Topic: Debt

Solvent Liquidations can be recognised as foreign main proceedings.

A standalone moratorium was introduced as part of the UK’s 2020 corporate insolvency reforms. The legislation provides an initial 20 business day payment holiday in respect of most ‘pre-moratorium’ debts.

A company can agree with its creditors to restructure its debts through various processes. This usually happens when the company’s underlying business is experiencing financial difficulties. The statutory processes are a scheme of arrangement (Scheme), restructuring plan (RP), and a company voluntary arrangement (CVA).

We are delighted to announce the launch of Norton Rose Fulbright’s new Restructuring Touchpoint Blog – a dedicated hub of resources that will bring you the latest developments on restructuring and insolvency across the world.

In the second of this two-part post, we continue our overview of claiming in a debtor’s insolvency. In particular we look at contingent debts, interest on debts, and debts in foreign currencies.

Under English insolvency law, creditors “prove” for their debts against an insolvent debtor’s assets.

The Rotterdam District Court, the Netherlands, has ruled that an amendment to the ranking of security rights is not possible under the Dutch Scheme procedure (WHOA), without the consent of the relevant secured creditors.