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On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure businesses, investors and creditors remain confident that best outcomes can be achieved when faced with financial difficulty, and to give a company the best possible chance to restructure its debts and return to profitability while protecting employees and creditors.

Puerto Rico is in the midst of a ­financial crisis. Over the past few years, its public debt skyrocketed while its government revenue sharply declined. In order to address its economic problems and to avoid mass public-worker layoffs and cuts in public services, the unincorporated U.S. territory issued billions of dollars in face value of municipal bonds. These bonds were readily saleable to investors in the United States due to their tax-exempt status and comparatively high yields.

14 червня 2016 р. було прийнято новий закон «Про фінансову реструктуризацію» (Закон), який повинен розв’язати багато протиріч та допомогти в проведенні реструктуризації боргів в Україні.

Закон запроваджує нову процедуру реструктуризації фінансової заборгованості українських боржників-юридичних осіб (Реструктуризація).

Особливості нової процедури Реструктуризації:

On 14 June 2016 the Verkhovna Rada of Ukraine adopted the Law “On Financial Restructuring” (the Law), which aims to solve many conflicts and assist in debt restructurings in Ukraine.

The Law provides a new procedure for restructuring financial debt of Ukrainian corporate debtors (the Restructuring).

Special features of new Restructuring procedure include:

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime.

Introduction

The Alberta Court of Queen’s Bench decision in Redwater Energy Corporation Re, 2016 ABQB 278, written by Chief Justice Neil Wittmann, clarifies that the provisions of the Bankruptcy and Insolvency Act (BIA) addressing the environmental liability of trustees render certain provisions of provincial regulatory legislation addressing wells and pipelines inoperative to the extent they conflict with the BIA.

The United States Bankruptcy Court for the Southern District of Ohio, Eastern Division, (“the Court”) held in In re John Joseph Louis Johnson, III, Case No. 14-57104, 2016 WL 1719149, that a creditor violated the automatic stay by seeking to enforce an arbitration award against nondebtor co-defendants. The automatic stay applies not only to stay actions against the debtor personally but also prohibits “any act to … exercise control over property of the [debtor’s bankruptcy] estate.” 11 U.S.C.

Adding to the unsettled body of case law on the enforceability of prepetition waivers of the automatic stay, on April 27, 2016, the U.S.