Switzerland has a reputation for high-quality banking – holding significant foreign assets and offering a fairly pro-enforcement regime. However, gaps between the different legal cultures means recovering Swiss assets to satisfy foreign judgments from common law jurisdictions may be difficult . Here, we investigate possible solutions.

Supreme Court Case 5A_999/2022 dated 20 February 2024

Introduction

In the dynamic and rapidly evolving global marketplace, particularly in fast-growing economies like India, there are ever-growing commercial transactions amongst entities within India as also in international transactions amongst entities within India and outside of India.

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights.

Summer 2024 Editor: Melanie Willems IN THIS ISSUE “Seething on a jet plane” - conditions precedent and time of the essence in commercial contracts by Jack Spence 03 09 11 24 Diamonds aren’t forever: who is vicariously responsible when they have been stolen?

The High Court has handed down judgment against two former directors of a number of BHS group companies. The Joint Liquidators, Anthony Wright and Geoffrey Rowley (both of FRP Advisory) brought claims against Lennart Henningson and Dominic Chandler for wrongful trading, misfeasance trading and individual misfeasance.

Wrongful trading

This article was first published by Insol World Magazine in Q1 of 2024.

Insolvency office-holders in the UK and elsewhere frequently rely upon litigation funders to finance their legal proceedings and, accordingly, developments in the funding market are of keen interest to insolvency professionals.

When Cash is King but it's running short - what do directors need to know?

The general sentiment for 2024 is that challenges still lie ahead for business owners before things will improve. How will those challenges impact your business?

Directors need to be aware that in times of doubtful solvency the law requires them to at least have regard to the interests of creditors as well as shareholders, and getting it wrong can attract significant personal liability.

Harbour Front Limited v The Official Receiver and Trustee of the Property of Leung Yat Tung [2024] HKCFI 1203 provides an interesting illustration of how the ‘prevention principle’ may be applied in an unusual scenario of a claim for contractual interests under a settlement agreement. Whilst contractual provisions are unlikely to provide for any express constraint on a claim for contractual interests, the judgment offers valuable insight into how such a claim may nonetheless be subject to limitation.

When does this question tend to arise?

第3回は、「フリーマネーからオペレーショナル・エクセレンスへ」

世界経済は2023年の多くの予想を上回り、2024年に順調なスタートを切ったようだ。中央銀行は、景気後退を回避しながらインフレを抑制するという、捉えどころのないソフトランディングを成し遂げようとしている。

金利は今年中に低下し始めると見込まれるが、中央銀行はインフレを確実に抑制するために金利を高い水準に維持する決意を示している。市場では高金利の長期化のムードが続いており、昨年の米国金利は10年ぶりの高水準を記録し、10年国債の利回りは16年ぶりに5％の閾値を超え、低格付けクレジットの利回りは2008年の金融危機以来のピークに達した。アリックスパートナーズが毎年発表しているディスラプション・インデックスでは、CEOが2024年に自社のビジネスが直面する最大の脅威として「金利」と「インフレ」を挙げている。

このような事業環境を考えれば、倒産が増加しているのは当然だ。昨年、米国の倒産件数は金融危機以来の水準となった。とはいえ、歴史を振り返ってみると、現在の資本コストは特別に高いわけではないことは認識しておくと良いだろう。いまこそ企業は10年間にわたるフリーマネー時代に萎縮した筋肉を鍛えるタイミングだ。これ以降で３つのポイントを紹介する。