Mark Johnson

Oct 9, 2023 | natlawreview.com | Prav Reddy |Mark Johnson |Eric Troutman |Ankit Shrivastava

Executive SummaryIn a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 . In Silverpail Dairy (Ireland) Unlimited Company v. McCarthy [2023] EWHC 895 (Ch), the English High Court applied Irish law to English governed law debt claims, including unpaid amounts owing to HM Revenue and Customs (HMRC), so as to bind English law creditors to an Irish law scheme of arrangement.

Sep 27, 2023 | natlawreview.com | Prav Reddy |Mark Johnson |George Whipple |David A. Hickerson

Executive SummaryInvestors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions). Galapagos Bidco S.A.R.L. v Dr Frank Kebekus and others [2023] EWHC 1931 (Ch) (Galapagos) is the first judicial determination of DD Provisions in over a decade2. The decision is welcome for confirming that they do precisely what they say on the proverbial tin.