Appellate tribunal NCLAT has directed that a plea by JM Financial Asset Reconstruction Company to initiate insolvency proceedings against Samay Electronics be placed before a third member of the NCLT Ahmedabad bench after two other members of the same bench gave a split verdict in the matter, Outlook reported. The two-member Ahmedabad bench of the National Company Law Tribunal (NCLT) had delivered the split verdict on February 26, 2020.
China jolted markets in 2019 with three high-profile bank rescues that imposed losses on some investors, Bloomberg News reported. The appetite for experimenting with greater market discipline has been crushed by the coronavirus pandemic. 2020 has become the year of stealth rescues as authorities try to preempt bank failures and ensure stability for an industry at the forefront of cushioning the virus-induced economic slump.
Wirecard’s fabricated Asian business was not its only deception. The rest of the once-lauded German payment provider’s business was chaotic, beset by byzantine reporting lines, hobbled by lamentable IT and racking up losses, according to a report by Wirecard’s administrator and accounts of former employees, the Financial Times reported. The picture that emerges of the Wirecard businesses that did exist is a stark contrast to the one painted by former chief executive Markus Braun, who hailed the group as a highly profitable pioneer in the payments industry.
Thailand’s central bank is set to keep its benchmark interest rate unchanged at an all-time low Wednesday as it calls on the government to use fiscal stimulus to spur the pandemic-hit economy, Bloomberg News reported. All 22 economists in a Bloomberg survey predict the Bank of Thailand will keep the key rate at 0.5% after reducing it three times earlier this year. Policy makers are keen to preserve their limited ammunition to respond to any further downturn as the coronavirus pandemic weighs on global growth.
Abu Dhabi-based KBBO Group, once one of NMC Health Plc’s biggest shareholders, has hired a turnaround specialist to restructure its $2 billion debt pile, people familiar with the matter said, Bloomberg News reported. The privately-held investment firm with assets in health care and food named Bruno Navarro as its chief restructuring officer, the people said, asking not to be identified because the matter is private.
Avianca Holdings SA, one of Latin America’s largest airlines, lined up a $2 billion bankruptcy-loan package to finance its stay in chapter 11 from a group of investors and lenders including United Airlines Inc. and Chairman Roberto Kriete, The Wall Street Journal reported. Since filing for bankruptcy in May after the coronavirus pandemic curtailed flying, Avianca has been working to raise capital to stay in business as air travel remains deeply depressed world-wide.
Creditors have started to enforce claims against Abu Dhabi-based Al Jaber Group, in a dispute triggered by a construction downturn in the United Arab Emirates more than a decade ago, Reuters reported. Al Jaber, a contractor with interests across a range of sectors, has struggled since building up debt in the wake of a UAE real estate crisis and began talks with creditors in 2011. Abu Dhabi Commercial Bank, which is working as restructuring and security agent, said in a document dated Sept.
Struggling British companies have been forced to borrow close to £58bn in emergency loans backed by the government during the coronavirus pandemic, according to figures released by the Treasury, the Financial Times reported. The data published on Tuesday — which show a rise of almost £5bn in the past month — comes ahead of an expected extension for the four schemes put in place to support bank lending to companies to help them survive the effects of the economic lockdown.
Zambia has asked investors in its US dollar bonds to accept delays in their interest payments into next year, in what would be the first African debt default on private creditors since the pandemic, the Financial Times reported. President Edgar Lungu’s government said on Tuesday that it was seeking “the suspension of debt service payments for a period of six months” from holders of its $3bn worth of international bonds, beginning in October.
Argentina’s economy contracted a record 19.1% in the second quarter versus the same period a year earlier as the coronavirus pandemic crippled production and demand, though was slightly better than analyst forecasts, Reuters reported. The steep fall, deeper than a 16.3% drop during Argentina’s major 2002 crisis, came as the South American country imposed a strict lockdown in mid-March to stem the virus. The country has over 640,000 confirmed COVID-19 cases, and nearly 13,500 deaths.
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In 1990, Ireland introduced a rescue process which reflects all of the main components of the Preventive Restructuring Directive (1023/2019) (“Directive”).
Steel producer operating in Italy struggles to protect its activities by Giorgio Cherubini & Giancarlo Cherubini
Ilva is the largest steel plant in Europe with a factory in Taranto and a century-old history, which began in the early twentieth century on the initiative of a group of industrialists from Northern Italy.
The plant is one of the flagships of the Italian economic boom, giving jobs and creating wealth and employment.
Judgment of 14 November 2018, C 296/17, Wiemer & Trachte – is the CJEU right? by Angel Ganev, Simeon Simeonov, Valentin Bojilov
The purpose of this article is to present and analyse a 2018 judgment of the Court of Justice of the European Union (hereinafter referred to as the “Court” or “CJEU”), delivered upon a referral for a preliminary ruling of the Bulgarian Supreme Court of Cassation and aimed at the interpretation of Article 3(1) of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings (hereinafter the “EIR 2000”) and, more specifically, the jurisdiction of the courts of the Member States to hear cases which derive directly from insolvency proceedings and which are closely connected to t
On 6 December 2019, the UNCITRAL held, in its Vienna Headquarters, a Colloquium on Asset Tracing and Recovery, under the auspices of its Working Group V (Insolvency Law). More than one hundred professionals dealing with asset tracing and recovery were in attendance (See Paul Omar’s report of the wider meeting in our News section of this edition).
The purpose of the Colloquium was to kick off a process of debate and analysis among practitioners and academics of different jurisdictions.
At the time of writing, our personal and professional life has totally changed since the COVID-19 emerged. INSOL Europe has just announced that many of our events are postponed.
Countries, one after another, imposed restrictions on citizens’ free movement and banned travels. Offices, courts, schools, and universities are being closed everywhere… Lockdowns spread across the world, including the US and India. In order to fight this highly contagious respiratory illness, the lockdowns are being extended and reinforced…
This updated edition describes the framework of the European Insolvency Regulation Recast (adopted in June 2017), reviews its major rules, highlights the differences from the old EIR 2000, and makes references to the most important and recent cases of the Court of Justice of the European Union. An essential guide for non-European judges, practitioners and scholars who are confronted with this domain of law, as well as anyone dealing with EU-related cross-border cases, this book serves as a concise and comprehensive introduction to the EIR Recast.
Chapter 15 for Foreign Debtors covers all aspects of the UNCITRAL Model Law on Cross-Border Insolvency as well as chapter 15 of the Bankruptcy Code, and provides details about the Foreign Representative, avoidance actions, creditor protections, concurrent proceedings, comity and much more. The book also includes an extensive appendix filled with more than 500 pages of sample case documents and forms related to chapter 15 proceedings.
This book is the latest addition to our list of publications and it provides basic information on Islamic finance. It is meant to be a useful reference tool to the majority of insolvency practitioners who do not work in this field. The chapters in this book were selected on the basis that it is expected that most INSOL members currently have very limited understanding of Islamic finance.
The book has 10 chapters, a country study, and an annexure with a glossary of Islamic finance terms. Following the introductory chapter there are chapters on: