In an increasing number of restructuring cases of globally-operating companies, companies or funds outside Japan are becoming strong sponsor candidates, and even more foreign players are expected to be actively selected as sponsor candidates in the future.
In this article, we focus on the sponsor selection process in out-of-court restructurings and legal insolvency procedures in Japan, based on recent actual cases.
A recent U.S. bankruptcy court opinion out of the Central District of California may have cracked the door open for companies formerly tied to the cannabis industry to pursue legal strategies using bankruptcy. Federal prohibitions on cannabis have complicated the industry’s entitlement to legal protections, including chapter 11 bankruptcy. Judge Neil W.
In the tenth edition of Going concerns, Stephenson Harwood’s restructuring and insolvency team covers the innovative attempt by a distressed company to shut out low-valued creditors in a scheme of arrangement, the utility of the Singapore recognition of foreign insolvencies regime to assist international liquidations, and the factors which the Singapore Courts will consider when deciding whether to stay a bankruptcy application. It has been a pleasure preparing these articles over the past five years and a big thank you to our readers!
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The Corporate Enforcement Authority (CEA) has recently issued an information note, which provides guidance to directors in respect of early warning tools, director's duties and restructuring processes for companies in financial difficulty.
BTI 2014 LLC v Sequana SA & Others [2022] UKSC 25
Factual Background
1. In December 2008 and May 2009, the directors of a UK limited company, known as Arjo Wiggins Appleton Limited (“AWA”) distributed dividends to its parent company and sole shareholder, the defendant in the claim, Sequana SA (“Sequana”). The dividend payment in May 2009 was just over £119m.
Die Aktienrechtsrevision brachte per 1. Januar 2023 auch verschiedene Neuerungen im Sanierungsrecht mit sich. Das Sanierungsrecht wurde dabei in gewissen Teilen präzisiert und neue Handlungspflichten wurden für den Verwaltungsrat eingeführt.
February, 2023
A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST
KEY HIGHLIGHTS Allahabad High Court: No ipso facto absolvement of guarantor's liability upon approval of resolution plan. NCLAT: The obligation of the adjudicating authority to direct for liquidation shall rise only when decision of the Committee of Creditors is in accordance with the Insolvency and Bankruptcy Code, 2016. The Rise of ESG Investing in India: What it Means for Corporations.
For Private Circulation - Educational & Informational Purpose Only
February, 2023
Liquidators and creditors should be aware of the High Court's analysis of the limits of set-off under s 553C of the Corporations Act 2001 (Cth).
In our latest report, Partners Alastair Massey and Phil Reynolds examine the retail landscape
Over one in five (22%) retail businesses in the UK aren’t confident of trading through to the end of 2023, according to new research published in our retail report.
The Supreme Court of India (‘Supreme Court’) in the case of Kotak Mahindra Bank Limited vs. Girnar Corrugators Pvt. Ltd. and Ors. has held that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’) for recovery of dues payable to a secured creditor will prevail over the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’).
Brief Facts