The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
On 27 March 2020, the President signed the CARES Act into law. The CARES Act is a stimulus package designed to address the impact of the novel coronavirus (COVID-19) on, among others, individuals, businesses, and hospitals. As part of this design, the CARES Act revises several sections of the Bankruptcy Code to afford relief to small business debtors and individuals that are coping with the coronavirus pandemic and its financial impact. These changes are effective immediately.
The CARES Act makes the small debtor Chapter 11 provisions accessible to a greater number of small businesses. Under the CARES Act, a debtor with aggregate debts up to US$7,500,000 can qualify as a small business debtor—up from US$2,725,625. This amendment applies to all cases filed on or after the enactment of the CARES Act and lasts for one year.
The CARES Act accomplishes this by revising sections 103(i) and 1182 of the Bankruptcy Code. Pre-CARES Act, s 1182 (enacted as part of the Small Business Reorganization Act of 2019) defined the term ‘debtor’ as a ‘small business debtor’. Bankruptcy Code, s 101(51D) contains the definition and requirements for a debtor to qualify as a small business debtor, including, that the debtor’s aggregated debts (the total non-contingent, liquidated secured, and unsecured debts) not exceed US$2,725,625. Pursuant to the CARES Act, s 1182 is
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
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