Lexology

Bankruptcy Court Tells Debtors They Must Choose Between Bankruptcy Or Being Able To Buy Medical Marijuana

USA - September 9 2019 We have written before about the virtual dead end faced by marijuana companies who try to seek protection in the bankruptcy courts. Almost uniformly…

Small Business Reorganization Act Signed Into Law—A New Frontier for Small Business Bankruptcies

USA - August 27 2019 On August 26, 2019, President Trump signed the Small Business Reorganization Act (“SBRA”) into law. The SBRA is scheduled to take effect on February…

Will director/shareholders always be liable to repay unlawful dividends?

United Kingdom - August 9 2019 When can an insolvency practitioner pursue directors for declaring unlawful dividends? Does an insolvency practitioner need to demonstrate that the…

Prepare for a no deal Brexit or prepare to fail? Practical steps for UK businesses

European Union, United Kingdom - August 1 2019 Prime Minister Boris Johnson promises that the UK will leave the EU on 31 October with "no ifs or buts". With three months left until the UK is due to…

Defining cryptocurrency in Russia: does it form part of the bankruptcy estate?

Russia - August 1 2019 We recently published a blog identifying issues which cryptocurrency pose in insolvencies; not least identifying and classifying it, how to take…

Cryptocurrencies: practical considerations in insolvencies

United Kingdom, USA - July 25 2019 In a recent report by INSOL International, only 5% of insolvency practitioners (“IPs”) said that they had a “comprehensive or practical/working or…

Green Finance: is your business ready? Future challenge or opportunity?

United Kingdom - July 23 2019 We recently commented on the Government’s Clean Air Strategy raising awareness of the potential impact on a wide range of businesses if they failed to…

The Government fails to listen to lenders as it presses on with reforms which may stifle UK enterprise

United Kingdom - July 18 2019 We reported last week that the Government intends to proceed with its proposal to reinstate HMRC as a preferential creditor on insolvency, which could…

Draft Finance Bill published: HMRC preferential status on insolvency confirmed

United Kingdom - July 11 2019 Today the Government published draft provisions for inclusion in the Finance Bill which will amend the Insolvency Act 1986 and grant HMRC preferential…

Dubai makes moves toward international best practices with new insolvency law

United Arab Emirates - July 9 2019 On May 30, 2019, Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, signed DIFC Insolvency Law, Law No. 1 of 2019 (the “New Insolvency Law”) into…