After a lawsuit filed by liquidators of a company that collapsed against the company’s former officers, directors, and independent auditors was dismissed in limine, a new Israeli Supreme Court ruling overturned that decision and allowed the liquidators to move forward with the lawsuit, alleging that lack of oversight was what led to the company’s collapse.

１．はじめに

2021年12月15日、インドネシアの憲法裁判所は、破産および債務の支払義務の停止に関する2004年法律第37号（「倒産法」）235条1項及び293条1項において定められた、支払停止手続に対する法的救済がないことについての司法審査に関する決定（No. 23/PUU-XIX/2021（「本件決定」）を致しました。本ニュースレターでは本件決定の内容についてご説明致します。

２．背景

インドネシアでは、破産手続とは別に、日本でいう民事再生手続に相当する支払停止手続（Penundaan Kewajiban Pembayaran Utang）（「PKPU」）が規定されております。PKPUにおいては、債務者が、返済額の減額や返済スケジュールなどを盛り込んだ再生計画を提出し、裁判所が各債権者の同意を得て再生計画の認可・不認可を決定するとされております。同決定は全債権者を拘束するところ、下記のように、倒産法235条1項及び293条は、当該決定については法的救済が無い旨を規定しております。

In the latest edition of Going concerns, Stephenson Harwood's restructuring and insolvency team touches on the extent of the automatic stay arising from the recognition of a foreign main proceeding under the Singapore Model Law cross-border recognition regime, the requirements for a pre-pack scheme of arrangement under the recent Singapore Insolvency, Restructuring and Dissolution Act 2018, and the importance of Environmental, Social and Governance ("ESG") in the restructuring context.

Contents

On 21 December 2021, the UK government launched the future of insolvency regulation consultation, proposing significant changes to insolvency regulation which it says 'has not kept pace with developments in the insolvency market.'

La CNMV ha publicado un documento con “preguntas y respuestas” que pretende servir de ayuda en la interpretación por las sociedades cotizadas del régimen de operaciones vinculadas tras la reforma introducida por la Ley 5/2021 para la incorporación de la Directiva sobre derechos de los accionistas en las sociedades cotizadas. A continuación, se incluye un resumen de los criterios interpretativos ofrecidos por el organismo supervisor.

Referencias Jurídicas CMS

Artículos de fondo

Government support during the pandemic and extremely strong credit markets saw exceptional fund raising levels in 2021, in spite of a slower Q4. Borrowers secured increasingly favourable terms from their lenders, with only a little pushback as the year progressed. Private credit continued to compete for greater market share and found interesting opportunities in smaller and more complex names. 2021 has proved to be a record year for financings and the continued availability of cheap capital, with reasonable stability and outperformance from riskier credits.

It is uncontroversial that:

Throughout the pandemic, a steady stream of government support was made available to prop-up businesses. As we move towards a New Normal, those support packages are being scaled-back. Many businesses are still recovering from the shock of the last 18 months and, with high levels of historic debt as an additional burden, are not yet back to full financial health.

In Re Edengate Homes (Butley Hall) Ltd (in liquidation) Lock v Stanley (in his capacity as liquidator) and another [2021] EWHC 2970 (Ch), the High Court has confirmed that to reverse a liquidator's assignment of claims to a third party, the claimant must satisfy a 'formidable' test.

Background

The latest edition of our bulletin, edited by our colleagues in Australia.

Welcome to the first edition of our Commodities bulletin for 2022.