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Judges of Barcelona unify principles on certain points of insolvency law

International case law

European jurisprudence on universal and territorial procedures

Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)

2024: main new legislation needing to be considered by companies in Spain 2024 Viewpoint Spain 2 2024: main new legislation needing to be considered by companies in Spain December 2023 Professionals in the various practice areas at Garrigues take a look, from all angles of business law, at the main new legislation that companies will face in the coming year. 2024 promises to be an intense year in terms of statutory and case law.

The High Court in Singapore has ordered the winding up of Hodlnaut Pte Ltd, a Singapore based cryptocurrency lending and borrowing platform, as it was cash flow insolvent given that the cryptocurrency funds held by the company from various creditors count as ‘debts’ within the meaning of s125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).

Assume that you have a company which has ceased trading and is left with a cash balance. You could extract most of the cash by paying a dividend, but that would be inefficient for tax purposes (resulting in tax rates of up to 39.35%). So, instead, you decide to wind the company up and receive the proceeds as a capital distribution, taking advantage of the lower capital gains tax rates (generally at 10% or 20% depending on the circumstances). Surely that is legitimate?

La nueva regulación concursal permite a los acreedores de una compañía insolvente convertirse en nuevos dueños con un plan de reestructuración homologado por un juez. El caso Celsa, el primero en el que unos fondos han presentado un plan hostil para hacerse con la empresa, anima a que las empresas familiares tomen medidas de manera anticipada.

As a director of a company, the regulatory landscape in England and Wales can feel like a scary place. The possible ways a director can become exposed can feel endless – especially if one asks Google.

Just ask any corporate lawyer fortunate enough to own the tome that is the Companies Act 2006. In the absence of becoming a legal expert, what can directors practically do to best protect themselves when carrying out their role?

Following the news of Birmingham City Council’s recent ‘bankruptcy’, it began a procedure under section 114 of the Local Government Finance Act 1988 which triggers an interim spending freeze whilst a mandatory review is carried out.

Those who transact with local authorities may be unsure of what the impact of such a notice means for their ongoing deals and existing contracts. This article aims to demystify the process and explain the potential impact on property transactions, including issues to consider for existing agreements with a local authority.

Amid ongoing economic uncertainty, businesses face growing – and sometimes insurmountable – challenges to remain viable, leading to a marked increase in accelerated or ‘distressed’ sales.

Distressed M&A describes a sale of shares or assets where the business is in financial distress. This includes, for example, companies that are undergoing restructuring or facing insolvency. The sale can be led by the company itself or an officeholder if the company has entered into a formal insolvency process.

简介

最近在Re Guy Kwok-Hung Lam [2023] HKCFA 9一案中,香港终审法院澄清,如果受争议的呈请债务所涉及的协议载有专属司法管辖权条款(「专属条款」),法院应如何处理清盘及破产呈请。

案情

上诉人于2017年与CP Global Inc(「该公司」)及答辩人订立了一份信贷及担保协议(「信贷协议」)。据此,上诉人向该公司提供定期贷款,答辩人就该公司结欠上诉人的所有款项提供个人担保。信贷协议载有专属条款,就该协议所产生或与之有关的所有法律程序赋予纽约法院专属司法管辖权。

于2020年,上诉人认为发生了信贷协议所指的违约事件,故要求答辩人支付信贷协议项下的未偿还本金及利息。答辩人未有按上诉人的要求还款,因此上诉人在香港针对答辩人展开破产法律程序。另一方面,答辩人在纽约提起诉讼,请求法院求宣告并无发生信贷协议下的违约事件。

答辩人反对在香港提出破产呈请的主要理由之一,是专属条款规定上诉人须首先在纽约法院就双方争议进行诉讼,然后才可在香港展开破产程序。