Der Bundesgerichtshof (BGH) stellte mit Urteil vom 18. April 2024 (Az. IX ZR 129/22) erneut klar, dass externe Darlehensgeber wie Banken unter bestimmten Umständen insolvenzrechtlich wie Gesellschafter behandelt werden können – insbesondere dann, wenn ihnen durch vertragliche Regelungen wie Ergebnisbeteiligung und Investitionsvorbehalt eine mitgliedschaftsähnliche Stellung eingeräumt wird.

In its ruling of April 18, 2024 (case no. IX ZR 129/22), the Federal Court of Justice (BGH) once again clarified that external lenders such as banks can be treated as shareholders under insolvency law under certain circumstances – especially if they are granted a position similar to that of a member through contractual provisions such as profit participation and investment reservation.

Introduction

In this first instalment of our insights series on construction insolvency, Ironbridge Legal outlines key red flags to look for and practical steps to manage counterparty risk.

An Industry at Risk - With Contagion Potential

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Introduction

In December 2024, Australian Securities and Investments Commission (ASIC) released an updated version of Regulatory Guide RG 217. The guidance is designed to assist directors in complying with their duty to prevent insolvent trading. It sets out four key principles for directors to avoid insolvent trading, explains the safe harbour defence (which offers protection from personal liability), and clarifies ASIC’s approach to assessing breaches of duty and the application of the safe harbour defence.

In a significant decision with far-reaching consequences for the financial and insolvency ecosystem, the Kerala High Court (“High Court”) in J.C. Flowers Asset Reconstruction Pvt. Ltd. v. State of Kerala adjudicated upon the levy of stamp duty on assignment agreements executed under Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”).

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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.

1 2 Capital Market 9 Dispute Resolution 14 Fintech 19 Media and Entertainment 24 RERA 27 Sports and Gaming 39 White Collar Crime 03 Competition Law 11 Employment Law 17 International Trade/ WTO 19 MCA 25 Restructuring and Insolvency 34 Technology 40 3 EXTENSION OF TIMELINE FOR FORMULATION OF IMPLEMENTATION STANDARDS PERTAINING TO SEBI CIRCULAR ON “SAFER PARTICIPATION OF RETAIL INVESTORS IN ALGORITHMIC TRADING”1 Securities Exchange Board of India (“SEBI”) issued a circular “Safer participation of retail investors in algorithmic trading” dated February 04, 2025, which aimed at ensuring safer

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