The La Perla case represents one of the first real tests of cross-border insolvency between Italy and the United Kingdom in the post-Brexit landscape. The well-known lingerie brand, founded in Bologna in 1954, became embroiled in a complex corporate crisis that culminated in November 2023 with the opening of compulsory liquidation proceedings before the High Court in London against La Perla Global Management (UK) Limited (LPGMUK).
Welcome to the latest edition of the Financial Regulation Weekly Bulletin.
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Developments this week are in relation to:
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INTRODUCTION:
In Re King & Wood Mallesons and other matters [2025] SGHC 67, the General Division of the High Court of Singapore (High Court) granted recognition and reliefs under the UNCITRAL Model Law on CrossBorder Insolvency (Model Law) in respect of a consolidated reorganisation of three Chinese companies in the People’s Republic of China (PRC). This decision provides guidance to insolvency office-holders appointed under PRC law on the procedural requirements to seek recognition under the Model Law in Singapore.
Switzerland is known for its efficient legal system and pro-enforcement stance. However, if you are a foreign insolvency practitioner handling bankruptcy proceedings with ongoing litigation in Switzerland, you may face some procedural hurdles.
This article outlines the effects of a foreign bankruptcy decree in Switzerland and explores the available options to initiate or continue litigation.
WHAT HAPPENS?
Foreign insolvency practitioners are barred from litigating without prior recognition
Upcoming Lexology Index research – June to August 2025
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Given the increased intertwining of national economies, cross-border insolvency presents salient legal and financial difficulty. Upon the existence of an insolvent debtor in more than one country, the necessity to deal with assets and/or creditors creates very complicated jurisdictional problems and other legal issues. Most of the time, a company will operate in several jurisdictions and hence face very complicated transnational insolvency scenarios.
The decision in York, in the matter of Exactech, Inc [2024] FCA 1522 reaffirms the scope to recognise a US chapter 11 bankruptcy in Australia as a foreign main proceeding [1] and demonstrates the importance of interim stay orders in protecting the assets of debtors and the interests of creditors until the final determination of the recognition application.