TRANSACTIONAL
May 2, 2017
Bankruptcy and Financial Restructuring Alert
Coming to America?--Applying Bankruptcy Code Section 109(a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15
By Andrew N. Goldman, Benjamin W. Loveland and Lauren R. Lifland
I. Introduction
THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW
June 2017
Contents
Introduction 1. Better accessibility to Singapore's corporate rescue and restructuring framework for foreign companies 2.Chapter 11 style - Rescue financing / DIP financing 3.Enhanced moratoriums with extra territorial effect 4.Increased disclosure, cram-downs and pre-packs 5. The adoption of UNCITRAL Model Law Conclusion Your contacts
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2017 Singapore Insolvency and Restructuring Reforms June 2017
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Introduction
These days, the threat of counterparty insolvency looms over the energy sector: whether it is a natural disaster or precipitous decline in the price of oil, perhaps no industry is more susceptible to the financial decline and potential default of contracting parties.
Since the bankruptcy of Hanjin Shipping Co. Ltd., so many articles have been written about how it happened, why it happened, and what can be learned from this tragedy. When Hanjin Shipping, once the 7th largest container carrier in the world and the 4th largest container carriers in the transpacific (Asia – US & Canada) trade, filed for bankruptcy, few believed that a “too big to fail” organization like Hanjin would not be given a government bail-out. So, naturally, no one really appreciated the kind of disruption and losses that would subsequently affect the global supply chain.
Some businesses operate in a naturally risky environment where a major crisis event is a real possible consequence of everyday operations. What do you do when something literally blows up?
In the context of the scenario posed for the first day of the conference, this panel considered some of the obligations of the board and the officers of a near insolvent company in managing financial, regulatory, and environmental risks.
The English Court granted recognition of Chapter 11 proceedings in relation to a company that was incorporated in the UK but had its centre of main interests ("COMI") in the United States, confirming that the Directors were foreign representatives for the purpose of the Cross Border Insolvency Regulations 2006 ("the Regulations").
The National Association of Insurance Commissioners Summer National Meeting, held on August 24 - 28 in San Diego, produced a number of noteworthy developments related to international, financial, and other regulatory matters. Many of these matters are interconnected on both public policy and technical grounds and involve a mixture of domestic and international political issues.
1. Commencement of Rehabilitation Proceedings by Hanjin Shipping Co., Ltd. (“Hanjin Shipping”) On August 31, 2016 Hanjin Shipping filed a rehabilitation petition with the Seoul Central District Court. The Case number is Seoul Central District Court 2016 HoeHap 100211. On August 31, 2016, the Bankruptcy Division of the Seoul Central District Court issued a comprehensive prohibition order, as a provisional measure, to all creditors.
Introduction
Chapter 15 of the Bankruptcy Code, which deals with cross-border insolvency cases, took effect nearly 11 years ago.(1) Congress enacted Chapter 15 in 2005 to replace Bankruptcy Code Section 304, which previously addressed transnational insolvencies.(2) Chapter 15 largely incorporates the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, which was promulgated in May 1997. The Model Law is designed: