When a company is in the so-called “twilight zone” approaching insolvency, it is well-established that the directors’ fiduciary duties require them to take into account interest of creditors (the so-called “creditor duty”).
Hajime Ueno, Masaru Shibahara and Kotaro Fuji, Nishimura & Asahi
This is an extract from the 2024 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight
Singapore has invested significant efforts in positioning itself as a regional restructuring hub in recent years, introducing substantial reforms and enhancements to improve the effectiveness of its debt restructuring regime. These reforms include enhanced moratorium protections, super-priority for rescue financing, “pre-packaged” schemes of arrangements, and restrictions on the operation of ipso facto clauses.
Aufgrund der aktuellen Situation sollten Unternehmen ihre Geschäftspartner im Blick behalten, um zu verhindern, dass deren finanzielle Krise zur eigenen wird.
Die Krise von Geschäftspartnern* kann schon vor der Insolvenz unmittelbar wirtschaftliche Auswirkungen auf den eigenen Geschäftsbetrieb haben, wenn Leistungen nicht mehr oder nur unzureichend erbracht oder Rechnungen nicht mehr bezahlt werden.
If a company becomes insolvent, it is crucial that its directors comply with their legal duties. Failure to do so can result in personal liability for the company’s debts as well as legal action and disqualification from being a company director or being involved in a company in the future.
We look at exactly what a director’s duties on company insolvency are and some of the risks to be aware of in dealing with an insolvency.
What is insolvency?
When does the directors' duty arise to consider creditors' interests in the face of insolvency if a liability is disputed? Hayley Capani and Kate Garcia consider the case of Hunt v Singh and conclude we still don't have all the answers.
The New Regime For Restructuring Officers | Cayman Islands Technical Brief for Investment Funds On 31 August 2022, the Cayman Islands introduced the restructuring officer regime (“the Regime”) by making certain amendments to the Cayman Islands Companies Act (“the Act”). In this arcle we consider the benefits of the Regime now that it has been in place for nearly twelve months, and how it is operang in pracce.
In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.
Background
Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.
一、破产企业的环境责任
破产企业环境责任的概念界定：破产企业在对环境致害结果负有直接或间接责任的情况下，应承担的相应的环境民事、行政和刑事责任。
（一）企业环境责任之现行法律规定
民事
企业环境民事责任一般为环境侵权法律责任，主要规定在《民法典》第七编第七章环境污染和生态破坏责任。其中第一千二百二十九条对环境私益侵权作出了总括规定，第一千二百三十四条对环境公益侵权作出了总括规定，第一千二百三十五条规定了环境公益侵权中侵权人须赔偿损失和费用的具体内容。
此外，《最高人民法院关于审理环境侵权责任纠纷案件适用法律若干问题的解释》第十三条规定，人民法院应当根据被侵权人的诉讼请求以及具体案情，合理判定污染者承担停止侵害、排除妨碍、消除危险、恢复原状、赔礼道歉、赔偿损失等民事责任。
因此，环境侵权责任的承担方式包括停止侵害、排除妨碍、消除危险、恢复原状、赔偿损失等。
INTRODUCTION:
In a recent judgement of Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Ltd. and Ors. (being Civil Appeal No.7976 of 2019), the Hon’ble Supreme Court has held that Section 238 of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”) overrides the provisions of the Electricity Act, 2003, despite the latter containing two specific provisions being Section 173 and 174 which have overriding effect over all other laws.
FACTUAL BACKGROUND: