Delaware has long established itself as a welcoming jurisdiction for various legal purposes. It began as a center for company incorporation by providing a corporate law framework that was flexible and continuously updated for new developments. More recently, Delaware has applied those same principles (plus an expansive view of venue) to become a center for major chapter 11 reorganization filings.

Introduction

A statutory demand is an important step in the bankruptcy process, as it allows the creditor to initiate a bankruptcy application against the debtor. It is thus vital that any statutory demand issued must conform to the legislative requirements. In the recent case of Ramesh Mohandas Nagrani v United Overseas Bank Ltd [2015] SGHC 266, the Singapore High Court had to decide whether to set aside a statutory demand based on alleged irregularities in its contents, and touched on what makes a statutory demand invalid.

In establishing that a debtor had unfairly preferred one creditor over others, it was not necessary to show that the debtor knew that it was insolvent or imminently insolvent, and further that the pressure on a debtor to pay one creditor only vitiates the desire to prefer if there were good commercial reasons for the payment to be made: -- Jurong Technologies Industrial Corp Ltd (under judicial management) v Cooperatieve Centrale Raiffeisen-Boerenleenbank BA [2010] SGHC 357 (Singapore, High Court, 9 December 2010)

InEcon Piling Pte Ltd v Sambo E&C Pte Ltd [2010] SGHC 120, the Singapore High Court rejected the proposition that where a debtor is released from its debt, its other joint-debtors are also automatically released.

In Econ Piling Ltd v Sambo E&C Pte Ltd [2010] SGHC 120, the Singapore High Court rejected the proposition that where a debtor is released from its debts, its other joint-debtors are also automatically released.

Introduction

When a company enters liquidation, the appointed liquidator often needs approval from the Court or a liquidation committee before she can perform certain acts on the company’s behalf. The English High Court case of Gresham International Ltd v Moonie [2009] EWHC 1093 (Ch) established that even where the liquidator has failed to obtain such approval before acting, the Court has the general discretion to grant retrospective approval.

The Existing System

Despite its introduction to the Slovak legal system in 2006, current laws on debt relief within the framework of bankruptcy of natural persons have not been a viable solution.

Basing the legal institute of debt relief on a two-step procedure:

• starting with bankruptcy (i.e. liquidation of (all) the debtor’s assets)
• then followed by a three-year trial period at the end of which the court releases a resolution on the possibility of personal bankruptcy

has in fact hindered debtors from filing.

The key issue arising in Econ Piling Ltd and Anor v Sambo E&C Pte Ltd and another matter was whether the join liability of Company A as a partner of Company B in a joint venture partnership was released as a result of a scheme of arrangement which released the debts and liabilities of Company B.

Recent amendments to the Enforcement Procedure and the Interim Protection Act facilitate repayment in enforcement proceedings.

Introduction

Bills of exchange are mostly regulated by the sector specific act of 1946 (based on provisions of three 1930’s Geneva conventions). Provisions of other acts (eg, Obligation Code; Obligacijski zakonik) are used secondarily if the Bill of Exchange Act (Zakon o menici) does not contain applicable provisions.

The economic crisis presents a real-life test for the Slovenian insolvency legislation, unequalled in its young history. Numerous insolvency proceedings against Slovene companies have revealed several serious flaws of the Insolvency Act and forced the legislator into continuous amendments.