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.
Le 27 juin 2024, la Cour suprême des États-Unis a publié une décision très attendue qu’elle a rendue dans l’affaire William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (l’« affaire Purdue »).
On June 27, 2024, the Supreme Court of the United States released its highly anticipated decision in William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (Purdue). At issue was whether the U.S. bankruptcy court had jurisdiction to confirm a plan that provided for releases in favour of non-debtor parties, including parties providing a significant monetary contribution in support of the plan itself.
Plusieurs décisions judiciaires notables et mises à jour législatives importantes pour les prêteurs commerciaux, les entreprises et les professionnels de l’insolvabilité ont marqué l’année 2023. Le présent bulletin résume les principaux développements survenus en 2023 et met en lumière les points saillants à connaître en 2024.
1. Régime de priorité
En 2023, plusieurs affaires et mises à jour législatives ont soulevé des questions importantes concernant le régime de priorité dans le cadre des procédures d’insolvabilité.
Several significant judicial decisions and legislative updates occurred in 2023 that are relevant to commercial lenders, businesses and restructuring professionals. This bulletin summarizes the key developments of 2023 and highlights areas of significance to be aware of in 2024.
1. Priority Scheme
In 2023, several cases and legislative updates raised important questions regarding the priority scheme in insolvency proceedings.
Environmental Priorities
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.
For most businesses, a decision to undertake an organisational change can mean a reduction in operational costs, a reduction in roles, an increase in efficiencies and streamlined decision-making. However, the announcement of a restructure can often leave staff of all levels feeling tense and uncertain. Effectively navigating organisational change is not something that happens by chance, it requires a clear plan, effective communication and a recognition of risks.
This article will help employers plan for organisational change, identify risks and manage communication.
In a proceeding brought by Mr Curran, in his capacity as the trustee for June Ellen Investment Trust (Plaintiff), to wind up Fitzgerald Housing Limited (formerly known as Kay Fitzgerald Housing Charity Limited) (Defendant), the New South Wales Supreme Court considered whether it was necessary to adjourn the winding up proceeding to allow the Defendant to advance a small business restructuring process (Restructuring).
Bankruptcy litigation can stem well beyond the primary bankruptcy proceedings. Continued litigation may be born out of disputes between bankrupts, bankruptcy trustees and other interested parties in respect of methods of asset liquidation.