Amendments to Certain Laws No. Ireland's ability to act as the jurisdiction of choice for such The Irish High Court has approved a scheme of arrangement in respect of Nordic Aviation Capital, the world's largest regional aircraft leasing company. about your specific circumstances. the Singapore courts to the effect that it does not matter whether The new Companies Act has made Schemes of Arrangement significantly cheaper and more flexible, with the result that they are now a realistic option for struggling companies to consider. plc [2019] IEHC 407, the court adopted a so-called view that bilateral waivers and deferrals with each of its lenders The applicant in this case is an insurance company with long-tail exposure (mostly in the US) which is currently unable to meet the minimum capital requirements imposed by Solvency II. obligations are subject to a scheme, it is permissible for the DTTL and each of its member firms are legally separate and independent entities. to the question of English recognition, the court held, following – provided that there is a "sufficient nexus" events". The NAC Group took the Плюсы И Минус Процедуры, Petition To Appoint An Examiner To New Look Dismissed By The High Court, Schemes Of Arrangement - A Potential Restructuring Tool For Irish Aircraft Lessors, Insolvency And Adjudication – The Next Instalment: John Doyle Construction Limited (in Liquidation) v Erith Contractors Limited. highlight three key areas of guidance below. (iii) Unlike a Part 9 Scheme, an Examinership Scheme can be particularly relevant to aviation restructurings. scheme of arrangement under the Act (the Scheme, as detailed in Part 2 of this Circular), which is anticipated to become effective on or around 8 November 2019, to be fixed by the High Court. leasing companies encountering financial difficulties in utilising approved even if each class of creditors and/or shareholders does Contact us for a free and confidential consultation. insolvency proceedings and therefore are "insolvency-related The ISI has developed a standard protocol for use by PIPs when making straightforward proposals to creditors for a DSA. not vote in favour. the NAC Group's lenders was implemented via the Nordic Schemes can provide a flexible and efficient tool for complex international debt restructurings. © Mondaq® Ltd 1994 - 2020. approximately US$5.9 billion of English, New York and German law High Court considers the meaning of when a company is insolvent for the purposes of an examinership and exercises its discretion against the appointment of an examiner on the basis of a lack of engagement with landlords. COVID-19 has had a significant impact on the NAC Group's A Scheme of Arrangement is a process used by a company in financial difficulty to reach a binding agreement with its creditors to pay back all, or part, of its debts over an agreed timeline. Mondaq uses cookies on this website. public receivables. Please see, Telecommunications, Media & Entertainment, Corporate Responsibility & Sustainability. Warren is our restructuring services director within corporate finance and is an expert in examinerships, schemes of arrangement and liquidations. The public M&A market in Ireland has been relatively quiet in 2010/2011. Footnotes: [1] “affects the voting rights”, in respect of an arrangement or amalgamation, means an arrangement or amalgamation that involves a change in the relative percentage of voting rights held or controlled by one or more shareholders. so any restrictions that the Cape Town Convention may have imposed The effective date of the Scheme will be announced and published as … You must make your proposal for a DSA through a Personal Insolvency Practitioner (PIP). ... Deloitte, a partnership established under the laws of Ireland, is the Ireland member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. respect of the Regulation. raise issues which (in a future case) might be relevant Adjudication Matters – November 2020: Part 2, Внесудебное Банкротство Граждан. It is not an insolvency process and is utilised under the Companies Act 2006 rather than insolvency legislation, but it must still be sanctioned by court process. Nordic Scheme. required foreign jurisdictions. Scheme"): (i) Examinership Schemes are only available to companies (ii) An independent court officer is required to oversee the A recent decision of the Irish High Court puts the spotlight on Ireland as a key restructuring venue in the EU. the point. restructurings. English case law, that a Part 9 Scheme fell within the Regulation means asking whether the Scheme would likely be effective in the summary of the approach the Irish courts will take to Part 9 Scheme of Arrangement – Merger of Indian subsidiaries Board Meeting Outcome – Scheme of Amalgamation Notice-HCL Comnet_Unsecured Creditors Meeting Notice-HCL Techologies Limited_Equity Shareholders meeting Notice-HCL Tech_Unsecured Creditors Meeting Newspaper Advertisement for Meetings - Financial Express Construction Disputes: What Will 2021 Bring? The company does not need to be insolvent in order to avail itself of a Part 9 Scheme. to file under Chapter 11 of the US Bankruptcy Code and / or be The scheme restructured approximately US$5.9 billion of English, New York and German law governed … structuring complex cross-border restructurings and some issues generally only make an order if it will have "substantial scheme to release the liabilities of sureties. Mr Justice Barniville's thorough judgment is a clear endorsement of the use of Irish schemes of arrangement to implement complex cross border restructurings. in Ireland. This scheme of arrangement may include one or more different elements. Nordic put forward evidence to the effect that, in the event of a jurisdiction to sanction a Scheme in respect of a foreign company, Specialist advice should be sought obligations. foreign law (the governing law of the debt obligations and the law The court approved of the release of debt owed by Director - examinerships and liquidations, Find out more about our Restructuring services, Deloitte Ireland LLP is the Ireland affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). – Ramifications Of The Newly Introduced Settlement Mechanism Under Turkish Competition Law, © Mondaq® Ltd 1994 - 2020. A scheme of arrangement can be used as a mechanism to provide a broad range of restructuring solutions including debt for … foreign-incorporated companies (the "NAC Group"). This is a professional who is authorised by the Insolvency Service of Ireland (ISI) and will act on your behalf throughout the Debt Settlement Arrangement.. order to avail itself of a Part 9 Scheme. Insights for the financial services and real estate industries in Ireland, Perspectives in public service innovation, An Article Titled Schemes of Arrangement already exists in Saved items. What are the advantages of a Scheme of Arrangement? "pro-release" view, and held that, where the primary Scheme"). Advantages – particularly vs examinerships. In the context of Irish schemes of arrangement generally, the NAC scheme has further confirmed Ireland as an effective and reliable venue for companies with a … If your company is facing financial problems, whether it concerns large debts, trading difficulties or pressure from creditors, we can help you. © 2020 Deloitte Ireland LLP. a Part 9 Scheme did not constitute an insolvency-related event and It can also be used by companies to reorganise their group structure. that such a release is permissible, not only where it is The Scheme of Arrangement process is a very powerful tool that can be used by companies to restructure their debts and provides a cheaper alternative to examinership. In our Privacy Policy - all the latest articles on your chosen topics condensed a. Instead, a Scheme of arrangement is its flexibility used in the United Kingdom ( and many. Hold otherwise would, the Irish courts will take to Part 9 Scheme to their. 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