In the twelfth edition of the Going concerns, we cover set-offs and the net result of a creditor dealing with a company in liquidation; the first cross-border pre-pack scheme filed in the Singapore International Commercial Court ("SICC") by a foreign unregistered company that has been successfully sanctioned in Singapore: Re No Va Land Investment Group Corporation [2024] SGHC(I) 17 ("No Va Land"); and UAE's new bankruptcy law that came into effect on 1 May 2024, a relatively substantial overhaul of the onshore insolvency and restructuring regime in the UAE.
In a significant recent judgment, the ADGM Court has clarified that it has jurisdiction to hear an action for fraudulent trading against the former directors of an onshore UAE company.
By way of background, NMC Healthcare LTD (NMC), and its various subsidiaries, were incorporated in onshore UAE. On 17 September 2020, NMC was redomiciled as an ADGM company. Shortly thereafter, on 27 September 2020, NMC was put into administration pursuant to the ADGM Insolvency Regulations 2015 and joint administrators (the Joint Administrators) appointed.
On June 27, 2024, the Supreme Court of the United States (“SCOTUS” or the “Court”) released its widely-anticipated decision in Harrington, United States Trustee, Region 2 v. Purdue Pharma L.P.
Les opérations de gestion du passif gagnent en popularité dans le monde du financement par emprunt. Lorsque les emprunteurs et les émetteurs de titres de créance éprouvent des difficultés à honorer les obligations liées à leurs facilités de crédit, à leurs obligations d’épargne ou à d’autres titres de créance, ils ont recours à des opérations de gestion du passif pour restructurer leurs engagements afin d’obtenir des liquidités supplémentaires sans avoir à obtenir le consentement unanime de leurs créanciers actuels.
Since the pandemic, during which insolvency rates were low due to Government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.
The adage ‘there is no such thing as a free lunch’ rings true for the 831 company directors disqualified in 2023/24 for abusing the Covid financial support scheme.
On April 16, 2024, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the Liberal Government’s federal budget, Fairness for Every Generation (Budget 2024). The most notable tax measure in Budget 2024 is the proposal to increase the capital gains inclusion rate from one-half to two-thirds, for capital gains realized on or after June 25, 2024. This measure will apply to all capital gains realized by corporations and trusts, but only will apply to individuals in respect of the portion of capital gains realized in the year that exceeds $250,000.
En 2023, le nombre de défaillances d’entreprises est en hausse par rapport à l’année précédente. À cela s’ajoutent le rallongement des délais de paiement, l’inflation, des taux d’intérêt toujours élevés...À la lumière dececlimat monétaire et financier instable se profile la gestion du risque crédit.
On March 11, 2024, the Alberta Government released two Regulations: the Market Power Mitigation Regulation (MPM Regulation) and the Supply Cushion Regulation (the Supply Cushion Regulat