A little over one year ago, the Corporate Governance and Insolvency Act 2020 came into force, bringing with it the most extensive changes to the UK restructuring and insolvency landscape for almost two decades. The Act introduced a number of temporary provisions in direct response to the COVID-19 pandemic, as well as more permanent reforms of, and additions to, UK corporate insolvency law. Central to those more permanent reforms was the new restructuring plan procedure under Part 26A of the Companies Act 2006. A handful of companies have now sought to use the new restructuring plan and a helpful initial body of case law has been established as a result. Click here to learn more.
International Legal Update – Canada
In February of this year, the Supreme Court of Canada delivered its third decision in a trilogy of cases on the duty of good faith in contractual performance. In Wastech Services Ltd. v Greater Vancouver Sewerage and Drainage District, the court laid out the scope of the general contractual principle that discretion must be exercised in good faith, explaining that discretion must be exercised within the scope and purpose for which the contracting parties granted it. Provisions that provide for “unfettered” or “absolute” discretion are then necessarily bound by what is reasonable and within the framework of an agreement as a whole. Click here to learn more.
Spotlight on New ACIC Members
The ACIC is pleased to welcome the following individuals as new members. Please click here to learn more about our colleagues!