The Russian government has introduced a bankruptcy moratorium with effect from 1 April to 1 October 2022 in respect of all Russian legal entities and individuals (“Persons“) except for certain residential real estate developers.

The moratorium is intended to protect Russian debtors against creditors’ claims and provide support for players on the Russian market given the challenging environment they operate in.

The key consequences of the introduction of the moratorium regime are as follows:

Introduction

From a civil litigation and insolvency perspective, we look at the key impacts of the Hong Kong Courts’ recent General Adjournment of Proceedings (GAP) from 7 March 2022 to 11 April 2022 and related governmental closures.

Key Takeaways

1. The recent implementation of GAP has resulted in a de facto stay of new actions and proceedings, and adjournment of existing actions, including bankruptcy and winding-up petitions.

BUSINESS RESTRUCTURING REVIEW VOL. 21 • NO.

Perhaps surprisingly given the rarity of such cases, a handful of high-profile court rulings recently have addressed whether a solvent chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims "unimpaired" under a chapter 11 plan and, if so, at what rate.

Supreme Court to Resolve Circuit Split on Constitutionality of U.S. Trustee Fee Hike

When existing interest holders attempt to retain ownership of a chapter 11 debtor after confirmation of a nonconsensual plan of reorganization, the Bankruptcy Code's plan confirmation requirements, including well-established rules regarding the classification and treatment of creditor claims and equity interests, can create formidable impediments to their reorganization strategy. In In re Platinum Corral, LLC, 2022 WL 127431 (Bankr. E.D.N.C. Jan. 13, 2022), the U.S.

In brief

The courts were busy in the second half of 2021 with developments in the space where insolvency law and environmental law overlap.

In Victoria, the Court of Appeal has affirmed the potential for a liquidator to be personally liable, and for there to be a prospective ground to block the disclaimer of contaminated land, where the liquidator has the benefit of a third-party indemnity for environmental exposures.¹

WHITE PAPER Recent Trends in Corporate Debt and Reorganizations: Laying the Groundwork for Future Large Chapter 11 Cases or Just More Runway? After commercial Chapter 11 filings soared to their highest levels in more than a decade in 2020, the numbers gradually came back to Earth in the latter part of 2020 and, in 2021, fell well below annual averages. The primary driver of this reversal was twofold: swift and robust central bank intervention around the world and readily available and affordable capital from banks, private equity, and hedge funds.

The finality of sales of assets in bankruptcy is an indispensable feature of U.S. bankruptcy law, designed to maximize the value of a bankruptcy estate as expeditiously as possible for the benefit of all stakeholders. Promoting the finality of bankruptcy asset sales is the Bankruptcy Code's prohibition of reversal or modification on appeal of an order approving a sale to a good-faith purchaser unless the party challenging the sale obtains a stay pending appeal. This bar of appellate review is commonly referred to as "statutory mootness."