Modernisation of Luxembourg insolvency law

Luxembourg insolvency law has recently added new measures and proceedings designed to reorganise the assets or activities of a Luxembourg debtor.

The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (Reorganisation Law) applies to certain Luxembourg commercial companies and came into force on 1 November 2023.

A Case Analysis of Doctors of Optimization Pty Ltd v MPA Engineering Pty Ltd (Subsidiary of Aquatec Maxon Group Ltd) [2023] QCA 219

1. Department of Finance publishes its Feedback Statement on the National Discretions contained within MiCA

The Consumer Duty is one of the most significant pieces of regulation to land in the financial services industry for some time and represents a major shift in how firms will need to view customer outcomes and proactively address harm in the retail market. For Insolvency Practitioners (IPs) appointed over a regulated firm that has products within the scope of the duty, this will form part of the regulatory obligations with which the firm (and the IP) will need to ensure compliance.

2023 Restructuring & Insolvency Year in Review Year starts with fears of banking collapse contagion State-backed rescue deal for Credit Suisse announced 10 March 19 March Silicon Valley Bank, centred in California and focussed on funding venture capital and startups, was shut down by its local regulator on 10 March 2023 with the Federal Deposit Insurance Corporation appointed as receiver and the UK bank was sold to HSBC over the course of a weekend. Crypto-exposed Silvergate Bank and Signature Bank both followed suit – all within the span of five days.

December, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Supreme Court: Rents receivable can be assigned by a debtor to a creditor as actionable claim. ⁎ Supreme Court: The constitutional validity of provisions of IBC pertaining to the personal guarantors upheld. ⁎ NCLAT: An operational creditor who is a participant in meetings of the CoC has no right to seek a copy of the information memorandum.

Article 319(1) of the UAE Civil Procedure Law authorises an execution judge to imprison a debtor who fails to satisfy a judgment debt, unless the debtor is able to prove that he is insolvent.

Outcome of the UK government's market consultation and the likely shape and impact of the proposed regime

Introduction

The Supreme Court’s judgment in BTI 2014 LLC v Sequana SA and ors^[1] (“Sequana”) is a key decision on the law surrounding directors’ duties.

The High Court was required to consider the Supreme Court’s Sequana judgment in Hunt v Singh (below).

What did we learn from Sequana?