Introduction

Volatile credit markets and guarded banks have made securing term loan C (TLC) debt attractive for borrowers who heavily rely on letters of credit to trade but either have low credit ratings or otherwise have difficulty accessing large enough revolving facilities to support the high amount of letters of credit needed.

Substitution first, standing later- a decision of Chief ICC Judge Briggs regarding supporting creditors and substituting as petitioner

Laurus Group Pty Ltd (admin apptd) v Mitsui & Co. (Australia) Ltd (No 2) [2023] VSC 412

INTRODUCTION AND PROCEEDINGS

The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.

The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).

Indonesia Authors: Jeanne E. Donauw and Hans Adiputra Kurniawan 1. KPPU Regulation No. 3 of 2023 and Government Regulation No. 20 of 2023: New Merger Filing Regulation and Fees The Indonesian Business Competition Supervisory Commission – Komisi Pengawas Persaingan Usaha (“KPPU”) issued KPPU Regulation No. 3 of 2023 (“Reg 3 of 2023”) as a new merger filing regulation, replacing, and revoking the previous regulation on the same matter, namely KPPU Regulation No. 3 of 2019 (“Reg 3 of 2019”).

インドネシア 執筆者: ジェン・エリザベス・ドノウ、ハンス・アディプトラ・クルニアワン 1. 2023 年 KPPU 規則第 3 号及び 2023 年政令第 20 号：新しい企業結合届出規 則及び手数料 インドネシア企業競争監視委員会(Komisi Pengawas Persaingan Usaha)(以下「KPPU｣という。)は、新しい企業 結合届出規則である 2023 年 KPPU 規則第 3 号(以下「2023 年規則第 3 号｣という。)を公布した。2023 年規則 第 3 号は、従前の企業結合届出規則である 2019 年 KPPU 規則第 3 号(以下「2019 年規則第 3 号｣という。)を廃 止し、これに取って代わるものである。以下に、2023 年規則第 3 号の主な要点を簡単に述べる。 (i) 企業結合届出要件：F2F(Foreign to Foreign)取引における地域関連基準 2023 年規則第 3 号によると、全ての取引当事者がインドネシアにおいて資産又は売上げを有する場合にの み、企業結合届出の義務が生じる。これは、取引当事者の 1 者でもインドネシアに資産又は売上げを有する 場合には企業結合届出義務が生じていた 2019年規則第3号に基づく制度と比べて注目すべき変更である。

Yesterday’s rate decision – a 25bps increase – was welcomed by markets. Not because the increase will not be painful but because a 50bps increase would have signalled that reversing inflation is far from done.

In December 2021 – just 20 months ago – the Bank rate was 0.1%; yesterday’s increase took that rate to 5.25%. Although the level of interest rates is not high by historical standards, the sharp transition is something we have not witnessed since the late 80s.

Re Gatecoin Limited (Gatecoin) is a landmark decision concerning the winding-up of a cryptocurrency exchange.

Background

Liquidators secured over 50 types of cryptocurrencies with an aggregate value of over HK$140m. To aid the liquidator’s allocation of the seized cryptocurrencies, the Court of First Instance decided two key issues.

Decision

The court held that:

The Insolvency (Cross Border Insolvencies) Regulations 2014 (“the ICBIR”) provides an effective mechanism for dealing with cases of cross-border insolvency. It gives effect to the provisions of the UNICITRAL Model Law and also the EC Insolvency Regulations, which Gibraltar continues to apply in full even post Brexit.