Part 1: Preventative composition as a restructuring tool

As commercial companies in the UAE grapple with increasing inflation and interest rates, constraints to supply chains and labour market challenges, it seems inevitable that the number experiencing financial distress will rise. 

Earlier this year, the United States Bankruptcy Court for the Northern District of California granted in part and denied in part cross-motions for summary judgment in an action concerning “piecemeal exemptions” to California’s usury law.

On August 8, the California Department of Financial Protection and Innovation (DFPI) issued a desist and refrain order to a now-bankrupt cryptocurrency lender and its CEO after determining that the company allegedly made material misrepresentations and omissions in the offering of crypto interes

Naumets (Trustee), Dorokhov (Bankrupt) v Dorokhov [2022] FCA 748 In the matter of Hydrodec Group Plc [2021] NSWSC 755

On May 6, the U.S. Court of Appeals for the First Circuit reversed a district court’s decision, ruling that American tribes are not exempt from federal law barring suits against debtors once they file for bankruptcy.

Boris Becker has been sentenced to two and a half years in prison in relation to the four criminal charges he was convicted of under the Insolvency Act 1986. 

On 8 April 2022, following a trial at Southwark Crown Court, former tennis player Boris Becker was convicted of four counts against the Insolvency Act 1986 (the IA 1986). Mr Becker was subsequently sentenced to two and a half years in prison on 29 April 2022.  

The Bankruptcy

Recently, the FDIC reported on legal claims and enforcement proceedings taken by the agency during the financial crisis in the years from 2008 to 2013.

The latest edition of our bulletin, edited by our colleagues in Australia.

Welcome to the first edition of our Commodities bulletin for 2022.

On October 19, the U.S. District Court for the Middle District of Florida denied a defendant’s motion for judgment without prejudice concerning allegations that it knowingly ignored cease-and-desist letters sent by an individual while the individual had a pending bankruptcy petition.

In a recent judgment, the English Court of Appeal gives guidance on when a non-party costs order will be made against directors or shareholders of an insolvent company engaged in litigation. The judgment will be of interest to all involved in insolvency based litigation.

A snap shot of the courts’ jurisdiction to make costs orders against non-parties