Publication
Insurance regulation in Asia Pacific
Ten things to know about insurance regulation in 19 countries.
International Restructuring Newswire
Q1 | 2022
To our clients and friends
Welcome to the Q1 edition of the Norton Rose Fulbright International Restructuring Newswire.
As we move into a new year, it is worth taking a look back at 2021. It was a year marked by the continuing global COVID-19 pandemic that shows no signs of abating anytime soon. The pandemic produced all kinds of stress within the global economic system, ranging from supply chain disruptions, restrictions on businesses, reduced travel, closed borders and general havoc. Paradoxically, despite all of those challenges for business operations, formal insolvency and restructuring proceedings were down significantly in 2021. Per data compiled by Epiq and ABI, in the US commercial chapter 11 filings were down 48 percent during the calendar year from 2020. Consumer filings were also down significantly, by 24 percent.
How to account for the decrease in filings in 2021? There is no one answer, but clearly government relief programs, lender forbearance, low interest rates and ample liquidity in the marketplace all helped businesses weather the storm. Prospects for 2022 may well be different: we are seeing less government relief, rising inflation, continuing supply chain challenges and interest rates rising. Will formal filings trend up in the new year? Time will tell, but do not be surprised if formal filings trend upward.
In the meantime, our new issue will help you stay current on recent developments in restructurings in a variety of jurisdictions around the globe. Of particular interest will be a review of the Steinhoff restructuring, one of the largest in 2021, from both a Dutch and South African perspective.
Good reading and happy new year.
All the best,
Howard Seife
Global Head
Bankruptcy, Financial Restructuring and Insolvency
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Recent publications
Publication
Paying the Price: Court of Appeal holds debt still due when non-fulfilment of a condition precedent is caused by the buyer’s own breach
In King Crude Carriers SA & Ors v Ridgebury November LLC & Ors [2024] EWCA Civ 719 the Court of Appeal held that the claimant sellers (the Sellers) were entitled to claim the deposits promised under sale contracts as a debt despite the defendant buyers’ (the Buyers) breach of contract, which had resulted in the non-fulfilment of a condition precedent to the payment of the deposits.
Publication
Can a charterer procure the release of a laden vessel arrested by a mortgagee bank?
As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
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