Introduction
At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year – however no one could sensibly have predicted the significant and far reaching impact of COVID-19.
In part 1 of our blog, we look back at 2020 and look forward to what the UK restructuring market can expect in 2021 considering the new Insolvency Laws, expected Rule changes, pre-pack sales and practice and procedural points.
Insolvency Laws – all change in 2020, what about 2021?
Last year we saw the proposed corporate insolvency reforms fast tracked into the legislative books making both temporary and permanent changes to the UK s insolvency laws. See our Quickguide on Changes to the UK Insolvency Regime – what the Act means for UK Businesses as a useful overview of the changes.
Introduction
Chancellor of the Exchequer Rishi Sunak has announced in the Spring Budget 2021 an extension of the Coronavirus Job Retention Scheme (CJRS), better known as the furlough scheme , for all sectors until 30 September 2021, with employer contributions gradually increasing from 1 July 2021.(1) While an extension of the furlough scheme beyond its planned closure date of 30 April 2021 had been widely anticipated, many expected that it would close at the end of June 2021 – so the latest announcement is highly welcome news for many employers.
The extension means that the CJRS will remain in place for several months after the planned full reopening of the economy in England on 21 June 2021 and will have been in place for a total of 18 months by the time that it closes.
Introduction
The Israeli Competition Authority (ICA) recently published a draft public statement for comment regarding the submission of joint bids by competitors in tenders. The draft proposes an interpretation of the Competition Law that may significantly affect the business activities of entities operating in Israeli tender markets.
The ICA s draft public statement significantly limits the ability to conduct self-assessment for joint bidding. This may, in turn, result in significantly increasing the need to obtain prior approval to joint bidding. The ICA s draft public statement also lists the primary considerations that will guide the competition commissioner when examining requests to exempt joint bidding. These considerations can also be implemented by the parties when performing a self-assessment in cases where the block exemption applies.
Introduction
On 16 September 2020 the eagerly awaited draft Renewable Energy Expansion Act (EAG) was published for evaluation (for further details please see Sparking change: Renewable Energy Expansion Act published for evaluation ). To help achieve the goals of the Paris Climate Agreement 2015, the draft creates new framework conditions for the expansion of renewable energy in Austria. The country intends for 100% of its total electricity consumption to come from renewable energy sources from 2030 onwards. To achieve this target, it plans to increase its annual electricity generation from renewable sources by 27 terawatt hours (TWh) by 2030, 11 TWh being contributed by photovoltaic (PV) plants.
Market premium instead of feed-in tariffs
Introduction
On 26 November 2020 the Central District Court (Judge Hadas Ovadia) dismissed a claim filed by Yossef Levi (the plaintiff) against Pazgas Ltd and its insurer Phoenix Insurance Company Ltd (the defendants) and determined that the plaintiff had failed to prove:
that the claim event had been a gas explosion ; and
Pazgas s alleged negligence.(1)
Facts
At approximately 9:00pm on 7 September 2010, a fire broke out in a pub called Levis located in an industrial building in the city of Ashdod, which was operated by the plaintiff.
In March 2014 the plaintiff filed a statement of claim in the Central District Court regarding property damage that he had allegedly sustained, in the amount of NIS6,635,846, as a result of a gas leak that had led to an explosion and a fire that had broken out in his pub.