An Overview of Sovereign Debt Restructuring
Welcome To Mofo Restructuring Round-Up
Welcome to our site! We look forward to sharing our analysis of the statutory, regulatory, legal and business related developments in the insolvency and restructuring world with you.
You can expect articles, infographics and podcasts, as well as some interactive content, such as webinars and events. We would very much like to engage with you, so we encourage you to contact any of the authors or editors, should our content inspire or capture your interest or should you wish to discuss.
- This article explores the process of sovereign debt restructuring and considers how recent developments, including stronger Collective Action Clauses (CACs) and new legislative measures and protocols, might impact future restructurings.... ›
Crypto Exchange Bankruptcies: Are Prepetition Crypto Withdrawals and DeFi Loan Repayments Avoidable Preferences?
By: Theresa A. Foudy, Andrew Kissner and Miranda K. RussellOver the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection. Both cases were precipitated, at least in part, by a “run on the bank” in which retail customers withdrew... ›
The National Security and Investment Act 2021: The UK Government Updates the Consequences of the Appointment of Liquidators and Receivers
By: Howard MorrisFor background on the Act and the National Security and Investment (NSI) regime, please see our November 2020 Client Alert , August 2021 Client Alert , and April 2022 Client Alert. On 19 July 2022, the UK government’s Department for Business, Energy & Industrial... ›
Substance over Form: How the Rule in Gibbs lives on
By: Howard MorrisIs the rule in Gibbs justifiable in the context of modern international insolvency laws or is England clinging to an outdated rule simply to keep restructurings here? The rule stems from an 1890 Court of Appeal Case, which holds that only English courts can... ›
Will Creditors Amend and Extend or Enforce With(out) Remorse?
By: Howard MorrisThere has been a series of warnings of an upcoming financial downturn; just too many strains on and impediments to the domestic and global economy, with inflation galloping and interest rates following, it seems – as the markets certainly believe – a downturn is... ›
The Curious Case of VTB Bank’s UK Administration
By: Howard MorrisOn 6 April 2022, the English High Court made an administrative order in respect of the UK arm (VTB Capital) of Russia’s second largest bank, VTB Bank. VTB Capital is a designated entity under the UK sanctions regime, which has led to extensive asset... ›
The Insolvency Practitioner’s Playbook: Making Sense of the UK Sanctions Regime
By: Howard MorrisAs Russia’s invasion of Ukraine continues, governments around the world are coordinating and responding with increasingly severe sanctions and export controls on Russian entities, institutions, and individuals. Insolvency practitioners first wonder whether sanctioned entities, or entities connected to sanctioned individuals, can enter into an... ›
The National Security Investment Act 2021 and its Implications for Distressed Investments and Restructuring
By: Howard MorrisThis article explores transactions by buyers, lenders, security agents, and insolvency practitioners that may trigger the application of the UK’s new investment screening regime. Download the below infographic... ›
Five Tips for Investor Directors in the Zone of Insolvency
By: Amrit KhosaHere are our top tips for investor appointed directors to help them navigate the complexities that arise when portfolio companies are in financial distress and investor interests diverge. View the full client alert.... ›
Smile Telecoms’ restructuring plans considered at UK High Court hearing: questions of valuation and exclusion of out-of-the-money creditors
By: Howard MorrisOn 10 March 2022, the UK High Court held the adjourned sanction hearing regarding Smile Telecoms Holdings Limited’s (“Smile”) second proposed restructuring plan. Despite Smile Telecoms’ first restructuring plan being sanctioned by the UK High Court back in March 2021, the African telecommunications company... ›