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    Insolvency Now - Business Insolvency on the Rise in Canada: Understanding the Role of AI- Issue 9
    2023-10-12

    ntroduction The priority of governments and financial authorities around the world in 2023, including in Canada, has been to reduce inflation while monitoring and addressing financial sector risks. The Bank of Canada estimates that inflation will likely remain near 3% through 2024, given strong household spending levels supported by tight labour markets, population growth and high levels of accumulated household savings.

    Filed under:
    Canada, Insolvency & Restructuring, IT & Data Protection, Davies Ward Phillips & Vineberg LLP, Mediation, Artificial intelligence, Digital transformation, Machine learning, Insolvency, ChatGPT, Generative AI, Google, Office of the Superintendent of Financial Institutions (Canada), FTX, Silicon Valley Bank
    Location:
    Canada
    Firm:
    Davies Ward Phillips & Vineberg LLP
    East Africa: Restructuring Quarterly Bulletin - April 2024
    2024-04-17

    KENYA

    Economic overview

    Filed under:
    Global, Kenya, Mauritius, Tanzania, Uganda, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Bowmans, Corporate governance, Bitcoin, Electric vehicle, Cryptocurrency, Gaming, US Securities and Exchange Commission, European Commission, Commodity Futures Trading Commission (USA), NASDAQ, FTX, Companies Act 2006 (UK)
    Authors:
    Mohammedzameen Nazarali , Rajiv Gujadhur , Charles Mmasi , Joyce Mbui , Richard Harney
    Location:
    Global, Kenya, Mauritius, Tanzania, Uganda, USA
    Firm:
    Bowmans
    What’s next for FTX’s Sam Bankman-Fried? The US trial and the effect on FTX investors
    2023-10-03

    Sam Bankman-Fried is scheduled to be tried on eight charges starting on 3 October 2023, and US District Judge Lewis Kaplan has allowed for a second trial on 11 March 2024 on a further five charges that include bribing Chinese officials and committing financial fraud. The charges centre around the alleged fraud and conspiracy to defraud crypto investors and customers in FTX and Alameda Research.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Keystone Law, US Department of Justice, FTX
    Authors:
    Louise Abbott
    Location:
    USA
    Firm:
    Keystone Law
    In the nick of time? A reminder of the principles which apply to the adjournment of winding-up petitions
    2023-09-19

    The recent ex-tempore judgment of Kawaley J in Atom Holdings1 in the Grand Court of the Cayman Islands serves as a timely reminder to practitioners and industry participants alike that obtaining an adjournment of a winding-up petition2 requires cogent evidence demonstrating good reason(s) for delaying what is otherwise the collective right of creditors to seek relief via court intervention.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Mourant, Cryptocurrency, FTX
    Authors:
    Justine Lau , Shane Donovan , Sophie Christodoulou , Adam Barrie
    Location:
    Cayman Islands
    Firm:
    Mourant
    The FTX collapse: The governance red flags top-tier investors ignored
    2023-09-03

    ‘Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here’[1] — John J Ray III

    The recent failure of the FTX cryptocurrency exchange highlights the need for investors and market participants to do their due diligence when it comes to corporate governance. Assumptions around the competency of individual directors and the corporate governance standards in various jurisdictions left some FTX investors writing off hundreds of millions of dollars invested in FTX.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, McCullough Robertson, FTX
    Authors:
    Reece Walker , Laryssa Perkins
    Location:
    Australia
    Firm:
    McCullough Robertson
    2023 R+I In Brief: Industry Insights
    2023-07-30

    This Part of the 2023 edition of R+I In Brief provides key industry and sector insights relating to the restructuring space over the past year. These hot topics include:

    Filed under:
    Australia, Banking, Insolvency & Restructuring, IT & Data Protection, Tax, Gilbert + Tobin, Supply chain, Cryptocurrency, Australian Taxation Office, Australian Securities and Investments Commission, FTX, Corporations Act 2001 (Australia), Personal Property Securities Act 2009 (Australia)
    Authors:
    Peter Bowden , Anna Schwartz , Becci Cartoon , Anna Ryan
    Location:
    Australia
    Firm:
    Gilbert + Tobin
    Examinership protection extended to companies incorporated outside Ireland
    2023-07-25

    Mac Interiors Limited (the Company), a Northern Ireland-incorporated company, has become the first company incorporated outside the Irish State (and the EU) to have an examiner appointed under the examinership regime provided for in section 509 of the Companies Act 2014 (the 2014 Act).

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, A&L Goodbody, Coronavirus, FTX, Insolvency Regulation (Recast) (2015/848) (EU)
    Authors:
    Michelle McLoughlin , Liam Murphy , Anne O’Neill
    Location:
    Ireland
    Firm:
    A&L Goodbody
    A closer look into the 3 Ms: Monetisation, maturity and market sentiment
    2023-07-18

    Whilst AI is leading the agenda when it comes to the future of technology, fintech still remains the ace in the pack for investors. In fact, fintech businesses contribute more than £10 billion to the UK economy every year – supporting 76,000 jobs.

    Fintechs also tend to outperform firms in other sectors too, with an annualised growth rate of 16% over the past decade, against 1.3% for the average SME.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, FRP Advisory, Fintech, Artificial intelligence, FTX, Silicon Valley Bank
    Authors:
    Daniel Conway
    Location:
    United Kingdom
    Firm:
    FRP Advisory
    Pre-pack proceedings under Belgian law: is this a fresh start?
    2023-07-07

    Belgium is finally about to transpose Directive 2019/2023 on preventive restructuring frameworks and regulated pre-pack proceedings are now accessible.

    European and Belgian legislative developments

    Insolvency law has experienced significant activity in recent years, both at European level and at Belgian level, in favour of a paradigm shift of restructuring through pre-pack proceedings instead of liquidation.

    Filed under:
    Belgium, European Union, Banking, Insolvency & Restructuring, CMS Belgium, Coronavirus, European Commission, FTX
    Authors:
    Grégory De Sauvage
    Location:
    Belgium, European Union
    Firm:
    CMS Belgium
    BlockFi Unsecured Creditors Seek to Liquidate the Company and End the “Extortion”
    2023-06-29

    On June 27, 2023, the Official Committee of Unsecured Creditors (the “Committee”) in the BlockFi Chapter 11 bankruptcy reorganization case filed an Objection to the company’s Plan and essentially requested that the company be liquidated. The Official Committee is made up largely of 600,000 individual customers of BlockFi.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, FTX
    Authors:
    David Zaslowsky
    Location:
    USA
    Firm:
    Baker McKenzie

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