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    2023 Bankruptcy Alternative: Uniform Law On Assignments For Benefit Of Creditors?
    2024-01-18

    2023 is the year that the need for a uniform state law on assignments for benefit of creditors became obvious.

    And a Drafting Committee at the Uniform Law Commission began working in 2023 to create such a law.

    Here are some of the reasons why the need became obvious.

    Background and Purpose

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Koley Jessen PC, Bankruptcy
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Cracks in the foundations
    2024-01-18

    Contractor insolvency is continuing to dominate headlines with the recent announcement of the Stewart Milne Group entering administration. By August 2023 as many as 35 construction firms had gone under since June – 29 went under in July alone, six more than in July 2022.

    With contractor insolvencies on the rise, we’re providing five essential tips to manage contractor insolvency in construction contracts and to avoid pitfalls. In all circumstances of insolvency, it is important to seek the right legal and commercial advice to avoid making a bad situation worse.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Shepherd and Wedderburn LLP, Construction contracts, Insolvency
    Authors:
    Iain Drummond , Lindsay Robinson
    Location:
    United Kingdom
    Firm:
    Shepherd and Wedderburn LLP
    Texas court holds Bankruptcy Code overrides Delaware LLC Act
    2024-01-18

    On December 12, 2023, in the case of In re Envision Healthcare Corp., Case No. 23-90342, Judge Christopher M. López of the US Bankruptcy Court for the Southern District of Texas determined that Section 541 of the Bankruptcy Code conflicts directly with, and therefore trumps, Section 18-304 of the Delaware LLC Act to prevent the termination of a member’s interests in a Delaware limited liability company arising from such member’s bankruptcy filing.

    Summary of Section 18-304 of the Delaware Limited Liability Company Act (LLC Act)

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, DLA Piper, Delaware Court of Chancery, Delaware Supreme Court
    Authors:
    Matthew Sarna , Robert Klyman
    Location:
    USA
    Firm:
    DLA Piper
    Part 26A Restructuring Plans - Sanction Hearing Timetabling Considerations
    2024-01-16

    The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have applied for a restructuring plan under Part 26A of the Companies Act 2006 (“Restructuring Plan”) unless there are good reasons for doing so.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Companies Act 2006 (UK)
    Authors:
    Sabina Khan
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Exclusive jurisdiction clauses in English insolvency proceedings
    2024-01-16

    The English High Court has re-affirmed its jurisdiction where a disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) in favour of a foreign court.

    Background

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Exclusive jurisdiction, Insolvency
    Authors:
    Nick Moser
    Location:
    Hong Kong, United Kingdom
    Firm:
    Taylor Wessing
    Forecast for 2024: The shifting tide of restructuring and insolvency
    2024-01-16

    We find ourselves in a year of transition, with (whisper it) the economy stabilising and an election tipped for the second half of 2024. Surely only a fool, in times such as these, would seek to anticipate what change could unfold in the legal landscape over the next 12 months. Challenge accepted! For 2024 we have dusted off our crystal ball and we set out below our (educated) guesses of what to expect for the year (or two) ahead…

    Implementation of UNCITRAL model law on Enterprise Group Insolvency

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Insolvency, UNCITRAL, Bank of England, Insolvency Service (UK)
    Authors:
    Tim Carter , Lucy Trott
    Location:
    European Union, United Kingdom
    Firm:
    Stevens & Bolton LLP
    English court's helpful guidance on injunction to restrain advertisement of winding up petition
    2024-01-16

    Background

    This case involved a winding up petition presented against Bridger & Co Ltd (the Company) on 15 June 2023. The petition debt arises out of a funding agreement between the parties. The Company applied for an injunction to restrain the advertisement of the petition on various grounds. The court declined to make an injunction.

    Decision

    The judgment helpfully confirms the position on three issues in these types of proceedings:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Winding-up
    Authors:
    Luke Viner
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Annual IBC Compendium: January - December 2023
    2024-01-17

    This Compendium consolidates all the case laws and notifications under the Insolvency and Bankruptcy Code, 2016 circulated as prisms and summarised in the newsletters during the calendar period from January 2023 till December 2023. Application under Section 7 or 9 of the IBC is extendable only by an application under Section 5 of Limitation Act on grounds of sufficient cause The Supreme Court of India (“Supreme Court ”) in the case of Sabarmati Gas Limited vs.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Tata Steel Ltd, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    JSA
    The impact of insolvencies on construction in 2024
    2024-01-17

    There will also be continued consequences arising out of the ongoing downturn in the economy. In the four quarters ending Q3 2023, the construction industry reported 4,276 cases of insolvency to the Insolvency Service, equating to 18% of all insolvencies reported (when an industry was recorded) during this period.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Browne Jacobson LLP, Insolvency, Insolvency Service (UK), Third Parties (Rights against Insurers) Act 2010 (UK)
    Authors:
    Tim Claremont
    Location:
    United Kingdom
    Firm:
    Browne Jacobson LLP
    Singapore Restructuring & Insolvency Yearbook 2023
    2024-01-17

    2023 was a monumental year for the development of Singapore case law on restructuring and insolvency.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, WongPartnership – Restructuring & Insolvency, Cryptocurrency
    Authors:
    Lionel Leo , Stephanie Yeo , Joel Chng , Daniel Liu , Tan Kai Yun , Clayton Chong , Adnaan Noor , Eden Li , Muhammed Ismail NOORDIN
    Location:
    Singapore
    Firm:
    WongPartnership – Restructuring & Insolvency

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