Introduction

Under Brazilian law, the concept of objective arbitrability, as established by the Arbitration Law (Law No. 9,307/1996), refers to disputes involving rights of a patrimonial nature, provided that such rights are freely disposable by the parties involved.

A recent amendment to the Brazilian Bankruptcy Law (Law No. 11,105/2005) established that the commencement of judicial reorganization proceedings by a distressed company does not entail the inability to submit disputes to arbitration.

Recent amendments notified by the Insolvency and Bankruptcy Board of India (IBBI) require resolution professionals, with creditors’ approval, to intimate the Adjudicating Authority of the non-submission of the repayment plan by personal guarantors.

Accordingly, Regulation 17B has been introduced in the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.

Kingsley Napley is pleased to report the judgment of Mrs Justice Joanna Smith DBE in the case of Re MPB Developments Ltd [2025], which represents an excellent result for our client.

We act for the petitioners in long running litigation. Two years ago, our clients presented a creditors’ winding up petition, together with a contributory’s winding up petition on the just and equitable basis and an unfair prejudice petition.

Introduction

With Directive (EU) 2019/1023, the European Union has created a uniform framework for pre-insolvency restructuring measures. The goal is to enable companies in financial difficulties to restructure at an early stage, thereby avoiding insolvency and preserving jobs. In Germany, the Directive was essentially implemented through the Act on the Stabilization and Restructuring Framework for Enterprises (StaRUG), which entered into force on 1 January 2021.

Objectives of the Directive and the German Legislator

Introduction

On 20 May 2025, Mr Justice Marcus Smith handed down his eagerly-awaited judgment sanctioning the two inter-conditional restructuring plans (the Plans) proposed by members of the Petrofac Group. The judgment raises issues described as “going to the heart of the Part 26A regime” and is significant as the first case to consider the application of the Court of Appeal’s ruling in Thames Water.

The judgment addresses three particularly interesting points:

The Supreme Court has handed down a decision in Bilta (UK) Ltd (in liquidation) and othersv Tradition Financial Services Ltd [2025] UKSC 18, which clarifies the parties who ar

In a recent judgment, the Belgian Court of Cassation ruled that a secured creditor must renew the registration of its mortgage even after the opening of bankruptcy proceedings. Aside from its obvious significance for real estate security, the Court’s ruling may have wider implications for secured creditors and could potentially be interpreted to apply to other forms of security, including the registered movable assets pledge. Secured creditors should see this as a reminder to ensure that perfection requirements continue to be met, be it before or after insolvency.

In Re Chow Kai Weng (A Debtor) [2025] HKCFI 1888, the Court dismissed the Debtor’s interim order application.

Individual Voluntary Arrangement (IVA) is an alternative to bankruptcy – it involves an application to the Court for an Interim Order. The debtor is required to make a repayment proposal to the creditors which, on approval, is binding on all creditors. However, contrary to the widely-held belief that interim order applications appear to be non-contentious in nature, time and again the Court of Appeal has reminded practitioners that:

In a recent decision, the Swiss Federal Supreme Court has clarified equitable subordination risks in connection with shareholder loans. The key takeaways are as follows:

On 7 May 2025, the UK Supreme Court (UKSC) handed down a judgment providing useful guidance on the meaning of “fraudulent trading” within s.213 of the Insolvency Act 1986 (Insolvency Act) and how the test in s.32(1) of the Limitation Act 1980 (Limitation Act) operates, in Bilta (UK) Ltd (in liquidation) v Tradition Financial Services Ltd [2025] UKSC 18 (Bilta). In this article, we give a brief summary of the facts, issues and rulings in the judgment and its practical implications for Hong Kong’s corporate insolvency regime.

Background