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    Supreme People’s Court opines on the proper adjudication of enterprise bankruptcy cases amidst the global financial crisis
    2009-06-30

    Throughout the global economic meltdown, the number of bankruptcy cases in China has risen considerably. To shed light on bankruptcy proceedings and stabilize the domestic economy, the Supreme People’s Court of the PRC issued Opinions on Several Issues Regarding the Proper Adjudication of Enterprise Bankruptcy Cases to Provide a Judicial Safeguard for Maintaining Order in the Market Economy on June 12, 2009. The Opinions direct courts at all levels to properly apply the Enterprise Bankruptcy Law (EBL) to assist insolvent enterprises, maintain market order, and stabilize the economy.

    Filed under:
    China, Insolvency & Restructuring, Litigation, Hogan Lovells, Credit history, Bankruptcy, Debtor, Debt, Liquidation, Compensation and benefits
    Location:
    China
    Firm:
    Hogan Lovells
    Creditors and jurisdiction - choose wisely
    2016-03-07

    INTRODUCTION

    The use of trusts for asset protection purposes is well established and – in principle – not improper. However, recent history has seen increasing attempts by creditors to have transfers of assets unwound. A recent UK Supreme Court case saw the Court effectively achieve this by way of a resulting trust finding.1 This article considers the issue from a different angle: insolvency legislation.

    Filed under:
    Cook Islands, Hong Kong, New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Herbert Smith Freehills LLP, Debtor, UK Supreme Court
    Authors:
    Tom Leech , Richard Norridge , Gareth Keillor , Joanna Caen
    Location:
    Cook Islands, Hong Kong, New Zealand, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    New enforcement regime in Croatia
    2013-01-30

    Until entering into force of the Enforcement Act in 1996, the system of enforcement in Croatia had been regulated by the Act on Execution Procedure, a law which was inherited in a procedure of succession from former Yugoslavia. Since 1996 the system of enforcement underwent a number of substantial changes which main purpose was to make enforcement procedure more effective and at the same time less cumbersome for debtors.

    Filed under:
    Croatia, Employment & Labor, Insolvency & Restructuring, Litigation, Vidan Attorneys At Law, Debtor
    Authors:
    Hrvoje Vidan
    Location:
    Croatia
    Firm:
    Vidan Attorneys At Law
    Government aims at protecting both creditors and debtors by recent changes to the Enforcement Law
    2014-09-02

    1. Introduction

    The system of claim enforcement in Croatia is primarily regulated by two core laws: (i) Enforcement Act (Official Gazette No. 112/2012 and 25/2013) determining procedure of mandatory enforcement of claims including the procedure of voluntary security of claims; and (ii) the Act on Enforcement of Financial Assets (Official Gazette No. 112/2012) providing legal framework for the enforcement of claims against financial assets.

    Filed under:
    Croatia, Banking, Insolvency & Restructuring, Vidan Attorneys At Law, Debtor
    Authors:
    Hrvoje Vidan
    Location:
    Croatia
    Firm:
    Vidan Attorneys At Law
    Czech Republic introduces new solvency test
    2017-07-13

    On 1 July 2017 a new amendment to the Czech Insolvency Act came into force. One of the most significant changes introduced by the amendment relates to the assessment of insolvency of the debtor, performed by means of the cash-flow insolvency test.

    Under Czech law, the debtor is insolvent if it has several creditors, due and payable debts for more than 30 days, and it is not able to fulfill them.

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Market liquidity, Debt
    Authors:
    Markéta Lukešová
    Location:
    Czech Republic
    Firm:
    Squire Patton Boggs
    Frivolous insolvency petitions
    2016-06-17

    Under Czech law, insolvency petitions (regardless of whether they are filed by a creditor or debtor) and all other insolvency documents must be published in the Insolvency Register by the insolvency court within two hours of receipt. The register is publicly accessible online. Since the launch of the register in 2008, it has served as an effective, modern and transparent tool within the insolvency regulation framework. However, this transparency has also had negative side effects.

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Badokh Kuhn Dostál Advokátní Kancelář, Debtor, Frivolous litigation
    Authors:
    Petr Kuhn , Vladislav Klimes
    Location:
    Czech Republic
    Firm:
    Badokh Kuhn Dostál Advokátní Kancelář
    Czech Republic: new rules for individual's business debt relief
    2014-04-04

    Debt relief procedure

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Taylor Wessing, Debtor, Debt relief
    Authors:
    Thomas Rechberger
    Location:
    Czech Republic
    Firm:
    Taylor Wessing
    Limits of the Bankruptcy Code: foreign restructuring tools in a Czech environment
    2014-06-03

    KEY POINTS

    Filed under:
    Czech Republic, Insolvency & Restructuring, Dentons, Shareholder, Debtor
    Authors:
    Juraj Alexander
    Location:
    Czech Republic
    Firm:
    Dentons
    Czech insolvency law 2014 – reorganisation
    2014-09-04

    Reorganisation is one of the means of resolving a company’s insolvency under Czech law. In the course of reorganisation the debtor’s enterprise continues to carry out its business activity within the framework set out by the reorganisation plan. The aim of reorganisation is a recovery of the debtor’s business and settlement of the relationships between the debtor and his creditors.

    Generally, the reorganisation is not available to company which is;

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Taylor Wessing, Debtor
    Authors:
    Barbora Malimánková
    Location:
    Czech Republic
    Firm:
    Taylor Wessing
    Frivolous petitions cannot be completely eliminated
    2015-03-13

    Since the early Nineties, Czech insolvency legislation has undergone a number of positive changes. Creditor position improved, including that of secured creditors, and the protection of both the debtor and the bankrupt has also been strengthened. Moreover, with the new Insolvency Act effective from 2008, reorganization began to be more widely used in addressing bankruptcies. In Czech insolvency procedure, however, certain problematic areas still remain. One of them involves frivolous insolvency petitions filed by both creditors and debtors themselves.

    Filed under:
    Czech Republic, Insolvency & Restructuring, Weil Gotshal & Manges LLP, Debtor
    Location:
    Czech Republic
    Firm:
    Weil Gotshal & Manges LLP

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