Introduction
Aerovias del Continente Americano SA Avianca & Ors v Versilia Solutions Ltd [2026] EWHC 282 (Ch) covers well trodden ground on the limits to the powers of a provisional liquidator and how, in certain circumstances, they can be overcome, in this case by seeking ratification of the sale of the company’s assets.
The Insolvency and Bankruptcy Code, 2016 (“IBC”) which came into force on December 1, 2016, marked a decisive shift in India’s approach to insolvency and its resolution.
In the UAE business environment, a company may go through a period of temporary distress before transitioning into a legal state that necessitates initiating bankruptcy or reorganization proceedings. The difference between taking early action and waiting until the crisis exacerbates is the difference between protecting assets and reputation, and losing control over the company's trajectory.
When a company is in financial distress, creditors must consider whether to place the company into a formal external administration process. If they do so, the publicity and disruption that accompany a formal appointment may worsen an already fragile situation. Conversely, if no action is taken, the company may continue to burn cash, leaving creditors with little or no prospect of recovery.
On 11 December 2025, the National Assembly of Vietnam passed Law No. 142/2025/QH15 onRecovery and Bankruptcy (the Law on Bankruptcy 2025), marking a significant overhaulof the country's insolvency framework. The new legislation, which will take effect from1 March 2026, repeals and replaces Law No. 51/2014/QH13 on Bankruptcy (the Law onBankruptcy 2014).The Law on Bankruptcy 2025 introduces comprehensive reforms aimed at addressinglongstanding criticisms of the 2014 regime, which was widely viewed as procedurallycumbersome and slow to resolve distressed businesses.
This article examines the emerging trend of U.S.-based companies with Canadian ties initiating primary insolvency proceedings in Canada and seeking recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code. As described herein, this two-step strategy enables debtors to take advantage of the flexibility and efficiency of Canadian restructuring regimes, while securing key U.S. bankruptcy protections.
A Strategic Shift in Cross-Border Insolvency
A. Introduction
In the recent judgment, Re Jingrui Holdings Ltd [2026] HKCFI 246, Harris J made a winding-up order against an unregistered foreign company incorporated in the Cayman Islands, of which the assets are located in Mainland China.
In this Judgment, the Court confirmed the following principles: -
(1) The Court will wind-up a foreign company only if doing so has a real possibility of benefitting the creditors. The Court will assess such benefit in a practical and commercial way.
Primul de acest fel în piață, studiul poartă semnătura echipei de litigii Filip & Company, subcoordonarea avocaților Alin Grapă și Eduard Maxim. Inaugurăm astfel o serie anuală pe care ovom continua consecvent ca reper constant pentru acest subiect.În cadrul materialului sunt analizate date statistice obținute prin consultarea platformelor publiceîn legătură cu sistemul judiciar din România, fiind centrat pe materia litigiilor civile, comerciale șia celor de contencios administrativ.