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Insolvency & Restructuring

23 October 2020
Jennifer Fox Snapshot: bringing claims against Cayman entities subject to insolvency processes

Cayman Islands - Ogier

To ensure the orderly and collective resolution of a company's affairs, the Companies Law imposes a moratorium on commencing or proceeding with any suit, action or other proceedings against the company once liquidators are appointed by the court (including on a provisional basis). Once these officeholders are appointed, proceedings can be commenced or proceeded with against the company in question only with the leave of the Grand Court, subject to such terms as the court may impose.

Authors: Jennifer Fox, Sam Keogh
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Beth Darragh Mandatory independent scrutiny of pre-pack sales to connected parties to be introduced

United Kingdom - Squire Patton Boggs

The government recently published a report reviewing voluntary measures introduced in 2015 to improve the transparency of pre-pack sales in administration. The voluntary measures sought to improve creditor confidence, enabling connected person purchasers to voluntarily obtain an independent opinion from the Pre-Pack Pool that the proposed sale was the best option. The government's report notes that despite these measures, pre-packs are still a concern.

Author: Beth Darragh
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Stacey L Corr-Irvine Cram-up Chapter 11 plans: reinstatement and indubitable equivalence

USA - Jones Day

'Cramdown' Chapter 11 plans, under which a bankruptcy court confirms a plan over the objection of a class of creditors, are relatively common. Less common are the subset of cramdown plans known as 'cram-up' Chapter 11 plans. These plans are referred to as such because they typically involve plans of reorganisation that are accepted by junior creditors and then 'crammed up' to bind objecting senior creditors.

Authors: Stacey L Corr-Irvine, Mark Douglas
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Recent updates

Tan Meiyen Recognition of bankruptcy orders: breach of natural justice

Singapore - Oon & Bazul LLP

Authors: Tan Meiyen, Keith Han, Zephan Chua, Angela Phoon
Rachael Markham Changes to temporary measures affecting UK insolvency proceedings – a bite-sized update

United Kingdom - Squire Patton Boggs

Author: Rachael Markham
Mark Douglas Flip clause payments to Lehman Brothers noteholders after termination of swap agreement safe harboured in bankruptcy

USA - Jones Day

Author: Mark Douglas
Jonathan Hughes Recognition of UK insolvency practitioners in Jersey

Jersey - Ogier

Authors: Jonathan Hughes, Damian Evans, Helen Ruelle
Beat Mumenthaler Opening bankruptcy proceedings during COVID-19 pandemic

Switzerland - Pestalozzi Attorneys at Law

Authors: Beat Mumenthaler, Alain Muster, Lukas Rusch
Jeremy Snead Restructuring – current state of play

Cayman Islands - Ogier

Authors: Jeremy Snead, Marc Kish, Gemma Lardner