What’s an ABC? If you ask ChatGPT, “ABC” is an acronym that can have multiple meanings, depending on the context—for example, referring to the alphabet. But here we are talking about a type of business liquidation process in the United States known as an Assignment for the Benefit of Creditors (“ABC”). An ABC is governed by state law and has long been viewed as an alternative to a liquidation under Chapter 7 of the US Bankruptcy Code.

Summary

In a January 2023 opinion,1 the Southern District of New York Bankruptcy Court overseeing the bankruptcy case of Latin American airline Avianca and certain of its affiliates sanctioned over 150 of the airline’s Brazilian and Columbian creditors who had filed proofs of claim in the bankruptcy case finding t

Battered by the COVID-19 pandemic and the decline in passengers travelling to Hong Kong, Hong Kong Airlines (HKA) has become the latest carrier to undergo a debt restructuring. Its restructuring plan was sanctioned by the English court on 9 December 2022 and its scheme of arrangement was sanctioned by the Hong Kong court on 14 December 2022.

In summary:

During the lifetime of a company some of the most difficult problems that a director faces are encountered if the company is in financial difficulty: not yet unable to pay its bills and insolvent but with a possibility that it may get to that position. At that stage the decisions made by a director may affect not only the survival and future of the company but also the director's own position.

Summary and comment

The Bankruptcy (Netting, Contractual Subordination and Non-petition Provisions) (Jersey) Law 2005 (the Netting Law) is a short law, expressed in seven articles, which gives statutory confirmation that netting, contractual subordination and non-petition provisions in agreements are enforceable in accordance with their terms before and after bankruptcy.

Introduction

This Guide explains the procedure for administration order proceedings in respect of Guernsey companies.

Administration orders

The purpose of administration orders

This Guide sets out the background of the 'solvency test' and its relevance and applicability in Guernsey. The Solvency Test Background When the solvency test was introduced in July 2008 as part of the Companies (Guernsey) Law, 2008 (the Law), it represented a fundamental change to Guernsey's company law in relation to the maintenance of capital and solvency.

mourant.com 2021934/84097043/2 GUIDE Insolvency procedures for Guernsey companies Last reviewed: February 2023 Contents Introduction 2 Modern corporate insolvency proceedings 2 Administration 2 Liquidation 3 Voluntary liquidation 3 Compulsory liquidation 4 Scheme of arrangement 5 Statutory process 5 Three-stage mechanism 5 Approval and challenges 5 Receivership 5 The traditional procedures 6 Désastre 6 Saisie 6 Out-of-court restructurings and consensual workouts 7 Conclusion 7 Contacts 7 2 mourant.com 2021934/84097043/2 Introduction Guernsey law provides a number of ways to ensure an orderl

The Society of Trust and Estate Practitioners (STEP) held its annual International Wealth Structuring Forum in the Cayman Islands on 19 and 20 January 2023 at the Ritz-Carlton, Grand Cayman. The forum was an opportunity for leading trust and wealth management professionals to gather and discuss the latest local and international developments impacting the industry. Hector Robinson KC and James Anson-Holland of Mourant attended the forum and have summarised the top three takeaways from the panel discussions.

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