Last month, leading litigation funder and asset management firm Burford posed questions on major legal developments in the offshore markets over the past 18 months and economic trends that will play out in the markets post-pandemic to leading litigators, insolvency practitioners and financial professionals in the region.
Is there any downside to a debtor filing a motion to estimate a claim? Or, is an estimation motion simply procedural in nature? As the debtors recently discovered in In re SC SJ Holdings LLC, a motion to estimate a claim before a bankruptcy court may not always lead to a significantly reduced claim, and may impact plan confirmation.
The Facts
Ⅰ TOPICS
今後のセミナー等の情報
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当事務所では、中国メインランド、香港、台湾について、各専門家が各分野のトピックについて解説を行うシリーズ 講座（オンラインセミナー）を開催しております。今後数回の予定は次の通りです。具体的なテーマ及び日程には 変更が生じる可能性がありますので、正確な情報は直近のメールでのご案内をご覧ください。なお、本セミナーは 本ニュースレターの受信を頂いている皆様方を中心にご案内させていただいております。 第 8 回（中国メインランド）：2021 年 8 月 26 日（木）14：00 外資企業の中国進出にかかる実務的検討～外商投資法施行後の影響を踏まえて～ 講師：アソシエイト弁護士 尾関 麻帆 上海オフィス顧問 銭 一帆
A&C Legal Guides Guide To Litigation and Arbitration in The UAE 2021 PART 2: Offshore Courts Guide to Litigation and Arbitration in the UAE 2021 www.alsuwaidi.ae 2 Preface This guide has been written as an aid to provide users and potential users of legal services with an overview of the legal processes within the United Arab Emirates (UAE) which may be available in any given situation.
The interplay between an arbitration clause and a creditor’s winding up petition is a vexed question which has given rise to a string of cases, including Lasmos Ltd v Southwest Pacific Bauxite (HK) Ltd [2018] 2 HKLRD 449, Re Asia Master Logistics Ltd [2020] 2 HKLRD 423 and But Ka Chon v Interactive Brokers LLC [2019] 4 HKLRD 873.
The Insolvency & Bankruptcy Code, 2017 (‘Code’) was,inter alia, enacted for the resolution or liquidation of companies defaulting on their debts. These debts may include claims subject to an arbitration or sums determined in the form of an award. In the present article, we identify some potential scenarios where parties to an arbitration agreement must be conscious of the interplay between arbitration and the Code.
1.Initiating Insolvency Proceedings for contractual defaults
In a recent opinion, the Bankruptcy Court for the District of Maryland dealt with a conflict between the strong presumption in favor of enforcing arbitration agreements and the Bankruptcy Code’s emphasis on centralization of claims. Based on an analysis of the two statutory schemes and their underlying policies and concerns, the Court decided to lift the automatic stay to allow the prepetition arbitration proceeding to go forward with respect to non-core claims.
Background
I. Introduction
INTRODUCTION:
The Supreme Court in a recent judgment of Indus Biotech Pvt. Ltd. vs. Kotak India Venture (Offshore) Fund [AIR 2021 SC 1638] has settled an important question of law: ‘whetheran application filed under Section 8 of Arbitration & Conciliation Act, 1996 (‘A&C Act’) can be said to be maintainable in a proceeding initiated under Insolvency and Bankruptcy Code, 2016 (‘IBC’)’.
In Decision 5A_910/2019, the Swiss Supreme Court considered that an award rendered in a foreign arbitration may be recognised and enforced in Switzerland, even if the award was rendered after a party went bankrupt. The subject matter of the arbitration does not become non-arbitrable following a party's bankruptcy, if the arbitration was initiated before bankruptcy.
In a recently published decision, the Swiss Supreme Court dismissed an appeal against a lower court judgment recognising and enforcing an LCIA award.