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Enhanced focus on disclosure of tax losses in the Information Memorandum (IM)

Introduction

India, Insolvency & Restructuring, Khaitan & Co, Insolvency, Insolvency and Bankruptcy Board of India, National Company Law Tribunal
Supreme Court clarifies the scope and ambit of Interim Moratorium in Personal Insolvency Proceedings

Introduction

India, Insolvency & Restructuring, Litigation, Khaitan & Co, State Bank of India, Negotiable Instruments Act 1881 (India), Insolvency and Bankruptcy Code (India), Financial services banks, Financial services corporate
How the Automatic Stay in Bankruptcy Can Affect Net Asset Value Facilities

Executive Summary

USA, Insolvency & Restructuring, Litigation, Mayer Brown, Due diligence, Net asset value, United States bankruptcy court
Hong Kong Court of First Instance follows the Guy Lam approach notwithstanding the recent English Privy Council's decision in Sian Participation

We recently blogged (here) about the Privy Council decision of Sian Participation Corporation (In Liquidation) v Halimeda InternationalLtd [2024] UKPC 16 (

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation
Navigating the crossroads between arbitration and insolvency proceedings: the Hong Kong Court of Appeal applies Guy Lam principles in a winding up case involving an arbitration clause

Can a creditor obtain a winding up order against a debtor company if the underlying dispute over the debt is subject to an arbitration agreement between the parties?

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Herbert Smith Freehills LLP
ERGO Analysing Developments Impacting Business: SC Upholds NCLAT View that a Security Deposit may Constitute a Financial Debt in Certain Circumstances

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, National Company Law Tribunal
Agreements Among Lenders and Unitranche Facilities - a Fresh Look at a Trending Product

Over the past several years, unitranche facilities have become increasingly prevalent. This growth has been driven by the ever-growing class of private credit and direct lenders who initially developed the unitranche facility structure, along with traditional bank lenders now joining this market. The unitranche structure has several advantages, including typically quicker execution for the parties involved and in some cases a lower cost of capital to the borrower.

USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, United States bankruptcy court
What is the effect of Guy Lam on winding up petitions involving an arbitration clause? A third voice

Where a winding up petition is based on a debt arising from a contract with a non-Hong Kong exclusive jurisdiction clause, the court will tend to dismiss or stay the winding up petition in favour of the parties’ agreed forum unless there are strong countervailing factors.

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
When informal workouts don’t work out: English High Court rules bank that lent support to restructuring did not dishonestly assist in putting assets beyond creditors’ reach

In the current economic climate, more and more companies are getting into financial difficulties, informal workouts by debtor companies, with support from certain creditors, seem to be increasingly common.

United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
English High Court gives guidance on the so-called creditor duty where a company faces solvency-threatening claim

When a company is in the so-called “twilight zone” approaching insolvency, it is well-established that the directors’ fiduciary duties require them to take into account interest of creditors (the so-called “creditor duty”).

Hong Kong, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, High Court of Justice (England & Wales)