In the recent High Court case of Drelle v Servis-Terminal LLC [2024] EWHC 521 (Ch) the Court was asked to answer that very question. David Garner and Owen John of our Commercial Disputes Team analyse the outcome below.
The case is of potential importance to UK businesses that conduct business outside of the UK.
Background
A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
The Hungarian Supreme Court has ruled that in a lawsuit initiated by an insolvent debtor, a creditor’s claim arising after the commencement date of the liquidation cannot be enforced as a set-off claim against the debtor.
Background
En el escaso transcurso de este año 2024 ya hemos tenido el honor de recibir dos interesantes resoluciones dictadas por la Sala Primera del Tribunal Supremo en materia concursal.
Estas dos resoluciones ponen de relieve cuestiones en las que, habiendo la Sala apreciado y justificado el interés casacional para entrar en el fondo del asunto, precisamente, en uno de esos supuestos, por no haberse tratado con anterioridad, hacen que nos traigan consigo pronunciamientos que serán de plena aplicación en la práctica.
A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
On 4 March 2024, the High Court approved the amended restructuring plan (the Plan) of Project Lietzenburger Straße Holdco S.à.r.L (the Company) a Luxembourg incorporated company part of the German Aggregate Holdings Group, despite refusing to sanction its original plan.
As seen in the recent proliferation of bankruptcy cases seeking a structured dismissal or conversion after a successful sale, debtors constantly seek creative and efficient ways to wind up a case, including through a traditional plan of liquidation. Yet, as discussed below, debtors must ensure that any proposed voting procedures for a plan comply with section 1126 of the Bankruptcy Code, or are at least supported by, or supportable with, prior precedent.
Highlights
Introduction
The proud sporting nations of Ireland and England have for some time traded blows and bragging rights within the Six Nations Tournament as the two pre-eminent and consistent "Home Nations" rugby teams. While the two sides share some similarities in the rebuilding process following the World Cup in France 2023, ahead of this Saturday's clash, few can argue with Ireland's emphatic start to this year's tournament. England, however, can never be written off at Twickenham, so a potential blockbuster awaits!
Introduction