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European Union › Insolvency › United Kingdom

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
A&O Shearman

Insolvency vs Arbitration – Privy Council’s revival of the “Established Approach”

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How does an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, affect insolvency proceedings? The effect of an arbitration clause, or an exclusive jurisdiction clause in favour of foreign...more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

Paul Hastings LLP on

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

Mayer Brown

Restructuring Downloaded: Episode 3

Mayer Brown on

In this episode Sheena Frazer and Amy Jacks discuss issues dealing with European assets post Brexit....more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

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In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

A&O Shearman

The Adler appeal: our key takeaways

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The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its...more

Latham & Watkins LLP

E-Money, Payment Services, and Insolvency

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Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more

Morrison & Foerster LLP

English High Court Grants Petropavlovsk Administrators Permission to Enter Into Sale Amidst Sanctions Concerns

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On 1 August 2022, the English High Court granted the administrators of Petropavlovsk PLC (the “Company”) permission to enter into a sale of its Russian assets to Russian entity UMMC-Invest (the “Proposed Sale”) amidst...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

Latham & Watkins LLP on

The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Latham & Watkins LLP

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

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Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Dechert LLP

Restructuring Plans in European Cross-border Restructurings – One Gate Closes but Another One Opens

Dechert LLP on

Key Takeaways - The use of the UK restructuring plan ("Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recognition of Restructuring and Insolvency Proceedings

Skadden, Arps, Slate, Meagher & Flom LLP on

Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not...more

Morrison & Foerster LLP

Acting Behind The Scenes: High Court Confirms Duties Of Shadow Directors

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In Standish & Ors v The Royal Bank of Scotland Plc & Anor (the “Judgment”), the High Court confirmed that the duties owed by a shadow director are limited to the subject matter of their instructions. This alert is...more

Hogan Lovells

EU Commission adopts Temporary Framework for State aid to support the economy in the current COVID-19 outbreak and approves...

Hogan Lovells on

The COVID-19 pandemic has hit the European economy with brute force. Many businesses are facing drastic declines in revenues and are in urgent need of liquidity. Some have imposed temporary lay-offs or even face insolvency. ...more

White & Case LLP

European Real Estate Finance: Recent developments - December 2019

White & Case LLP on

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more

Morrison & Foerster LLP

The Truth about Dishonesty in Fraudulent Trading under English Law

Morrison & Foerster LLP on

Case: Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch) (23 May 2019) - A recent decision of the English High Court (the “Court”) has found a director guilty of fraudulent trading under s. 213 Insolvency Act...more

Latham & Watkins LLP

Corporate Reorganisations 2019

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‘Corporate reorganisation’ is something of an umbrella term, and is used in many different contexts to mean a multitude of different things. At one extreme, a reorganisation may refer to ‘paper’ changes to a corporate group’s...more

Jones Day

UK's Proposed Corporate Restructuring Regime Follows European-Style Chapter 11 and Debtor-in-Possession Trend

Jones Day on

The UK Government has announced proposals to introduce a new UK restructuring plan and moratorium, together with certain other changes to the corporate governance regime relevant to companies in distress. In addition,...more

Jones Day

English Court of Appeal Upholds "The Gibbs Rule"

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The Situation: In Bakhshiyeva v Sberbank of Russia, a debtor sought to restructure English law-governed debts pursuant to an Azerbaijani restructuring proceeding. In order to prevent certain dissenting creditors from...more

White & Case LLP

Restructuring across Europe – a new era?

White & Case LLP on

All three institutions of the European Union have now approved the EU Preventive Restructuring Framework Directive. This is the EU's first attempt to "harmonise" insolvency laws across the Member States, that have disparate...more

A&O Shearman

Draft UK Legislation to Onshore the EU Reorganization and Winding Up Directives Published in Preparation for Brexit

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HM Treasury has published a draft statutory instrument to onshore further EU financial services legislation in preparation for Brexit - the draft Credit Institutions and Insurance Undertakings Reorganization and Winding Up...more

K&L Gates LLP

UK Insolvency After a "No Deal" Brexit

K&L Gates LLP on

Introduction - On 20 November 2018, the UK government issued new draft insolvency legislation. In the event of a “no deal” Brexit, the proposed legislation would amend UK insolvency legislation and European Union (“EU”)...more

Orrick, Herrington & Sutcliffe LLP

Insolvency Reform in the EU and UK in the Era of Brexit: As Political Systems Diverge, Insolvency Regimes Converge

Orrick, Herrington & Sutcliffe LLP on

In recent years reform of insolvency legislation has been on the agenda in both the UK and in the EU through the EU's flagship Capital Markets Union ("CMU") initiative....more

Jones Day

Bill Preparing for a "Hard" Brexit Presented in French Parliament

Jones Day on

The Situation: The French government has presented a new bill in order to prepare for a "Hard" Brexit scenario. The Result: If the United Kingdom leaves the European Union in March 2019 without an overall deal—or with a...more

A&O Shearman

UK Government Consults on Transposition Measures for the EU Bank Creditor Hierarchy Directive

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HM Treasury has published a consultation on the U.K. Government's proposed approach to implementing the EU Bank Creditor Hierarchy Directive (also known as the Insolvency Hierarchy Directive) into U.K. domestic law. Member...more

A&O Shearman

New ISDA Documentation On Brexit: Will English Law Remain Even If The UK Does Not?

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Some have expressed concern that Brexit will reduce the use of English law derivatives documentation. Any such concern is in our view unfounded, as this note explains....more

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