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    The New Illinois Receivership Act
    2025-08-28

    Effective January 1, 2026, the new Illinois Receivership Act will come effective to provide litigators in Illinois with expanded tools for creditors and distressed businesses to protect and manage assets during a business downturn. The Act does not apply to residential real estate with 1-6 dwelling units unless used for commercial purposes, receiverships under other laws such as the Illinois Mortgage Foreclosure Law and governmental receiverships.

    Filed under:
    USA, Illinois, Company & Commercial, Insolvency & Restructuring, Kilpatrick Townsend & Stockton LLP, Receivership
    Authors:
    Eric S. Rein
    Location:
    USA
    Firm:
    Kilpatrick Townsend & Stockton LLP
    Can Delayed Implementation Sink a Resolution Plan? Navigating Payment Timelines in Resolution Plan Implementation.
    2025-08-28

    This article examines whether a delay in implementing the Resolution Plan equates to failure of the plan or can timelines for implementation be extended?

    Power to extend timelines

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Luthra and Luthra Law Offices India, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Nakul Sachdeva , Sagar Arora
    Location:
    India
    Firm:
    Luthra and Luthra Law Offices India
    Re Earth Boring: CCAA Order Restricts Calls on Performance Bonds - A Pragmatic Approach to Restructuring?
    2025-08-25

    As general economic trends since COVID continue to cause turmoil in the construction industry, the value of surety bonds as a performance and financial backstop has become increasingly apparent. While contractors may encounter difficult conditions in the course of their operations, sureties are not only well-capitalized and capable of weathering the storm but also, depending upon the relevant bond wording, are able to step in proactively when their principals experience financial troubles affecting the performance of the work and payment of the subcontractors.

    Filed under:
    Canada, Company & Commercial, Construction, Insolvency & Restructuring, Singleton Urquhart Reynolds Vogel LLP, Bank of Montreal Financial Group, Financial services corporate
    Authors:
    Bruce Reynolds , Catherine Gleason-Mercier , Nicholas Reynolds , Jeff Wong
    Location:
    Canada
    Firm:
    Singleton Urquhart Reynolds Vogel LLP
    Worldwide Freezing Order for £5m granted against directors for alleged misfeasance
    2025-08-14

    Nicola Sharp looks at the reasons why the court granted a £5m WFO against directors of a company in liquidation.

    The High Court has granted a Worldwide Freezing Order to the value of over £5 million against directors of a company in liquidation, who are also husband and wife.

    The couple, Sameer Rizvi and Iryna Dubylovska were the only acting directors and shareholders of the company.

    Underlying claim for misfeasance

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Rahman Ravelli, Asset recovery
    Authors:
    Nicola Sharp
    Location:
    United Kingdom
    Firm:
    Rahman Ravelli
    Invocation of personal guarantees: when does the liability of a personal guarantor truly arise?
    2025-08-06

    In the regime of insolvency and bankruptcy law in India, the question of when and how the liabilities of Personal Guarantors crystallize has become increasingly significant. Recent judgments by the National Company Law Appellate Tribunal (“NCLAT”) in Shantanu Jagdish Prakash v. State Bank of India & Ors. (Company Appeal (AT)(Ins.) 1609 of 2024), Mavjibhai Nagarbhai Patel v. State Bank of India & Anr. (Company Appeal (AT) (Ins.) Nos. 1702, 1711 & 1712 of 2024), Asha Basantilal Surana v. State Bank of India & Ors. (Company Appeal (AT) (Ins.) No.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Dhir & Dhir Associates, Bank of India, State Bank of India, Insolvency and Bankruptcy Code (India), Financial services banks
    Authors:
    Varsha Banerjee
    Location:
    India
    Firm:
    Dhir & Dhir Associates
    Besturen met verantwoordelijkheden binnen verenigingen
    2025-08-05

    Voor veel mensen betekent een bestuursfunctie binnen een vereniging een betrokken, maatschappelijk engagement. Maar wie bestuursverantwoordelijkheid op zich neemt, draagt ook juridische risico’s. Zeker wanneer de vereniging in financiële problemen raakt. Wat veel bestuurders niet beseffen, is dat zij onder omstandigheden persoonlijk kunnen worden aangesproken voor financiële tekorten na een faillissement.

    Filed under:
    Netherlands, Company & Commercial, Insolvency & Restructuring, Fruytier Lawyers in Business
    Authors:
    Mignon de Vries
    Location:
    Netherlands
    Firm:
    Fruytier Lawyers in Business
    Governance with responsibilities within associations
    2025-08-05

    For many people, a board position within an association means a committed, civic engagement. But those who assume board responsibility also bear legal risks. Especially when the association gets into financial trouble. What many directors do not realize is that, under circumstances, they can be personally liable for financial shortfalls after a bankruptcy.

    This article offers insight into when and why directors of associations can be held liable, what legal frameworks underlie this, and how to reduce the risk of personal claims.

    Filed under:
    Netherlands, Company & Commercial, Insolvency & Restructuring, Fruytier Lawyers in Business
    Authors:
    Mignon de Vries
    Location:
    Netherlands
    Firm:
    Fruytier Lawyers in Business
    Legal Implications of Liquidation & Supplementary Liquidation Under Turkish Law
    2025-07-16

    Under Turkish law, a joint-stock company’s liquidation follows its termination and ends with its deregistration. If the process is found incomplete—due to overlooked assets or ongoing disputes—supplementary liquidation allows temporary reinstatement of the company’s legal personality to finalize unresolved matters.

    Introduction

    Filed under:
    Turkey, Company & Commercial, Insolvency & Restructuring, CBC Law, Liquidation, Articles of association
    Authors:
    Gurhan Aydin , Aleyna Peker , Oya Tekelioglu
    Location:
    Turkey
    Firm:
    CBC Law
    General Newsletter, July 2025
    2025-07-07

    REVISED INDUSTRY STANDARDS ON “MINIMUM INFORMATION TO BE PROVIDED TO THE AUDIT COMMITTEE AND SHAREHOLDERS FOR APPROVAL OF RELATED PARTY TRANSACTIONS” The Industry Standard Forum (“ISF”), consisting of representatives from ASSOCHAM, CII and FICCI, under the aegis of the Stock Exchanges and in consultation with SEBI formulated the Industry Standards on “Minimum information to be provided for review of the audit committee and shareholders for approval of a rel

    Filed under:
    India, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Media & Entertainment, Real Estate, DSK Legal, Private equity, Sexual harassment, Due diligence, Workplace harassment, Artificial intelligence, Machine learning, Reserve Bank of India, Google, Securities and Exchange Board of India, Recovery of Debts and Bankruptcy Act 1993 (India)
    Location:
    India
    Firm:
    DSK Legal
    When Indonesian Counterparties Falter: Legal Remedies for Foreign Investors
    2025-07-01

    Indonesia’s growing economy offers a wealth of opportunities for foreign investors. Nonetheless, as in any jurisdiction, investors should obtain proper advice before entering commercial engagements with local counterparties.

    Filed under:
    Indonesia, Arbitration & ADR, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, SSEK Law Firm, Due diligence, Insolvency
    Authors:
    Mahareksha S. Dillon , Nico A. P. Mooduto
    Location:
    Indonesia
    Firm:
    SSEK Law Firm

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