The Hong Kong Court of Appeal has confirmed that the court should respect the effect of an exclusive jurisdiction clause in bankruptcy proceedings, just as it does in ordinary civil actions. To do otherwise, it said, it would be illogical.
Die fundamentalen Spannungen, die der Ukraine-Krieg in den Energiemärkten verursacht, hinterlassen bereits jetzt tiefe Spuren bei Industrie und Privathaushalten. Vor allem bei besonders energieintensiven Industrien und Betrieben zeichnen sich bereits erste Produktionsdrosselungen, Produktionsstopps und sogar Insolvenzen ab. So haben jüngst Hersteller von energieintensiven Produkten wie Dünger, Kohlensäure und AdBlue die Produktion gedrosselt oder gleich ganz eingestellt. Mit Görtz und Hakle mussten zudem bereits zwei Unternehmen wegen steigender Energiekosten Insolvenz anmelden.
Since 1 October 2022, the Singapore International Commercial Court now has jurisdiction to hear cross-border restructuring and insolvency matters. In addition, foreign lawyers may be appointed to make submissions in restructuring and insolvency proceedings in the SICC. Lawyers may even enter into conditional fee agreements with their clients for selected proceedings provided that certain safeguards are met.
Summary
The Supreme Court held that when directors know, or ought to know, that the company is insolvent or bordering on insolvency, or that an insolvent liquidation or administration is probable, they must consider the interests of creditors, balancing them against the interests of shareholders where they may conflict. The greater the company’s financial difficulties, the more the directors should prioritise the interests of creditors.
Background
The Supreme Court’s decision in BTI v Sequana & Others represents the most significant ruling on the duties of directors of distressed companies of the past 30 years.
This Supreme Court decision considers the balancing exercise which directors are required to carry out between the respective interests of creditors and shareholders when a company is in financial distress.
This note summarises the key points from the ruling and the practical effect of this decision.
How do you improve the image of company voluntary arrangements? Start by reforming the voting rules.
The U.S. is one of the easiest jurisdictions in the world in which to do business. Regulatory barriers are generally low, establishing a branch or business entity is quick and easy, labor and employment laws are much more employer-friendly than in most other developed economies, and the legal system is well-developed and transparent. However, there are certain barriers to entry and challenges to doing business that should be taken into account before investing or establishing operations in the U.S.
Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022.
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New developments regarding Spanish pre-insolvency restructuring tools
6 September 2022
The Law 16/2022, of 5 September for the amendment of the Spanish Insolvency Law that transposes Directive 2019/1023 (Directive on restructuring and insolvency) (the Law) has been published today in the Spanish Official Gazette. The Law will enter into force on 26 September 2022 (excluding some articles).
The Law sets out structural reforms in pre-insolvency and insolvency regulations to achieve the following goals:
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Reestructuraciones de empresas en crisis Novedades en la Ley Concursal espaola
6 de septiembre de 2022
La Ley 16/2022, de 5 de septiembre, de reforma del texto refundido de la Ley Concursal que traspone la Directiva 2019/1023 sobre reestructuraciones e insolvencia (la Ley) ha sido publicada hoy en el BOE. La Ley entrar en vigor el 26 de septiembre de 2022 (salvo alguna excepcin).
La Ley acomete una reforma estructural en el mbito preconcursal y concursal con numerosas novedades y con los siguientes objetivos: