The EU Directive on restructuring and insolvency [1] has imposed an obligation to Member States to introduce relevant changes in their legal regimes on restructuring plans, which can be implemented even if the entity is in “the likelihood of insolvency.” [2] The purpose of the EU Directive is to encourage companies to address insolvency problems at a very early stag
The EU Directive on restructuring and insolvency [1] has imposed an obligation to Member States to introduce relevant changes in their legal regimes on restructuring plans, which can be implemented even if the entity is in “the likelihood of insolvency.” [2] The purpose of the EU Directive is to encourage companies to address insolvency problems at a very early stag
There has been growing debate in recent years over the continued relevance of the common law rule in Antony Gibbs & Sons v La Societe Industrielle et Commerciale des Metaux (1890) LR 25 QBD 399 (the “Gibbs Principle”). The Gibbs Principle basically means that where a contract is governed by the law of a particular country, it cannot be discharged or compromised under the insolvency law of another country — unless the creditor has submitted to that other jurisdiction.
The committee selected In re LATAM Airlines Group S.A., et al., as the winner of the First Annual ABI International Matter of the Year Award. The award is given to a matter that (1) involved the U.S.
On Friday, Aug. 7, 2020, President Muhammadu Buhari assented to the Companies and Allied Matters Bill, recently passed by the National Assembly of the Federal Republic of Nigeria. [1] The bill introduced significant insolvency reforms, including procedures for Administration and Company Voluntary Arrangements, as well as regulations for Insolvency Professionals.
After two years of being held virtually, ABI’s in-person Cross-Border Insolvency Program resumed on Nov. 14 in the Blank Rome LLP Conference Center in Manhattan. Thanks go to Evan Zucker and Blank Rome for hosting the conference.
For the first time since the start of the pandemic, ABI held its annual International Insolvency & Restructuring Symposium in person, returning to London Oct. 13-14. The symposium was held in conjunction with the American College of Bankruptcy, the International Insolvency Institute (III), INSOL, IWIRC and TMA Europe, and featured many of the hottest topics in international restructurings.
The committee selected In re LATAM Airlines Group S.A., et al., as the winner of the First Annual ABI International Matter of the Year Award. The award is given to a matter that (1) involved the U.S.
Mexico’s insolvency law, “Ley de Concursos Mercantiles” (LCM), provides for a “separation action” that gives the right to legitimate owners of goods in possession of debtors who file for bankruptcy to recover them, as long as such goods are identifiable and their ownership has not been transferred by a definitive and irrevocable legal title.
A BVI-licensed insolvency practitioner may be appointed as a liquidator of a foreign company if the court is satisfied that the company has a connection with the BVI and, among other things, the company is insolvent or it has been dissolved or has otherwise ceased to exist under or by virtue of the laws of the country in which it was last registered. A foreign company has a connection with the BVI only if:
