Bankruptcy and restructuring law in Poland is undergoing considerable modernisation, as demonstrated by the following:

Key point

An English scheme for a company that has a "sufficiently close connection" with the jurisdiction can be proposed albeit recognition in Poland is at the discretion of the Polish courts.

The Facts

An accident at work is understood to mean:

Key point

The English Courts have refused to discharge a bankruptcy order made on the basis of the individual's presence in the jurisdiction for one day only, where Russian asset freezing orders had been broken, the Court misled and in the knowledge recognition of a UK bankruptcy order in Russia was unlikely.

The facts

UPDATE #3 FROM THE RHTLAW CRISIS RESPONSETEAM:

Key Points 

Background

Pars Ram Brother (Singapore Company) obtained trade financing facilities from various banks, and pledged the goods financed by each bank under a pledge arrangement as security.

The Singapore Company entered into voluntary liquidation. The liquidator discovered that the Singapore Company had mixed the goods making it impossible to identify which goods were financed by which bank.

Issue

Key Points

• Under rule 98(2)(c) of the Singapore Bankruptcy Rules, the court shall set aside a statutory demand if the creditor holds ‘security for the debt’ claimed in the demand, and the court is satisfied that the value of such security is equivalent to or exceeds the full amount of the debt.

• This case suggests that the creditor making a statutory demand is not obliged to disclose security offered by a third party, but only by the debtor in respect of the debt.

The Facts

Introduction

When an unregistered foreign company becomes insolvent in both its place of incorporation and in Singapore, should its assets in Singapore be remitted to the foreign liquidator or be held in Singapore to satisfy locally incurred liabilities first? This was the question that the Singapore Court of Appeal  faced in  Beluga Chartering GmbH (in liquidation) and others v Beluga Projects (Singapore) Pte Ltd (in liquidation) and another (deugro (Singapore) Pte Ltd, non-party) [2014] SGCA 14.

Facts

Slovakia is getting ready for a major amendment of the Commercial Code, which will also amend the Slovak Act on Bankruptcy and Restructuring. Significant changes are expected in the corporate as well as bankruptcy and restructuring law sector which is underperforming and provides insufficient protection to creditors, despite many previous attempts to improve the regulation of this area.