The Spanish Parliament's extraordinary plenary session of August 25, 2022, has passed a law amending the recast Insolvency Act, which amendment will enter into force 20 days after it is published in Spain's Official State Gazette, the "BOE".

This new law, after suffering numerous amendments as a bill, establishes major changes in the area of insolvency, and it incorporates into the Spanish legal system the guidelines established by Directive (EU) 2019/1023 of the European Parliament and of the Council, dated June 20, 2019, on preventive restructuring frameworks.

A bankruptcy discharge releases the debtor from pre-bankruptcy debts or liabilities. The purpose is to give the debtor a “fresh start” from excessive debts that cannot be repaid, except in certain situations such as where the debt arises from deceitful or fraudulent conduct. In Poonian v. British Columbia (Securities Commission), the British Columbia Court of Appeal held that securities sanctions are excluded from bankruptcy discharge.

The Bankruptcy Protector

The Bankruptcy Protector

On June 6, 2022, the Supreme Court issued a unanimous ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (U.S. June 6, 2022) that the increase in fees payable to the U.S. Trustee system in 2018 violated the uniformity aspect of the Bankruptcy Clause of the Constitution because it was not immediately applicable in the two states with Bankruptcy Administrators rather than U.S. Trustees.

A preferential transaction occurs where an insolvent person or debtor makes a transfer of property or a payment that has the effect of favouring one creditor over another. Creditors and bankruptcy trustees can use federal or provincial legislation to attack preferential transactions. A recent Ontario Court of Appeal decision, Golden Oaks Enterprises Inc v Scott, 2022 ONCA 509, upheld the finding that certain transactions were an unlawful preference under section 95(1)(b) of the Bankruptcy and Insolvency Act, RSC 1985 c B-3 (“BIA”).

In brief

In brief

In Chan WS and Chan CNP v. CC Bank [2022] HKCA 1037 ("CA Decision"), the Court of Appeal (CA) recently overturned a decision in the Court of First Instance (CFI) to set aside two statutory demands (SDs) on the ground of overstatement of the debt in the SDs ("CFI Decision").

The Bankruptcy Protector

The Bankruptcy Protector

Bankruptcy Basics for New and Non-Bankruptcy Attorneys

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals. This entry will discuss how ipso facto clauses are treated in bankruptcy.

Imagine you are the vendor to an entity that has just filed for protection under chapter 11 of the Bankruptcy Code. Your contract documents include the following default provision:

The 8th edition of Baker McKenzie's Global Restructuring & Insolvency Guide has been compiled by Baker McKenzie lawyers experienced in the practical aspects of restructuring and insolvency. It should provide you with a helpful reference tool to understand the numerous insolvency and restructuring regimes that may affect your business.

Covering 38 jurisdictions, we review the following topics: