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A roundup of the latest court decisions and regulations touching on the following issues: the reflective loss principle, solicitor policy coverage, a director’s duty to uphold the interest of a creditor and implied retainers (or the absence thereof) between solicitors and clients.
Many of 2022’s restructuring cases illustrate important trends and developments regarding Bermuda’s “light touch” provisional liquidation (or “provisional liquidation for restructuring purposes” as it is also known), a technique used many times over the last 20 years after having been first utilised by the Bermuda Supreme Court in 1999.
On 5 October 2022, the UK Supreme Court confirmed that directors sometimes owe an extended duty to uphold the interests of a company’s creditors when solvency is in doubt.
In July 2022, the annual rate of UK inflation (10.1%) was the highest it has been since 1982, affecting the affordability of goods and services. The high rates of inflation are predominantly due to supply chain disruptions and consumer demand, and the substantial increases in energy prices.
We are pleased to announce another key appointment to our growing corporate and commercial division. Partner Matthew Poli, who joins from (formerly) BLM, will be based in London but will work with clients globally on a broad range of non-contentious matters.
This article first appeared in The ICLG to: Restructuring and Insolvency Laws & Regulations, which covers common issues in restructuring and insolvency, including issues that arise when a company is in financial difficulties, restructuring options, insolvency procedures, tax, employees and cross-border is.
The decision of the Supreme Court of Bermuda in Re Ping An Securities Group (Holdings) Limited is a useful reminder of the facts that the jurisdiction to appoint liquidators following first meetings is discretionary and that creditor autonomy in the matter of appointments is not unlimited.
The increase in the cost of living and the significant rise in inflation has the potential to have an adverse impact on debt recovery. However, taking proactive steps to tackle bad debt (as a creditor) and to resolve unpaid debt issues (as a debtor) can facilitate a swift resolution to solving problems without court intervention. In this article, we look at the impact of mounting debts from both a debtor and creditor perspective.
We are pleased to have boosted our Israel office with the appointment of Ilana Bar, one of the country’s most respected corporate insurance and institutional entities lawyers.
With the Coronavirus Job Retention Scheme coming to an end on 30 September 2021, responsibility for staff salary costs will rest solely with employers once more and the UK Government will no longer make financial contributions towards the pay of employees on furlough.