The Insolvency Service (in reply to a letter from R3) has confirmed that it will be reframing its view of the term "creditor". This follows the cases last year of Pindar and Toogood where the court was asked to consider whether a paid secured creditor should have consented to an administration extension and therefore, in the absence of consent, whether the extensions were valid in both cases, the judges confirmed that the consent of paid secured creditors was not required.
Restructuring Plans (RPs)
2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.
It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.
BACKGROUND
Background
The Insolvency and Bankruptcy Board of India (IBBI) has on 24 September 2024 published the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) with the primary aim to streamline and reduce the delays faced in insolvencies containing class of creditors.
Amendments Introduced
The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.
Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.
Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.
Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.
BACKGROUND
2022年8月31日、ケイマン諸島のリストラクチャリング・オフィサー制度が施行されました[1]。この制度は、ケイマン諸島における支払不能状態会社の再建に関して、更に柔軟な再建方法を導入するものです。これは、リストラクチャリング請願の提出日から自動支払猶予期間が開始するというという特色もあります。
リストラクチャリング・オフィサー制度導入前において[2]、法定支払猶予の効果を有する再建方法は、ケイマン諸島における裁判所監督形式である再建手続において「ライトタッチ」（訳注：一時的な関与のみの想定）ベースの暫定清算人が選任される場合に限定されていました[3]。リストラクチャリング・オフィサー制度は、その手続面を見直し、さらにその利用に際して障害となるものを取り除いています。これには、(a)暫定清算人選任前に会社清算請願を提出しなければならない点（これは社会的信用を毀損する結果もたらします。）[4]、および、(b)暫定清算人が選任されるまでの間は支払猶予が認められない点[5]が含まれます。
2022年8月31日より前、ケイマン裁判所は、会社法（Companies Act）第104条(3)に基づく会社清算請願が提出された場合、以下の両要件を満たすときに、ライトタッチの暫定清算人を選任することができました。
BACKGROUND
Since its inception the Insolvency and Bankruptcy Code, 2016 (Code) has been an evolving legislation with regular updation(s) being brought about in the form of rules and regulations with a view of streamlining the corporate insolvency resolution process (CIRP).
The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.