The Wall Street Journal reports that Russia has taken another step closer to defaulting on its sovereign debts after an industry watchdog overseeing the credit-default swaps market ruled Wednesday that Russia failed to meet its obligations to foreign bondholders when it paid them in rubles earlier this month.

Recently, the Second Circuit became the first federal circuit court to rule that the federal government could deny a Paycheck Protection Program (“PPP”) loan to a debtor in bankruptcy solely because of an applicant’s bankruptcy status.[1] Prior to the Second Circuit’s decision in Springfield Hospital, Inc. v.

The first case to consider the requirement of a monitor to terminate a moratorium if they think a company is unable to pay certain debts was heard by the High Court on 4 February 2021. The case provides further clarity on the UK standalone moratorium process and is an example of a moratorium being used in order to restrain secured creditor action.

MR DOLLAR BILL LTD V PERSONS UNKNOWN AND OTHERS [2021] EWHC 2718 (Ch)

Federal Decree Law No (16) of 2021 (Factoring Law) was issued on 29 August 2021 and came into effect on 7 December 2021. The Factoring Law, whilst laying a legislative framework for a rapidly expanding trade finance industry in the United Arab Emirates (UAE), also provided much needed clarity from, and an update to, Federal Law No (4) of 2020 (Moveables Law) and Federal Law No (1) 1987 (Civil Code).

New entrants to the trade finance market

In August 2021, Raízen S.A. (one of the largest integrated energy companies in Brazil) merged with Biosev S.A. and Biosev Bioenergia S.A (sugar, ethanol and biomass producing businesses previously owned by the Louis Dreyfus group). Shortly prior to the completion of that merger, the agreement for which was signed in February 2021, Raízen completed one of the biggest initial public offerings in Brazil ever.

In its January 14, 2022 decision in In re Wolfson, the United States Bankruptcy Court for the District of Delaware discharged Chapter 7 debtor Ryan K.

Introduction

In this case, Re Kobian Pte Ltd (OS 1269 / 2020 in the Singapore High Court), Kobian Pte Ltd applied to the Singapore High Court for a moratorium to propose a scheme of arrangement with its creditors. The legal issues at stake were the necessary conditions to be fulfilled by an Applicant in order to obtain a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).

Regulated firms using company or insolvency law procedures to manage their liabilities could face action by the FCA if their proposals unfairly benefit them at the expense of their customers. The FCA has put forward draft guidance setting out the new role which it would have when a regulated firm proposes a compromise, what information it expects to be provided and the key factors which the FCA will consider.

Salem Mohammed Ballama Altamimi & ors v Emirates NBD Bank PJSC, HSBC Bank Middle East Limited, ICICI Bank UK Plc and others [2021] DIFC CFI 085 [1]