On 11 December 2025, the National Assembly of Vietnam passed Law No. 142/2025/QH15 onRecovery and Bankruptcy (the Law on Bankruptcy 2025), marking a significant overhaulof the country's insolvency framework. The new legislation, which will take effect from1 March 2026, repeals and replaces Law No. 51/2014/QH13 on Bankruptcy (the Law onBankruptcy 2014).The Law on Bankruptcy 2025 introduces comprehensive reforms aimed at addressinglongstanding criticisms of the 2014 regime, which was widely viewed as procedurallycumbersome and slow to resolve distressed businesses.
When a company is in financial distress, creditors must consider whether to place the company into a formal external administration process. If they do so, the publicity and disruption that accompany a formal appointment may worsen an already fragile situation. Conversely, if no action is taken, the company may continue to burn cash, leaving creditors with little or no prospect of recovery.
This article examines the emerging trend of U.S.-based companies with Canadian ties initiating primary insolvency proceedings in Canada and seeking recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code. As described herein, this two-step strategy enables debtors to take advantage of the flexibility and efficiency of Canadian restructuring regimes, while securing key U.S. bankruptcy protections.
A Strategic Shift in Cross-Border Insolvency
A. Introduction
In the recent judgment, Re Jingrui Holdings Ltd [2026] HKCFI 246, Harris J made a winding-up order against an unregistered foreign company incorporated in the Cayman Islands, of which the assets are located in Mainland China.
In this Judgment, the Court confirmed the following principles: -
(1) The Court will wind-up a foreign company only if doing so has a real possibility of benefitting the creditors. The Court will assess such benefit in a practical and commercial way.
Primul de acest fel în piață, studiul poartă semnătura echipei de litigii Filip & Company, subcoordonarea avocaților Alin Grapă și Eduard Maxim. Inaugurăm astfel o serie anuală pe care ovom continua consecvent ca reper constant pentru acest subiect.În cadrul materialului sunt analizate date statistice obținute prin consultarea platformelor publiceîn legătură cu sistemul judiciar din România, fiind centrat pe materia litigiilor civile, comerciale șia celor de contencios administrativ.
The High Court of Ireland has in a recent case recognised and enforced the terms of an individual voluntary arrangement (“IVA”) under the law of Northern Ireland.
1. What is insolvency?
Insolvency is defined in section 95A of the Corporations Act 2001 (Cth)(Act) as the inability of a company to pay its debts when they fall due. Australian law applies a cash-flow test rather than a balance-sheet test, meaning the inquiry does not turn on the numerical gap between assets and liabilities.
The English High Court has again been called upon to consider the validity and legal impact of dealings conducted via WhatsApp.
Background
The Court of Appeal has handed down its judgment in DG Resources Ltd v The Commissioners for His Majesty’s Revenue and Customs, a decision that clarifies how winding‑up petitions must be served, an issue with implications for the 30,000 UK businesses using the Companies House default address for receiving official mail.
Background
DG Resources Ltd owed HMRC £1.104 million.
On 11 December 2024 HMRC presented DG Resources with a winding-up petition.
The petition came before Chief ICC Judge Briggs, who made several key findings:
In keeping with the past five years, 2025 has continued to be an active time for airline restructurings and liquidations. The two largest U.S. aviation Chapter 11 proceedings that commenced during 2024, Spirit Airlines and GOL, both concluded during the first half of 2025 by successfully confirming a Chapter 11 plan of reorganization. While GOL has thrived since exiting Chapter 11, Spirit Airlines filed a second Chapter 11 case (commonly referred to as a "Chapter 22") only a few months later.