In autumn of 2025, the English High Court decided that liquidators have unlimited personal exposure: they cannot contractually limit or exclude their personal liability for breach of duty. An application for permission to appeal that decision is now before the Court of Appeal.
In a move that exemplifies the flexibility of the UAE’s judicial system, the Dubai Court has issued a landmark ruling declaring the insolvency of an Arab national. The individual had accumulated civil debts totaling AED 736,000, leading to a complete inability to meet financial obligations.
The Supreme Court of India ('Court') in UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited, Civil Appeal No. 9701/2024, has delivered a critical judgment clarifying the legal boundaries between a Deed of Undertaking and a Contract of Guarantee under Section 126 of the Indian Contract Act, 1872 (‘Act’). The Court's decision underscores that mere commercial nomenclature and internal funding arrangements do not satisfy the rigorous legal requirements of a guarantee.
Factual Background
While Chapter 11 does not require debtor insolvency, it does require good faith (applicable to the petition and the plan), which for solvent debtors seeking to reject and modify lease-counterparty rights, includes establishing some level of financial distress susceptible to resolution through the plan process.
Key takeaways
1. はじめに－中国での再編・リストラと不正調査案件の増加
筆者は上海市に駐在して日中間の様々な案件に日々対応しており、関与案件の分野は多岐にわたるが、その中で近年増加しているのが「現地法人の再編・撤退及びそれに伴うリストラ案件」と、「現地法人における社内不正調査案件」である。こう述べると、「中国の日系企業は続々撤退しているのですね」とか「中国は不正が多くて事業が難しいですね」と感じられるかもしれない。
このような「後ろ向き」の案件が増加しているのは、日系企業を取り巻く事業環境の厳しさを示すものと見られかねないだろうが、実際に企業の方々と協働して現場の対応に取り組む身としては、やや異なった見方をしている。撤退・リストラ案件や不正調査案件の増加には複合的な背景があり、日系企業が中国事業を長期的に持続・発展させるための過渡的で必要なステップとして、より前向きに捉えてよいと感じる。中国事業で問題が生じた場合に、いわゆるチャイナリスクで一括りにするのではなく、より分析的に問題を把握することで解決の方向性が見えてくることは多い。本稿では、撤退・リストラ案件や不正調査案件の最近のトレンドの背景を整理しつつ私見を述べてみたい。
Declaring bankruptcy for a Limited Liability Company (LLC) in the UAE entails several legal, financial, and commercial consequences that affect the company itself, its partners, creditors, and the overall market. The most prominent effects include:
Freezing of Assets and Accounts: Upon the issuance of a bankruptcy judgment, the company's assets are frozen and placed under the management of a Bankruptcy Trustee, for the purpose of liquidation or restructuring in favor of the creditors.
11 U.S.C. § 365(c)(2) says (emphasis added):
The English Court of Appeal has recently provided important guidance on transactions at an undervalue pursuant to s.238 of the Insolvency Act 1986 (“IA 86”) in the case of TAQA Bratani Ltd v Fujairah Oil and Gas UK LLC.
Introduction
The Court of Appeal in Desa Tiasa Sdn Bhd v CME Group Bhd & Anor [2025] MLJU 4345 (“Desa Tiasa“) has clarified an important point of law on the standing of unsecured creditors in judicial management (“JM“) proceedings. It has confirmed that unsecured creditors have no right to intervene or to be heard in an application for a judicial management order (“JMO“), unless such right is expressly provided for by statute or subsidiary legislation.
Dentons Hong Kong LLP secured an important judgment for foreign insolvency practitioners from the Hong Kong Court on 20 January 2026, regarding recognition of office holders in the context of restructuring (as opposed to liquidation/winding-up) of a company, which will potentially have significant implications both in Hong Kong and elsewhere in the common law world.