When a company is in financial distress, creditors must consider whether to place the company into a formal external administration process. If they do so, the publicity and disruption that accompany a formal appointment may worsen an already fragile situation. Conversely, if no action is taken, the company may continue to burn cash, leaving creditors with little or no prospect of recovery.

This article examines the emerging trend of U.S.-based companies with Canadian ties initiating primary insolvency proceedings in Canada and seeking recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code. As described herein, this two-step strategy enables debtors to take advantage of the flexibility and efficiency of Canadian restructuring regimes, while securing key U.S. bankruptcy protections.

A Strategic Shift in Cross-Border Insolvency

Primul de acest fel în piață, studiul poartă semnătura echipei de litigii Filip & Company, subcoordonarea avocaților Alin Grapă și Eduard Maxim. Inaugurăm astfel o serie anuală pe care ovom continua consecvent ca reper constant pentru acest subiect.În cadrul materialului sunt analizate date statistice obținute prin consultarea platformelor publiceîn legătură cu sistemul judiciar din România, fiind centrat pe materia litigiilor civile, comerciale șia celor de contencios administrativ.

The Court of Appeal has handed down its judgment in DG Resources Ltd v The Commissioners for His Majesty’s Revenue and Customs, a decision that clarifies how winding‑up petitions must be served, an issue with implications for the 30,000 UK businesses using the Companies House default address for receiving official mail.

Background

DG Resources Ltd owed HMRC £1.104 million.

On 11 December 2024 HMRC presented DG Resources with a winding-up petition.

The petition came before Chief ICC Judge Briggs, who made several key findings:

The process of company liquidation involves a series of legal and administrative steps aimed at terminating the company’s legal personality, assessing its assets, and settling its liabilities. This process is conducted according to the following stages:

I. Primary Stages of Liquidation

Issuance of the Dissolution Resolution: The process begins with an official resolution to dissolve and liquidate the company, whether it is a voluntary resolution by the General Assembly (partners) or a judicial ruling issued by the competent court.

近年来，预重整已成为上市公司进入司法重整前几乎不可或缺的前置环节，其源于本土需求、服务于纾困实践的兴起路径，彰显了市场对高效挽救机制的迫切期待。然而，在立法规则尚属空白、实践探索快速扩张的背景下，该制度正面临深刻的异化趋势：预重整作为解决重整效率瓶颈与确定性风险而诞生的“辅助工具”，当其价值被证明有效后，迅速从“可选项”变成“默认项”，几乎成为上市公司重整的必经之路，其功能从“预先协商桥梁”偏移为“实质工作前置”，进而引致临时管理人角色模糊、权责失衡、企业拯救成本攀升等一系列结构性困境。基于对这一市场趋势的密切关注与忧思，本文聚焦于制度逻辑的完整性、各方权责利的平衡性以及程序正义的可实现性，将依次追溯制度的生成逻辑，呈现规则图谱的留白现状，解剖功能偏移衍生的核心痛点，并最终尝试提出使预重整回归其商业谈判本质、约束于重整前协商程序的路径展望。笔者深信，唯有正视当前实践中的张力与悖论，方能推动这一重要企业风险纾困工具的行稳致远，真正实现其提升困境企业重生效率与公平的初心。

一、制度起源：中国本土语境下的生成逻辑与“生存突围”

Declaring bankruptcy for a Limited Liability Company (LLC) in the UAE entails several legal, financial, and commercial consequences that affect the company itself, its partners, creditors, and the overall market. The most prominent effects include:

Freezing of Assets and Accounts: Upon the issuance of a bankruptcy judgment, the company's assets are frozen and placed under the management of a Bankruptcy Trustee, for the purpose of liquidation or restructuring in favor of the creditors.

The Supreme Court of India ('Court') in UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited, Civil Appeal No. 9701/2024, has delivered a critical judgment clarifying the legal boundaries between a Deed of Undertaking and a Contract of Guarantee under Section 126 of the Indian Contract Act, 1872 (‘Act’). The Court's decision underscores that mere commercial nomenclature and internal funding arrangements do not satisfy the rigorous legal requirements of a guarantee.

Factual Background

Introduction

The Court of Appeal in Desa Tiasa Sdn Bhd v CME Group Bhd & Anor [2025] MLJU 4345 (“Desa Tiasa“) has clarified an important point of law on the standing of unsecured creditors in judicial management (“JM“) proceedings. It has confirmed that unsecured creditors have no right to intervene or to be heard in an application for a judicial management order (“JMO“), unless such right is expressly provided for by statute or subsidiary legislation.

Our specialists explain what director disqualification is, the consequences of it and the Insolvency Service’s investigations into a director’s conduct of an insolvent company.

Company directors have legal duties and responsibilities when dealing with the affairs of a company.