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Virgin Atlantic Virgin Atlantic Cryptocurrencies: Provisional Lottie Pyper considers the 2020 and beyond Liquidation and guidance given on the first Robert Amey, with Restructuring: Jonathon Milne of The Cayman Islands restructuring plan under Conyers, Cayman, and Hong Kong Part 26A of the Companies on recent case law Michael Popkin of and developments Campbells, takes a Act 2006 in relation to cross-border view cryptocurrencies A regular review of news, cases and www.southsquare.com articles from South Square barristers ‘The set is highly regarded internationally, with barristers regularly appearing in courts Company/ Insolvency Set around the world.’ of the Year 2017, 2018, 2019 & 2020 CHAMBERS UK CHAMBERS BAR AWARDS +44 (0)20 7696 9900 | [email protected] | www.southsquare.com Contents 3 06 14 20 Virgin Atlantic Cryptocurrencies: 2020 and beyond Provisional Liquidation and Lottie Pyper considers the guidance Robert Amey, with Jonathon Milne of Restructuring: The Cayman Islands given on the first restructuring plan Conyers, Cayman, on recent case law and Hong Kong under Part 26A of the Companies and developments arising from this Michael Popkin of Campbells, Act 2006 asset class Hong Kong, takes a cross-border view in these two off-shore jurisdictions ARTICLES REGULARS The Case for Further Reform 28 Euroland 78 From the Editors 04 to Strengthen Business Rescue A regular view from the News in Brief 96 in the UK and Australia: continent provided by Associate South Square Challenge 102 A comparative approach Member Professor Christoph Felicity Toube QC and Hilary G. Paulus CASE DIGESTS Stonefrost, together with Scott Legal Eye: 83 Editorial 42 Atkins and Dr Kai Luck of Norton Doing the ‘Hanseatic Walk’ Banking & Finance 44 Rose Fulbright, examine recent Roseanna Darcy takes us Bankruptcy 46 developments and consider the through historical backstreets Civil Procedure 47 need for further reforms of London with surprisingly Commercial Litigation 50 New Tenants 36 modern connections Company Law 55 We welcome Jamil Mustafa and Corporate Insolvency 58 Behind Closed Doors 86 Paul Fradley to South Square Property & Trusts 68 Jamil Mustafa on the Sport 70 Insolvency and Restructuring in a 38 Government’s recent Pandemic – the Global View from Pre-Pack review the Boardroom and the Courtroom Legislative Developments 90 Associate Member the Hon. Paul Paul Fradley on the extension Heath QC reviews October’s of temporary provisions and P.R.I.M.E Finance webinar the return of Crown preference In Re LATAM Finance Limited 72 The Disclosure Pilot Scheme 94 South Square Digest Disclaimer Toby Brown, with Zoë Nolan Jamil Mustafa provides The content of the Digest is provided to you for of Walkers, ask ‘Is modified an update information purposes only, and not for the purpose universalism alive and well of providing legal advice. If you have a legal issue, in the Cayman Islands?’ you should consult a suitably-qualified lawyer. The content of the Digest represents the views of the authors, and may not represent the views of other Members of Chambers. Members of Chambers practice as individuals and are not in partnership with one another. Designed and produced by Creative Interpartners, London SOUTH SQUARE DIGEST December 2020 www.southsquare.com From the editors bigger in the long term than the damage caused by COVID-19 and that any failure to agree a deal before the Brexit transition expires would cause significant disruption to the UK economy. However, amongst all the uncertainty, some light appears to be emerging at the end of the tunnel. The results of trials of three COVID-19 vaccines, the University of Oxford/AstraZenica vaccine, the Pfizer/BioNTech vaccine and the Moderna vaccine, have been extremely promising with the Government now hoping that the NHS should be able to inoculate the “vast majority” of the people who need the most protection by Easter of next year and vaccination of vulnerable groups set to start as we go to press. We hope that by the time of the next edition of the Digest, a return to normality may not be too far in the horizon. MARCUS HAYWOOD AND WILLIAM WILLSON Closer to home, there has been good news for Chambers, sweeping the board of the Company/Insolvency prizes at Welcome to the final edition of the Digest of 2020 the Chambers Bar Awards held virtually on 19 November. South Square was named as Company/Insolvency Set of the Year for the fourth year running. Tom Smith QC was named Company/ Insolvency silk of the year and Stephen We hope all our readers and their lower than would otherwise have been Robins Company/Insolvency junior families are well in what remain the case by the end of 2023. of the year. Congratulations to all challenging times. When the last members and staff, and to Tom and In the immediate term, the continuing edition of the Digest was published Stephen in particular. A full review of effect of the pandemic has led, amongst in