On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
In a major development in BVI insolvency law and practice, the BVI Commercial Court has held in Constellation Overseas Limited (BVIHC (Com) 2018/0206 – 2012), that provisional liquidation is available to facilitate a restructuring. The decision brings the British Virgin Islands broadly into line with Cayman and Bermuda, where restructuring provisional liquidations have been used to support several landmark cross-border restructurings in recent years.
In the recent decision of Alexander Pleshakov v Sky Stream Corporation and Others (Pleshakov), the BVI Court of Appeal considered the scope of its jurisdiction to interfere with findings of fact made at first instance. This is the second time this year that the BVI Court of Appeal has addressed this issue.
In the recent BVI Court of Appeal decisions of Wembley and Sutton ‘disabled’ bearer shareholders were found to have a constitutional right not to be deprived of their property without compensation.
In Stanford v Akers the BVI Court of Appeal addressed standing in the context of applications under Section 273 of the Insolvency Act 2003, whereby an aggrieved person can ask the court to reverse or vary a liquidator's decision.
The liquidators of Chesterfield entered the company into a global settlement agreement with Deutsche Bank AG and Kaupthing, which included the admission of Kaupthing's claim in Chesterfield's liquidation.
Facts
First-instance decision
Court of Appeal decision
Comment
In Delco Participation BV v Green Elite Limited (2018) the Court of Appeal considered the test for appointing liquidators to a company following an alleged loss of substratum.
In the case of Delco Participation BV v Green Elite Limited [2018] the Court of Appeal considered the test for appointing liquidators to a company following an alleged loss of substratum.
With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations
The case
The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense
The case