The Singapore High Court has considered for the first time whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration. The court held that such disputes are not suitable for arbitration due to the public interest involved.
In Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 the Singapore High Court considered whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration.
In Spain individuals and entities have an obligation to file for insolvency if they are unable to regularly meet their obligations within two months of the position of insolvency coming to light. Breach of that obligation could lead to civil (and even criminal) liability.
The legal obligation imposed by the Spanish Insolvency Law 22/2003, of 9 July (the “Spanish Insolvency Law”), has been modified by Royal Decree-law 8/2020 (the “RDL”), of 17 March, on extraordinary measures to tackle the economic and social impact of COVID-19.
The Cartagena-Vera and Alicante Ring-road sections of the AP-7 motorway are therefore handed back to the state, after Commercial Court 6 of Madrid approved the concessionaire's liquidation plan.
Con la asunción de estas dos autopistas, la empresa pública SEITTSA, dependiente del Ministerio de Fomento, ya gestiona la explotación y el mantenimiento de todas las que han entrado en fase de liquidación concursal, faltando únicamente por asumir la AP-41, “Madrid-Toledo”, que aún no ha llegado a dicha fase.
Revierten así al Estado, las dos últimas autopistas de peaje en fase de liquidación, después de que el Juzgado de lo Mercantil nº 6 de Madrid, aprobase el plan de liquidación de las sociedades concesionarias.
The AP-36 toll road is therefore handed back to the state, after Commercial Court 2 of Madrid approved the concessionaire's liquidation plan.
Javier de Carvajal, socio co-responsable de la práctica de Restructuraciones y concursal de la oficina de Madrid, nos da una visión práctica y ciertas recomendaciones en el caso de que una contraparte inste el preconcurso de acreedores. Nos explica qué se debe hacer y qué no debe hacerse ante esa situación, y analiza las implicaciones de cara a buscar la máxima protección posible ante un eventual concurso de acreedores de la contraparte. |
In But Ka Chon v Interactive Brokers LLC [2019] HKCA 873, the Hong Kong Court of Appeal dismissed an appeal to set aside a statutory demand arising out of online forex futures trading debts.
The Bankruptcy Law, applicable to FIEs and most other companies in China, will come into effect on 1 June 2007.
The Bankruptcy Law sets out a dual test of insolvency: inability to pay debts as they fall due ("cash flow insolvency") and insufficient assets to pay off all debts ("balance sheet insolvency"). Either a debtor or a creditor may apply to the court for reorganization or liquidation of the debtor. Court assistance may also be sought to conciliate.
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.