the summer, the UK had recently the prizes appears later in the Digest. other things, to the extension of a emerged from lockdown and number of the temporary provisions This edition also contains a number restrictions were easing. Now, some to protect companies which were of topical articles. In our lead article, four months on, we are again emerging introduced in the Corporate Insolvency Lottie Pyper provides a detailed review from a second lockdown following a and Governance Act 2020 (‘CIGA’) of the first restructuring plan to be spike in coronavirus cases, particularly (which, together with the other convened and sanctioned under Part in the North of England. changes introduced by CIGA were the 26A of the Companies Act 2006 in The fallout from COVID-19 continues to subject of detailed consideration in relation to Virgin Atlantic Airways. have very significant economic costs. our July “Special Edition” of the Digest). The article considers the guidance Monthly GDP in September 2020 (the A review of these extensions appears given on the operation of Part 26A latest month for which data is currently later in this issue. both at convening hearing by our available) was 8.2% below the level former Head of Chambers, Mr Justice Other uncertainties loom. The of February 2020 with the restaurant, Trower and at the sanction hearing transition period following the UK’s entertainment, travel and air transport by Mr Justice Snowden. exit from the European Union will end industries, amongst others, particularly on 31 December 2020 with (as at time Following on from our recent series adversely affected. of writing) no deal yet having been of articles on cryptocurrencies, a joint The Bank of England has estimated reached with the EU. The Governor of article Robert Amey and Jonathan that the pandemic will cause persistent the Bank of England, Andrew Bailey, Milne of Conyers Dill & Pearman, economic scarring over the long term, has recently warned that the economic Cayman Islands, considers recent case with total economic output about 1.75% cost of a no-deal Brexit would be law and developments regarding the From the Editors 5 treatment of cryptocurrencies and the §“Is modified universalism alive and well and the other on the Disclosure Pilot legal status of this relatively new and in the Cayman Islands?”. Scheme and Paul on the extension of evolving asset class to predict how the the temporary provisions in the CIGA. And in our regular “Legal Eye” piece, Cayman Islands and other jurisdictions Roseanna Darcey takes us through And to keep you busy over the may treat crypto assets and deal with historical backstreets of London with Christmas period, this edition’s South disputes relating to them. surprisingly modern connections. Square Challenge is a word search, with Then, in our regular offshore guest Meanwhile, associate member Professor a topical coronavirus theme. article, Michael Popkin of Cambells, Christoph Paulus continues his regular In the meantime, until the next edition, Hong Kong considers recent Euroland piece and informs us of we wish all our readers a happy festive developments in relation to provisional recent developments of interest on period and New Year – which hopefully liquidations and restructuring in Hong the continent. will be much better than the last! Kong and the Cayman Islands. The period since the last edition of Many thanks to all for their Felicity Toube QC and Hilary Stonefrost, the Digest was published has also seen contributions. As always, views together with Scott Akins and Dr the handing down of judgments in a expressed by individual authors and Kai Luck of Norton Rose Fulbright, number of important cases including contributors are theirs alone. Australia consider the case for further the decisions of the Supreme Court reform to strengthen business rescue in Sevilleja v Marex Financial Ltd and We hope you enjoy this edition of in the UK and Australia, focusing in Enka Insaat Ve Sanayi AS v OOO Insurance the Digest. And if you find yourself particular on super-priority debtor- Company Chubb (in which Robin Dicker reading someone else’s copy and wish in-possession (“DIP”) financing and QC appeared). A summary of these to be added to the circulation list, prepack business sales. cases, along with other cases of note, please send an email to kirstendent@ many involving members of Chambers, southsquare.com and we will do our For those that missed it, associate appear as always in the Case Digests. best to make sure that you will get the member Hon Paul Heath QC, provides next edition and all future editions. an overview of P.R.I.M.E Finance’s Finally, we welcome our newest recent webinar on “Insolvency and members – Paul Fradley and Jamil It goes without saying that if you have Restructuring in a Pandemic – the Mustafa, after the successful any feedback to give us in relation to Global View from the Boardroom completion of their pupillage.
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