Regarding the draft Directive proposed by the European Commission that harmonises facets of insolvency law, it is worth noting that the draft Directive does not prevent EU member states from maintaining or adopting provisions that offer greater protection to creditors than those outlined in the Directive. Since the existing Croatian law framework on contestation rights provides numerous and detailed rules that go beyond the draft Directive, its implementation is not expected to require extensive or substantial modifications.
Insolvency proceedings and avoidance actions play a significant role in safeguarding creditors' interests and maximising the insolvency estate in Türkiye. The European Commission's Proposal for a Directive (COM (2022)702) aims to harmonise contestation rights in insolvency across EU member states. Although Türkiye is not an EU member states, Türkiye has similar avoidance actions regulated under its own insolvency legislation, the Turkish Enforcement and Bankruptcy Law (EBL).
Overview
The EU Commission issued a proposal for a Directive harmonising certain aspects of insolvency law, EU (COM(2022) 702 final. Although still being discussed, the Proposal is unlikely to result in material amendments to existing Bulgarian insolvency avoidance actions, which follows the principles set out in the Proposal and in many ways affords creditors a greater level of protection. Nevertheless, certain time periods and rules on the implementation of the avoidance actions may need to be amended in the Bulgarian law.
On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.
In this article we will take a closer look at Türkiye's pre-pack-like institution.
The pre-pack insolvency sale is not currently regulated under Bulgarian law.
The Bulgarian law currently regulates the implementation of a recovery plan as a stage of opened insolvency proceedings, such recovery plan may provide for the sale of the business as a going concern, or the sale of a business as a going concern prior to opening insolvency proceedings. The recovery plan is described in more detail below.
In late 2022, the European Commission proposed a new Directive with a view to harmonise certain aspects of insolvency law. One of the most important innovations to be introduced in this Draft Directive is pre-pack proceedings.
What is a pre-pack sale?
Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.
The Bulgarian government has introduced a new form of insolvency regime directed at merchants effective from 1 July 2023. In this new framework, a merchant is distinctly defined as an individual involved in business or practising a craft or a liberal profession. The criterion for the classification is the nature and scale of the operations, which should not necessitate conducting activities in a purely commercial manner.
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。
Introduction
In the latest judgment handed down by the Hong Kong Court of Final Appeal in Re Guy Kwok-Hung Lam [2023] HKCFA 9, the Court of Final Appeal clarified the approach to winding up and bankruptcy petitions where the agreement from which the disputed petition debt arose contains an exclusive jurisdiction clause (“EJC”).
Facts