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The SRR was created to deal with failing banks following the 2008 financial crash and the run on the first UK bank in more than a century, Northern Rock. The SRR was introduced by the Banking Act 2009 (BA 2009) and subsequently amended, notably to comply with the EU Bank Recovery and Resolution Directive (BRRD), Directive 2014/59/EU.

A pre-pack procedure provides for the negotiation of the sale of a financially distressed entity, as a going concern, prior to the commencement of the insolvency proceedings through which it is executed. The concept is widely used in the UK in the course of an administration.

Incredibly it has been almost 5 years since the introduction of the ipso facto reforms to the Corporations Act 2001 (Cth) (Act). Most commercial contracts will typically include a clause that allows one party to terminate or modify the contract if the other party becomes insolvent, even if there is no other default.

In the second of two blog posts on the Adler group restructuring plan, we look at the court’s decision to sanction the scheme and the practical implications for future restructurings.

In the first of two blog posts on the Adler group restructuring, we look at the background to the plan, the key terms, and the key issues for the court had to grapple with.

SCOTUS held that Section 363(m) of the Bankruptcy Code is not “jurisdictional” and does not limit a court’s authority to hear an appeal of a bankruptcy sale order.

As a consequence of the 2019 EU restructuring directive, new preventive restructuring frameworks have been created in almost all European Union member states.

Scott Atkins discusses the UK Restructuring Plan under CIGA with Felicity Toube KC, Hilary Stone, and Professor Peter Walton in the April 2023 edition of the South Square Digest.

INSOL International’s latest news update discusses a decision by a court in the Southern District of New York finding that a Cayman Islands liquidation under Section 92(e) of the Companies Act is not a foreign proceeding that can be recognized under Chapter 15 of the US Bankruptcy Code.

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Introduction A duty to act in the best interests of our clients goes to the heart of the legal profession, both functionally and ethically.