Insolvency & Restructuring updates

Cayman Islands

Snapshot: bringing claims against Cayman entities subject to insolvency processes
Ogier
  • Cayman Islands
  • 23 October 2020

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.


USA

Contributed by Jones Day
Cram-up Chapter 11 plans: reinstatement and indubitable equivalence
  • USA
  • 23 October 2020

'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.


United Kingdom

Contributed by Squire Patton Boggs
Mandatory independent scrutiny of pre-pack sales to connected parties to be introduced
  • United Kingdom
  • 23 October 2020

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.


Current search

Refine search

Jurisdiction

Firm