Judges of Barcelona unify principles on certain points of insolvency law

International case law

European jurisprudence on universal and territorial procedures

Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)

In the matter of Bleecker Property Group Pty Ltd (In Liquidation) [2023] NSWSC 1071, appears to be the first published case that considers the question of whether an order can be made under section 588FF(1)(a) of the Corporations Act 2001 (Cth) by way of default judgment against one defendant where there are multiple defendants in the proceedings.

Key takeaways

In In re CII Parent, Inc.,¹ the Bankruptcy Court for the District of Delaware affirmed a secured lender’s prepetition exercise of its proxy rights and its subsequent removal and replacement of the directors/managers of the debtor’s non-bankrupt subsidiaries, effectively cutting off the debtor’s ability to pursue effective relief in the bankruptcy case.

The commercial judges of Madrid publish a guidefor the appointment of an expert on insolvency pre-pack

Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice

Decision by Pontevedra Commercial Court No 3 on November 16, 2022

In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.

No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado

Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022

Los jueces de lo mercantil de Madrid publican una guía para el nombramiento de experto en pre-pack concursal

It may be fair to say that non-US entities involved in a chapter 15 case, the mechanism through which US courts recognize foreign insolvency proceedings, do not anticipate having to litigate claims raised in the chapter 15 case outside of the bankruptcy court. This may be due in large part to 28 U.S.C. § 1334(c)(1), an abstention statute applicable in chapter 15 bankruptcy proceedings.

This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h