The Ministry of Corporate Affairs by notification dated 03 October 2023 (read here) exempted transactions, arrangements or agreements relating to aircraft, aircraft engines, airframes and helicopters under the Cape Town Convention and Protocol from the moratorium provisions of the Insolvency and Bankruptcy Code, 2016.
In a welcome clarification for administrators, the UK Supreme Court in the recent case of R (on the application of Palmer) v Northern Derbyshire Magistrates’ Court[1], held that an administrator appointed under the Insolvency Act 1986 (IA 1986) is not an “officer” of the company for the purposes of section 194(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 (TULRCA).
Who owns cryptocurrency held by a cryptocurrency exchange? Do the cryptocurrency assets belong to the customers who deposited the crypto with the exchange, or do the cryptocurrency assets belong to the exchange itself? The answer to this question will have huge significance, both in terms of creditor recoveries as well as preferential transfer liability exposure.
Businesses worldwide are feeling the pressure of historic inflation and rising interest rates. UK insolvencies have reached their highest level since 2009, while numbers are also increasing in Australia, Canada and China.
This article examines the latest restructuring and insolvency trends – including zombie companies, landmark court decisions, and new legislation in Canada and the EU.
‘Zombie companies’ could lead to a wave of insolvencies
Peter Ferrer, Harneys
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight
In summary
It is sometimes the case that a person who owes you money dies before they have repaid the same to you. In this article, we explore what happens to the debt and the options available to creditors who are faced with a deceased debtor.
What happens to debt after death?
The deceased’s liability to repay a debt does not cease upon his or her death. Instead, liability for the same transfers to the deceased’s estate, providing that their estate is not insolvent.
What happens to debt if the estate is insolvent
Gregg Galardi, Matthew Czyzyk, Natalie Blanc and Emily Ma, Ropes & Gray
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
Richard J Cooper, Lisa M Schweitzer and Richard C Minott, Cleary Gottlieb Steen & Hamilton
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
Fabio Guzmán-Saladín and Pamela Benzán Arbaje, Guzmán Ariza
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
John Wasty, John Riihiluoma, Lalita Vaswani and James Batten, Appleby
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary