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    Cross Border Insolvency Regulations 2006- Lifting the automatic stay on proceedings in the English courts
    2016-10-25

    The English Court has agreed to lift the automatic stay on proceedings under the Cross Border Insolvency Regulations 2006 (“CBIR”) against STX Offshore & Shipbuilding Co Ltd (“STX”) which had entered into rehabilitation proceedings in Korea.

    Facts

    Filed under:
    Global, United Kingdom, England, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Mark Prior
    Location:
    Global, United Kingdom
    Firm:
    Squire Patton Boggs
    Stormy Waters for the Shipping Industry?
    2016-11-02

    The shipping industry was recently in the headlines when on 31 August 2016 Hanjin Shipping Co filed for bankruptcy protection in the Seoul Central District Court. Hanjin was South Korea’s biggest container carrier and the seventh largest in the world.

    Filed under:
    Global, Insolvency & Restructuring, Shipping & Transport, Squire Patton Boggs
    Authors:
    Jon Chesman , Laura Crawford
    Location:
    Global
    Firm:
    Squire Patton Boggs
    Nortel Developments
    2016-12-13

    The latest development in what has been a long-running (and expensive) cross-border insolvency proceeding involving Nortel (see our June 2015 and September 2015 legal updates for previous instalments) is a settlement between:

    Filed under:
    Global, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, High Court of Justice (England & Wales)
    Authors:
    Bridie McKinnon , Susan Rowe , Myles O'Brien , Peter Niven , David Perry , Willie Palmer , Scott Abel , Kelly Paterson , Jan Etwell , Scott Barker
    Location:
    Global, United Kingdom
    Firm:
    Buddle Findlay
    Re 19 Entertainment Ltd [2016] EWHC 1545 (Ch)
    2016-07-27

    The English Court granted recognition of Chapter 11 proceedings in relation to a company that was incorporated in the UK but had its centre of main interests ("COMI") in the United States, confirming that the Directors were foreign representatives for the purpose of the Cross Border Insolvency Regulations 2006 ("the Regulations").

    Filed under:
    Global, United Kingdom, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ashfords LLP, Bankruptcy, Debtor, Board of directors, Moratorium, UNCITRAL, Trustee, High Court of Justice (England & Wales)
    Authors:
    Alan Bennett , Emma Clayton
    Location:
    Global, United Kingdom, USA
    Firm:
    Ashfords LLP
    Singapore to Become International Centre for Debt Restructuring
    2016-08-04

    Singapore is set to adopt the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.

    Filed under:
    Global, Singapore, Insolvency & Restructuring, Morgan, Lewis & Bockius LLP, Debtor, Public consultations, Debt, Distressed securities, Debt restructuring, Bilateralism, UNCITRAL
    Authors:
    Justin Yip , Thenuga Vijakumar
    Location:
    Global, Singapore
    Firm:
    Morgan, Lewis & Bockius LLP
    International Investment Arbitration as Last Remedy
    2016-04-19

    The International Centre for Settlement of Investment Disputes (ICSID) has recently rendered a decision in a dispute between the Portuguese investor Dan Cake and Hungary. The dispute was based on a bilateral investment agreement between Portugal and Hungary concluded in 1992. In its decision, the Tribunal declared Hungary liable for the breach of the investment agreement. The Tribunal will decide on the amount of damages at a later date.

    Dan Cake versus Hungary

    Filed under:
    Global, Hungary, Arbitration & ADR, Insolvency & Restructuring, Trade & Customs, Taylor Wessing
    Authors:
    Zoltán Novák
    Location:
    Global, Hungary
    Firm:
    Taylor Wessing
    Fed Proposes Restrictions on Counterparties to Biggest Banks From Cancelling Certain Non-Cleared Financial Contracts After a Bank Enters Bankruptcy
    2016-05-08

    The Board of Governors of the Federal Reserve System proposed a rule that would require US global systemically important banking institutions to amend their contracts for certain common financial transactions to preclude the immediate termination of such contracts if a firm enters bankruptcy or a resolution process. Relevant contracts – termed “qualified financial contracts” – that would have to be amended include those used for derivatives, securities lending and short time financing such as repurchase agreements.

    Filed under:
    Global, USA, Banking, Derivatives, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Federal Reserve Board, Federal Reserve (USA)
    Authors:
    Gary DeWaal
    Location:
    Global, USA
    Firm:
    Katten Muchin Rosenman LLP
    Strategies to mitigate risk arising from joint operator insolvency
    2016-05-09

    Introduction

    Filed under:
    Global, Energy & Natural Resources, Insolvency & Restructuring, Norton Rose Fulbright
    Authors:
    Aditya M Badami , KayLynn Litton
    Location:
    Global
    Firm:
    Norton Rose Fulbright
    Amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance - A Missed Opportunity?
    2016-06-07

    On 3 June 2016, the Hong Kong Government gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (“Amendment Ordinance”). The date of commencement of the Amendment Ordinance will be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette.

    Background

    Filed under:
    Global, Hong Kong, Insolvency & Restructuring, Litigation, White & Case
    Authors:
    Baldwin Cheng , Eugene Man , Damien Whitehead
    Location:
    Global, Hong Kong
    Firm:
    White & Case
    English judgment concerning cross-border insolvency and creditors' rights
    2016-07-04

    Key points

    • Automatic stays on proceedings are imposed by Article 20 of the UNCITRAL Model Law (and mirrored in s.130(2) IA 1986)
    • The case reinforces the principle that automatic stays are designed to avoid the unnecessary expenditure of assets otherwise available for distribution amongst creditors

    The facts

    Filed under:
    Global, United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Liquidation, UNCITRAL, Insolvency Act 1986 (UK)
    Authors:
    Katherine Hudson
    Location:
    Global, United Kingdom
    Firm:
    Taylor Wessing

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