Restructuring & Insolvency Newsletter
December 2022 (Vol.1)
The first case in Japanese history where the debtor used simplified rehabilitation proceedings as a tool to "cram down"
minority lenders
I. Introduction II. Overview of the procedures used
- Turnaround ADR and simplified rehabilitation proceedings
III. Marelli case IV. Expected future developments
Mori Hamada & Matsumoto
1.1 Are there international treaties and/or cross-border instruments applicable?
The restructuring Q&A provides a comprehensive overview of some of the key points of law and practice of restructuring in Switzerland.
1.1 What formal insolvency proceedings are available in Switzerland?
平素は格別のご高配を賜り、厚く御礼申し上げます。 このたび、森・濱田松本法律事務所では、各分野の近時のリーガルニュースを集めて、 Client Alert 2022 年 9 月号（Vol.105）を作成いたしました。実務における一助となれば 幸いに存じます。
A foreign bankruptcy or insolvency decree has no effects on the debtor’s Swiss assets and on court proceedings against the debtor in Switzerland and a foreign bankruptcy administrator must not act on Swiss soil unless the foreign decree is formally recognized by a Swiss court. Such recognition may be initiated by the foreign bankruptcy administration, any creditor or the debtor itself. This three-step guide describes how a foreign bankruptcy decree can be recognized in Switzerland.
Yesterday, the European Court of Justice (ECJ) published its long-awaited judgment in Heiploeg/FNV. The ECJ rules that a pre-pack under circumstances can fall within the exception as mentioned in Article 5 (1) Directive 2001/23.
Introduction to the pre-pack
Energy prices have soared over the last few months. Although this evolution has impacted all economic operators, energy-intensive companies are particularly affected. The Belgian legislator has therefore introduced a set of protection measures, including amongst others a so-called “temporary moratorium”. This moratorium provides amongst others protection against bankruptcy and judicial dissolution as well as against attachments on movable assets for energy debts.
Op 6 december 2021 heeft de Rechtbank Overijssel de burgemeester van de gemeente Hardenberg aangesteld tot mede-curator in het faillissement van De Zorgstal. Dit is een interessante ontwikkeling omdat, voor zover de auteurs bekend, een burgemeester niet eerder is aangesteld tot mede-curator in een zorgfaillissement.
Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.
What is a pre-pack?
Sinds 1 januari 2021 zijn de Europese insolventieverordening en Brussel Ibis Verordening niet langer van toepassing op het Verenigd Koninkrijk. Bovendien voorziet de handels- en samenwerkingsovereenkomst tussen de EU en het VK niet in een specifiek erkennings- of tenuitvoerleggingsmechanisme met betrekking tot grensoverschrijdende insolventie- en herstructureringsprocedures na Brexit. De vraag rijst dus of en onder welke voorwaarden Belgische rechtbanken Engelse schemes of arrangement en restructuring plans zullen erkennen na Brexit.