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    Hong Kong: Hong Kong’s amended winding-up legislation enhances protection for creditors
    2017-01-24

    The Secretary for Financial Services and the Treasury recently announced that the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance (the “Amendment Ordinance”) will come into operation on 13 February 2017. The Amendment Ordinance introduces a more efficient administration of the winding-up process and streamlines the procedures in line with international developments. The new legislation also aims to further protect creditors against asset depletion of insolvent companies.

    Our alert discusses these developments.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Baker McKenzie, Shareholder, Board of directors, Liquidation
    Location:
    Hong Kong
    Firm:
    Baker McKenzie
    COVID-19 insolvency emergency measures in Hungary
    2020-04-17

    Although no insolvency law-specific regulatory changes have been introduced in Hungary due to COVID-19, the Hungarian Government has adopted numerous extraordinary measures that may have a profound effect on how companies deal with solvency and liquidity related problems under the new circumstances.

    Firstly, although the bankruptcy procedure is to be initiated by the management of the company, the prior approval of the main body of the company (ie the shareholders) is required. Due to the curfew currently in effect, in-person shareholders’ meetings are mostly prohibited.

    Filed under:
    Hungary, Insolvency & Restructuring, Taylor Wessing, Board of directors, Coronavirus
    Authors:
    Torsten Braner
    Location:
    Hungary
    Firm:
    Taylor Wessing
    COVID-19 India: Corporate, tax, employment and bankruptcy law measures announced by the Indian government
    2020-03-30

    In response to the global outbreak of coronavirus disease 2019 (COVID-19), governments in many countries have issued emergency legislation to mitigate the impact of the pandemic on companies’ day-to-day operations. Since March 24, 2020, the Indian government has been announcing various measures aimed to ease corporate and tax compliance for companies doing business in India, as well as other measures pertaining to employment and bankruptcy matters. Below is a high-level overview of some of the most relevant aspects of these measures as they pertain to India subsidiaries of US companies.

    Filed under:
    India, Employment & Labor, Insolvency & Restructuring, Tax, DLA Piper, Board of directors, Due diligence, Coronavirus
    Location:
    India
    Firm:
    DLA Piper
    Imposition of Moratorium before Initiation of Corporate Insolvency Resolution Process - A Crowning Stroke
    2019-08-20

    The Hon’ble National Company Law Appellate Tribunal (‘NCLAT’), has recently in its suigeneris judgment in UI Pulp and Paper Industries Pvt. Ltd. vs. M/s Roxcel Trading GMBH Company Appeal (AT) (Insolvency) No. 664 of 2019 (‘Roxcel Trading’), affirmed the view of the National Company Law Appellate Tribunal, wherein, it had imposed ‘moratorium’ on the Corporate Debtor even before initiation of corporate insolvency resolution process.  

    Analysis of the Judgement- Imposition of Pre IBC ‘Moratorium’  

    Filed under:
    India, Insolvency & Restructuring, Litigation, Vaish Associates Advocates, Board of directors
    Location:
    India
    Firm:
    Vaish Associates Advocates
    Insolvency and Bankruptcy Board of India (board) passes order disallowing employee from registering as an insolvency professional
    2017-03-17

    Background

    The Board constituted under the chairmanship of Mr MS Sahoo has recently rejected an application for registration as an insolvency professional (IP) under regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) through its first regulatory order.

    Factual Matrix

    Filed under:
    India, Insolvency & Restructuring, Khaitan & Co, Conflict of interest, Board of directors, Code of conduct
    Authors:
    Ashwin Bishnoi , Aayushi Anand , Tarang Shashishekar
    Location:
    India
    Firm:
    Khaitan & Co
    Kick-starting the Bankruptcy Code: regulations governing insolvency professionals (IPs) and insolvency professional agencies (IPAs) notified
    2016-11-29

    Background

    Filed under:
    India, Insolvency & Restructuring, Khaitan & Co, Board of directors, Accounting, Liquidation, Code of conduct
    Authors:
    Ashwin Bishnoi , Tarang Shashishekar
    Location:
    India
    Firm:
    Khaitan & Co
    COVID-19 - Top 5 Tips for Directors of Companies Facing Business Difficulties
    2020-04-07

    Irish companies are facing challenges with the sudden changes imposed on their businesses as a result of the impact of COVID-19. Some may be experiencing cash flow difficulties; others may have had to temporarily cease trading altogether.

    Directors are responsible for managing their company’s affairs. This requires them to identify and navigate risks, and to ensure that appropriate strategies and where necessary contingencies are in place to anticipate and deal with such risks.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Mason Hayes & Curran LLP, Board of directors, Coronavirus
    Authors:
    Nicholas Metcalfe , Claire Lord , Gráinne Garvão
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    Legal Proceedings: The Importance of Company Authorisation and Representation
    2020-01-03

    A company incorporated under the Companies Act has its own legal personality and can institute legal proceedings in its own name. However, difficulties can arise where proceedings are commenced on behalf of a company where this has not been properly authorised by the company. In addition, where a company is a party to proceedings, in the absence of certain limited exceptions, it must retain legal representation to act on its behalf.

    Authority to Institute Proceedings

    Directors of the Company

    Filed under:
    Ireland, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, McCann FitzGerald LLP, Board of directors
    Authors:
    Garreth O'Brien
    Location:
    Ireland, United Kingdom
    Firm:
    McCann FitzGerald LLP
    Examinership - preserving the right to pursue guarantors
    2019-08-26

    A company that is insolvent or facing insolvency can seek protection from its creditors in the Circuit Court or High Court, depending on the size of the company. During the protection period, creditors cannot seek to recover debts owed to them by the company or assets held by the company. This protection also extends to guarantors of a company’s liabilities, who cannot be pursued under their guarantees for so long as the company is under court protection.

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, AMOSS LLP, Board of directors
    Authors:
    Gavin Simons
    Location:
    Ireland
    Firm:
    AMOSS LLP
    Insolvency Refresher - Creditors’ Voluntary Liquidation
    2019-09-12

    When a company is unable to pay its debts as they fall due, a director’s duties shift from the management of the company for the benefit of the shareholders, to ensuring the company’s creditors are not disadvantaged by the company continuing to trade.

    The directors should seek and comply with professional advice from their auditors and solicitors regarding any decision to continue trading for an interim period.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Fieldfisher (Ireland), Board of directors, Companies Act
    Authors:
    Joanne Cooney , Mark Woodcock
    Location:
    Ireland
    Firm:
    Fieldfisher (Ireland)

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