Archive: July 2023

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Arguments for standing fall flat: US Fifth Circuit clarifies scope of “aggrieved person” appellate standing in bankruptcy cases

July 27, 2023

Exploring a recent Fifth Circuit opinion related to "person aggrieved" tests in appellate standing in bankruptcy cases.

Liability management transactions

July 26, 2023

Our US team examines trends in “liability management” and considers potential pitfalls, strategies, and issues important to both borrowers and creditors.

UK looks to become first country to adopt UNCITRAL Model Law on Enterprise Group Insolvency

July 13, 2023

The UK Government has confirmed it will adopt the UNCITRAL Model Law on Enterprise Group Insolvency (Group Model Law) ‘at the earliest opportunity’.

A timely review of the effectiveness of Australia's insolvency laws

July 13, 2023

The Parliamentary Joint Committee on Corporations and Financial Services, chaired by Senator Deborah O’Neill, has handed down its final report into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy.

English Scheme and Dutch WHOA dual process used to achieve successful Vroon restructuring

July 07, 2023

From 2016, Vroon experienced significant pressure on its liquidity due to challenges in the shipping market and its ongoing debt obligations. The financing of the group was complex with 28 different financing arrangements and 14 different lenders (as at the time the claim form for the English scheme was submitted) all with different security packages. In November 2018, the group entered into an English law framework agreement under which cross-guarantees were provided and new security was granted for the benefit of a security agent on behalf of all framework agreement lenders and it provided for a uniform maturity date of 31 March 2021.

UK Government publishes review of the Corporate Insolvency and Governance Act 2020

July 05, 2023

The UK Government has published its statutory review of the effectiveness of the permanent measures introduced by the Corporate Insolvency and Governance Act 2020 (CIGA 2020). CIGA 2020 came into force on 26 June 2020, during the height of the COVID-19 pandemic, with the goals of supporting businesses through the immediate financial difficulties they faced and, in the longer term, saving viable companies.