In brief
The Court of Final Appeal (CFA), in its recent judgment in Re Guy Kwok-Hung Lam [2023] HKCFA 9 (link to judgment), has ruled on the proper approach towards a bankruptcy petition where the underlying dispute of the petition debt is subject to an exclusive jurisdiction clause (EJC).
In brief
In 2015, Justice Wilson-Siegel approved a new form of vesting order, referred to as the "reverse vesting order" (or RVO) as part of the restructuring in Plasco Energy (Re). An RVO is a court order that transfers unwanted assets and liabilities out of a debtor company into a (oftentimes newly incorporated) affiliated company, referred to as "ResidualCo." The debtor company is left holding only the assets and liabilities the purchaser wants to acquire.
In a recent judgment (Durose & Ors v Tagco BV & Ors [2022] EWHC 3000 (Ch)), the Court was asked to decide whether the actions of a private equity investor demonstrated "unfair prejudice". In this insight we cover what steps companies should take in light of the Court's ruling.
The Supreme Court of Canada's ("SCC") recent decision in Peace River Hydro Partners v.
In brief
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023.
The First-tier Tribunal (FTT) has made what is understood to be the first Remediation Contribution Order under the Building Safety Act 2022 (BSA) in connection with the remediation of building safety defects at a high-rise residential block at 9 Sutton Court Road, in London.
In the case of Bankruptcy Hanson, 2022 ONSC 6591,[1] the Ontario Superior Court of Justice dealt with access to insurance proceeds in the case of a bankrupt professional. The key questions to be decided by the Court were:
With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.
1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law
In late August 2022, the Spanish Parliament passed the transposition into Spanish law of the Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20th 2019, on Preventive Restructuring Frameworks. The draft of this new Act was subject to multiple amendments and created great local expectations (also considerable controversy). The text finally enacted in Law 16/2022 introduces major reforms in the insolvency field which we hereby depict.
Introduction of the so-called “Restructuring Plans”