Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.
In the recent decision of Atlantic Sea Cucumber Ltd (Re), 2023 NSSC 231 the Supreme Court of Nova Scotia in Bankruptcy and Insolvency (the “Court”) departed from the long-standing norm in insolvency proceedings of granting an abridgement of time for filing and service of applications. The debtor company, Atlantic Sea Cucumber Ltd.
The U.K. Financial Services and Markets Act 2023
A bankruptcy trustee's ability to avoid and recover pre-bankruptcy preferential transfers is essential to preserving or augmenting the estate for the benefit of all stakeholders. In 2019, however, the Bankruptcy Code was amended to add a due diligence requirement to the Bankruptcy Code's preference avoidance provision, apparently as a way to minimize the volume of speculative and coercive preference litigation.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.
Bankruptcy is Not an Option
Bankruptcy can be a very helpful tool for a distressed business. Bankruptcy allows a business to stop collection actions, discharge certain debts, cancel unfavorable contracts, and provides breathing room to restructure the business.
In vielen Branchen kann die Lieferkette eine Vielzahl von Unternehmen und Jurisdiktionen umfassen. Im derzeitigen Wirtschaftsklima ist es nicht ungewöhnlich, dass einzelne Lieferanten innerhalb dieser Lieferkette in finanzielle Schwierigkeiten geraten oder ein Insolvenzverfahren beantragen.
In many industries, the supply chain can involve multiple suppliers and jurisdictions. In the current economic climate, it is not unusual for a supplier within the supply chain to encounter financial distress or even to enter into formal insolvency proceedings. This can have a significant impact on a company if its business depends on a distressed supplier and an alternative or additional supplier cannot be found (and production cannot be brought in house) or an alternative sourcing is not possible for other reasons, like part/raw material approval process, testing, customs etc.
Amid ongoing economic uncertainty, businesses face growing – and sometimes insurmountable – challenges to remain viable, leading to a marked increase in accelerated or ‘distressed’ sales.
Distressed M&A describes a sale of shares or assets where the business is in financial distress. This includes, for example, companies that are undergoing restructuring or facing insolvency. The sale can be led by the company itself or an officeholder if the company has entered into a formal insolvency process.
前言
美国时间3月10日，加州金融保护与创新部宣布关闭美国硅谷银行（SVB），由联邦存款保险公司接管硅谷银行，原因是流动性不足和资不抵债。值得注意的是，硅谷银行作为服务于美国甚至全球创投圈的专业性银行，其关闭和破产犹如一块巨石在创投圈砸出了巨大的水花，并且波及整个水面。美国著名创投公司Y Combinator CEO将硅谷银行破产事件称为“初创公司的灭绝性事件”。
据相关媒体报道，位于北京的一家创投基金负责人向记者表示，受硅谷银行事件牵连，国内个别创投机构在硅谷银行仍有存款或者其他相关业务，正忙着处理资金问题。从私募基金的角度而言，我们不禁担忧：硅谷银行的此次破产事件是否可能影响由其托管的私募基金的财产安全呢？该事件对境内的私募基金又有哪些警示呢？对此，本文拟梳理境内私募基金托管法规和自律规则，并就相关风险提供专业建议。
一、私募基金托管“三问”
1、第一问：哪些类型的私募基金必须托管？
根据《私募投资基金监督管理暂行办法》1、《私募投资基金备案须知》2等相关规定，目前四类私募基金必须或者原则上必须托管：
(1）契约型私募投资基金