Since the adoption of the 2011 Finance Act, the scope of application for thin capitalization rules, provided for in article 212 of the French Tax Code, was extended to all loans, including bank loans, backed by security interest or a guarantee, granted by a company belonging to the borrower's group or by a company with a guaranteed undertaking secured by a company related to the borrower.
Two companies showed interest in the assets of a third company that was in a state of bankruptcy.
Mexican authorities plan to put 10 years worth of corporate insolvency documents online in order to bring transparency to the judicial system, which is often bogged down by bureaucracy.
In December 2014 Russia’s Federal Law “On Insolvency (Bankruptcy)” was significantly amended to introduce bankruptcy of individuals and modify the rules for bankruptcy of legal entities. The amendments related to bankruptcy of legal entities came into effect on 29 January 2015.
Need to know
In a first for the US and Australian markets, the Buccaneer Energy group of companies successfully had bankruptcy plans approved by the US Bankruptcy Court for both US and Australian incorporated debtor companies.
"Once in a generation" review
Shortly before the Christmas break, the much anticipated review of the United States "Chapter 11 bankruptcy" regime was published by the American Bankruptcy Institute (ABI). This is one of very few such major "root and branch" reviews of Chapter 11 since its enactment in 1978, and the first since the 1990s.
Restructuring & Insolvency
Global
Restructuring & Insolvency Newsletter
June 2014
In this issue:
Challenges faced by foreign creditors of Suntech
With an eye on the insolvency and restructuring proceedings of Suntech Power Holdings' principal operating subsidiary in China, Kwun Yee Cheung surveys the difficulties confronting foreign creditors in Chinese bankruptcies and restructurings. > Read more
Using English or US proceedings to restructure Asian businesses
When a Ponzi scheme collapses, as with musical chairs, there will be some investors with a place to sit, while others are bereft of such comfort.
CSMS# 16-000814 dated September 13, 2016, released scenarios (updated on September 8, 2016) to the Hanjin Shipping Co. bankruptcy filing. Hanjin Shipping Co., one of the world’s largest shipping lines, recently filed for court receivership in South Korea. In anticipation of possible disruptions due to Hanjin Shipping vessels or cargo arriving to U.S.
Official Comm. of Unsecured Creditors of Arcapita, Bank. B.S.C. v. Bahr. Islamic Bank, No. 15-cv-03828 (S.D.N.Y. Mar. 30, 2016) [click for opinion]