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    A Deep Dive into 2023's Insolvency Regime - Part 4 of 5
    2024-01-18

    Continuing our exploration of the evolving insolvency landscape in 2023, Part 4 examines two pivotal cases that further shape the legal framework surrounding insolvency proceedings in India.

    M/S. Vistra ITCL (India) & Ors. v. Mr. Dinkar Venkatasubramanian & Anr

    Secured Creditor Rights and Treatment of Pledged Shares

    Filed under:
    India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Vikas Goel
    Location:
    India
    Firm:
    Singhania & Partners LLP
    Cayman Islands Court gives guidance on applications to appoint Restructuring Officers
    2024-01-18

    Many jurisdictions offer a process for distressed companies to seek the protection of the Courts from enforcement action while they try to put a restructuring plan in place.  England and Wales has the administration regime, and the USA has Chapter 11. Historically, the Cayman Islands has addressed this issue by means of the ‘light touch’ provisional liquidation, by which an insolvency practitioner could be appointed to supervise the company while a restructuring plan was formulated and considered, with a breathing space from creditor actions by way of a court-imposed moratorium.

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Nelsons
    Location:
    Cayman Islands, USA
    Firm:
    Nelsons
    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
    Parallel Proceedings: the restructuring Double Act
    2024-01-17

    Following the Government's response to the UNCITRAL consultation (see our briefing here) - which suggests that, for a while at least, the rule in Gibbs is here to stay - we expect to see an increase in parallel proceedings being used when multijurisdictional corporate groups seek to restructure their debt.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashurst, UNCITRAL
    Location:
    United Kingdom
    Firm:
    Ashurst

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