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

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:

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.

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.

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

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.

Protecting your company from unpaid invoices could help you stay in business. At the time of writing, latest figures indicate that the number of companies going insolvent is on track to be the highest since the 2009 financial crisis.

摘要

市场经济交易中，企业以自有财产对外抵押，提供担保的情形屡见不鲜。上述企业进入破产程序后，易引发破产法与担保法交叉问题。破产企业以自有财产为第三人的债务提供抵押，主债权债务发生于债权人（抵押权人）与第三人之间，抵押权人若在抵押人的破产程序中主张权利，管理人审查认定过程中，易与破产企业为自己的债务提供抵押混淆，单纯的抵押权人可能被认定为“抵押债权人”。本文立足于物权和债权的二分性原则，探讨了在破产程序中，对破产企业仅享有抵押权的权利人的权利认定与行权规则。

关键词

抵押权人 别除权 别除权人 权利行使

As we continue our journey through the evolving insolvency landscape of 2023, we will delve into two landmark cases that further shaped the legal framework governing insolvency proceedings in India. Building upon the foundations laid in Part 1 of this series, we now turn our attention to M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd and Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation India Ltd.

M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd.

Section 192 of the Canada Business Corporations Act (CBCA) provides a flexible tool that allows corporations to achieve important change and undertake various corporate transactions, subject to court approval and oversight. This article aims to provide an update on the Québec courts’ acceptance of virtual securityholder meetings and approach to the solvency requirement.

Overview of the arrangement process