Archive: May 2023

The SRR was created to deal with failing banks following the 2008 financial crash and the run on the first UK bank in more than a century, Northern Rock. The SRR was introduced by the Banking Act 2009 (BA 2009) and subsequently amended, notably to comply with the EU Bank Recovery and Resolution Directive (BRRD), Directive 2014/59/EU.

A pre-pack procedure provides for the negotiation of the sale of a financially distressed entity, as a going concern, prior to the commencement of the insolvency proceedings through which it is executed. The concept is widely used in the UK in the course of an administration.

Incredibly it has been almost 5 years since the introduction of the ipso facto reforms to the Corporations Act 2001 (Cth) (Act). Most commercial contracts will typically include a clause that allows one party to terminate or modify the contract if the other party becomes insolvent, even if there is no other default.

In the second of two blog posts on the Adler group restructuring plan, we look at the court’s decision to sanction the scheme and the practical implications for future restructurings.

In the first of two blog posts on the Adler group restructuring, we look at the background to the plan, the key terms, and the key issues for the court had to grapple with.

We are delighted to announce the launch of Norton Rose Fulbright’s new Restructuring Touchpoint Blog – a dedicated hub of resources that will bring you the latest developments on restructuring and insolvency across the world.