New fees are soon to be introduced by The Insolvency Service in respect of the insolvency deposit required to commence a creditor’s bankruptcy petition and winding-up petition which will make it harder for many businesses to collect their debts.
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.
The Hong Kong commercial and insolvency disputes team acted for the successful appellant in Guy Kwok-Hung Lam -v- Tor Asia Credit Master Fund LP CACV 393/2021 [2022] HKCA 1297.
The Hong Kong commercial and insolvency disputes team acted for the successful appellant in Guy Kwok-Hung Lam -v- Tor Asia Credit Master Fund LP CACV 393/2021 [2022] HKCA 1297.
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
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.
Introduction
The government has now announced that the remaining temporary restrictions created by the Corporate Insolvency and Governance Act 2020 are being lifted and that the insolvency regime will return to its pre-pandemic position with immediate effect from 1 April 2022. This includes removing the temporary restrictions placed on creditors when presenting winding-up petitions against debtors who are unable to pay debts they owe.
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.