Il decreto-legge 13 giugno 2023, n. 69 (in Gazzetta Ufficiale – Serie generale – n. 136 del 13 giugno 2023), coordinato con la legge di conversione 10 agosto 2023, n. 103 recante: «Disposizioni urgenti per l’attuazione di obblighi derivanti da atti dell’Unione europea e da procedure di infrazione e pre-infrazione pendenti nei confronti dello Stato italiano» ha introdotto alcune modifiche alla disciplina della crisi d’impresa
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Un regime transitorio
Recently, in the case of Vivek Khanna vs. OYO Apartments Investments LLP1, the Delhi High Court dismissed a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“A&C Act“), by way of which, Mr. Vivek Khanna (the “Petitioner“) assailed the award dated March 31, 2023 (the “ImpugnedAward“) passed by the arbitral tribunal comprising of a sole arbitrator.
Introduction
www.ploum.nl Kwartaalupdate Bestuurdersaansprakelijkheid Q3 2023 1 START IT UP! Introductie Auteurs: Thomas Munnik en Annerieke Meerkerk In het derde kwartaal van 2023 zijn op www.rechtspraak.nl verschillende uitspraken gepubliceerd waarin de ingestelde vordering gegrond was op bestuurdersaansprakelijkheid. In deze Kwartaalupdate Bestuurdersaansprakelijkheid voor Q3 2023 is een selectie gemaakt uit deze uitspraken. De navolgende onderwerpen komen aan bod: 01. Bestuurder aansprakelijk vanwege onjuiste mededelingen? (Gerechtshof Arnhem-Leeuwarden 5 september 2023) 2 02.
In Short:
The Situation: After the nationalization of the Dutch SNS banking and insurance group, the Dutch Minister of Finance offered zero compensation to expropriated bondholders.
The Result: Ten years after the nationalization, the Dutch Supreme Court confirmed compensation awards totaling approximately €1 billion including accrued interest.
Looking Ahead: The SNS case provides some interesting lessons on where those seeking compensation in the context of bank bailouts and resolutions may head.
Snippet series
What is the impact on the double Luxco and the Luxembourg share pledges?
Luxembourg bolsters its position for the structurings of international investments with the introduction of new tools for bankruptcy prevention. The existing and new financial collateral arrangements maintain their bankruptcy insolvency proceedings remote status, preserving the benefit and popularity of the double Luxco structure and the related enforcement of Luxembourg share security.
In a recent case involving Mantle Materials Group, Ltd. (2023 ABKB 488, “Mantle“), the intersection of environmental obligations and insolvency law in Canada has again come into sharp focus.
Recent expressions of concern about courts mandating mediation reminded me of a mandated mediation process that worked well: the City of Detroit bankruptcy.
An illustration of the success of mandated mediation in the Detroit case is this line:
The Bankruptcy Judge“put an end to the public bickering over the water deal by ordering the parties into confidential mediation.”
In FamilyMart China Holding Co Ltd (Respondent) v Ting Chuan (Cayman Islands) Holding Corporation (Appellant) (Cayman Islands) [2023] UKPC 33, the Privy Council has provided useful guidance about the interplay between an arbitration agreement and exercise of the Cayman court’s powers and discretion to wind up a company on just and equitable grounds.
Where a winding up petition is based on a debt arising from a contract with a non-Hong Kong exclusive jurisdiction clause, the court will tend to dismiss or stay the winding up petition in favour of the parties’ agreed forum unless there are strong countervailing factors.