Following the publication of our recent article on the voluntary liquidation of solvent limited liability companies (LLCs) in the UAE, an important question was raised by one of the readers: what happens if, during liquidation, it is discovered that the company’s assets are insufficient to discharge all of its debts, and what liability may arise for shareholders or directors in such a case?

If a company faces a situation threatening insolvency, the satisfaction of creditors' claims is at risk. In such cases, the company's managers must prioritize the interests of the creditors, and for failure to do so, they are subject to civil and/or criminal liability, which we describe in this article.

Overview

When WeWork faced turmoil globally, leading its U.S. parent company to file for bankruptcy protection in 2023, few expected its Indian affiliate to become a case study in strength and discipline. Once seen as a symbol of the “new economy,” WeWork’s downfall illustrated the dangers of excessive growth, inflated valuations, and weak governance where the promise of change often exceeded execution. In this context, WeWork India operated under a brand license and was supported by the Embassy Group, taking a different route.

In a recent decision, Deputy High Court Judge Gary CC Lam dismissed an application to strike out an unfair preference claim brought by the liquidators of RZ3262019 Limited. The judgment provides a significant analysis of issue estoppel, particularly on the novel question of how an issue is characterised when a foreign court has applied a different, higher standard of proof.

Background

Background

In the period since its inception in 2020, the Part 26A restructuring plan has proven to be a powerful addition to the English restructuring toolkit, allowing – through cross-class cram down – a transaction to be imposed on a dissenting class. There is a great deal of flexibility with this power; in particular, unlike with many other regimes, there is no absolute priority rule, and therefore it is possible (in justifiable circumstances) for shareholders to retain a material equity stake, while one or more creditor classes are compromised.

Article 49, Paragraph 2 of the Trademark Law stipulates: "If a registered trademark has not been used for three consecutive years without a legitimate reason, any entity or individual may apply to the Trademark Office for the revocation of the registered trademark."

The core purpose of this provision is to clean up "zombie trademarks" and activate trademark resources. However, the definition of "legitimate reason" directly relates to the continuation of trademark rights, and there are many disputes in practice. So, what constitutes a "legitimate reason"?

The European insolvency landscape is undergoing a period of intense transformation, driven by EU-level legislative initiatives and national responses to disruptions – most notably the COVID-19 pandemic and the war in Ukraine.

2025年8月11日，香港高等法院法官陈静芬对华南城控股有限公司（以下简称“华南城”）下达清盘令。根据路透社报道，华南城是自2021年中国房地产行业陷入债务危机以来，首家在香港被清盘的国有背景房地产开发商。

背景

华南城及其子公司集团（以下简称“集团公司”）是在内地8个主要城市以品牌名称“华南城”运营大型综合物流与交易中心的房地产开发商。

此前，香港法院已两次延期华南城清盘申请的聆讯，然而，香港法院拒绝了本案聆讯的第三次延期请求，并基于以下理由，勒令华南城即时清盘：

The collapse of Passaredo Linhas Aéreas (currently known as "VOEPASS") in the beginning of 2025 has exposed  a weakness, at the trial court level, in Brazil's legal framework for international aviation finance, revealing violations of both the Cape Town Convention and its Aircraft Protocol (together, the “CTC”) and the domestic bankruptcy law. VOEPASS is a regional airline that operated with ten leased ATRs aircraft in early 2025.

Developing the support scheme for banks that take over weaker banks (“Acquiring Banks”) has become a cornerstone of Vietnam’s restructuring agenda under Decision No. 689/QD-TTg on “Restructuring credit institutions in conjunction with non-performing loan resolution for 2021 – 2025” dated 8 June 2022. In this context, lawmakers have gradually equipped Acquiring Banks with stronger tools, from asset seizure rights under the Amended CsI 2025 (as discussed in Topic 7.1) to new regulation designed to mobilize foreign capital. Specifically, Decree No.