The Supreme Court in Pioneer Urban Land and Infrastructure Limited vs. Union of India (Pioneer Judgment)[1], has upheld the constitutionality of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 (Amendment Act)[2].

Mit rechtskräftig gewordenem Urteil vom 06.03.2019 (Az. 5 O 234/17) hat das Landgericht Wiesbaden entschieden, dass es dem Insolvenzverwalter und allen versicherten Personen verwehrt ist, Versicherungsschutz für Inanspruchnahmen zu verlangen, die einer Versicherungsperiode zuzuordnen sind, für die der Insolvenzverwalter die Nichterfüllung des D&O-Versicherungsvertrags gewählt hat.

In a final ruling dated 6 March 2019 (Case ref.: 5 O 234/17), the Regional Court of Wiesbaden decided that the insolvency administrator and all insured persons are not entitled to claim insurance coverage for claims attributable to an insurance period for which the insolvency administrator has chosen not to fulfi l the D&O insurance contract.

The Insolvency and Bankruptcy Code, 2016 (IBC) has been widely considered a landmark legislation that has brought about a paradigm shift in the recovery and resolution process.

However, during the implementation of the IBC over the past two years and eight months, several challenges have emerged, including:

Introduction

The 2005 Report of the Expert Committee on Company Law (JJ Irani Committee Report) had noted that an effective insolvency law:

“should strike a balance between rehabilitation and liquidation. It should provide an opportunity for genuine effort to explore restructuring/ rehabilitation of potentially viable businesses with consensus of stakeholders reasonably arrived at. Where revival / rehabilitation is demonstrated as not being feasible, winding up should be resorted to.

The Reserve Bank of India (“RBI”) has issued the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 (“New Framework”) on June 07, 2019[1] in which the RBI has continued the core principles of its circular dated February 12, 2018 (“February 12 Circular”) and has added provisions encouraging both informal and formal restructuring in India.

Judgment was handed down in the High Court this morning, in a case where recognition of a winding-up of a solvent foreign investment fund was granted under the Cross-Border Insolvency Regulations 2006 ("CBIR").

This is the first time that the English Court has examined in detail the UNCITRAL Model Law on insolvency and the interplay with its Guides to Enactment, as well as case law from various jurisdictions concerning its application to solvent scenarios. Mrs Justice Falk found that:

Recent amendments to the UAE Civil Procedure Code (CPC) are aimed at modernising and enhancing the litigation process in the UAE Courts. This includes simplifying and expediting the process for a creditor to obtain an enforceable judgment on admitted debt claims as a "Payment Order". Clyde & Co reports here on this welcome development and a very recent success with such a claim under the new regime.

Civil procedure in the onshore UAE Courts has very recently been supplemented, and in certain key respects has been revised, by extensive Federal regulations signalling continued modernisation of the onshore legal process. These developments, effective from 16 February 2019, are of relevance to all businesses with a presence or commercial interests in the UAE, and are likely to be of particular positive interest to claimants.