnic diversity at board and executive management level for financial years beginning on or after 1 April 2022.