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    Will a just and equitable winding up petition render an arbitration agreement inoperative?
    2023-10-09

    The Privy Council has considered the question of whether an agreement to settle disputes arising out of a shareholders' agreement by arbitration prevents a party to the agreement pursuing a petition to wind up the company on just and equitable grounds.

    Background

    Filed under:
    Cayman Islands, Arbitration & ADR, Insolvency & Restructuring, Litigation, Mourant
    Authors:
    Nicholas Fox , Simon Dickson , Charles Henderson
    Location:
    Cayman Islands
    Firm:
    Mourant
    Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part One)
    2023-10-09

    Many authorities and commentators have considered cryptocurrencies, and the blockchains that undergird them, as a potentially disruptive force in the financial industry. Now, that disruption has made its way to a different side of finance—bankruptcy, and during the past year, the United States bankruptcy courts have had to confront many unexpected challenges involved in dealing with cryptocurrency.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Mark A. Salzberg , Justin Cloyd
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Giving Wings to Aviation Industry: Government amends IBC to Ease Lessors’ Worries!
    2023-10-09

    On October 3rd, 2023, the Ministry of Corporate Affairs (MCA) amended Section 14(1) of the Insolvency and Bankruptcy Code, 2016 thereby exempting the transactions, arrangements, or agreements related to aircraft, aircraft engines, airframes, and helicopters in the aviation industry from the operation of the moratorium imposed upon the admission of an insolvency plea.

    Filed under:
    India, Aviation, Insolvency & Restructuring, Litigation, SS Rana & Co, Ministry of Corporate Affairs, Insolvency and Bankruptcy Code (India)
    Authors:
    Nihit Nagpal
    Location:
    India
    Firm:
    SS Rana & Co
    It might be an uphill battle…but its progress
    2023-10-09

    Restructuring Advisory Director, Luke Wilson, reflects on the manufacturing sector's economic activity.

    From my experience every battle in business or life always has two sides, the one which is glaringly obvious,  the fight itself – the difficulties and the alarming thoughts of, how do I find a way through – then the other side, beneath the surface, there is an abundance of opportunity for change, growth and learning. This is no different for the current state of flux that the manufacturing sector is facing.

    Filed under:
    United Kingdom, Insolvency & Restructuring, FRP Advisory, Private equity, Carbon neutrality, Bank of England
    Authors:
    Luke Wilson
    Location:
    United Kingdom
    Firm:
    FRP Advisory
    Restructuring Department Bulletin - October 2023
    2023-10-05

    In the October 2023 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.

    » read the bulletin

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Turnaround Management Association
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Extinguishment of personal guarantee permissible in a resolution plan under IBC.
    2023-10-06

    The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) has in the case of SVA Family Welfare Trust & Anr v. Ujaas Energy Limited & Ors inter alia held that a resolution plan can contain a clause which extinguishes security interest, such as personal guarantees, after paying compensation to the financial creditor in whose favour such security interest was created.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Varghese Thomas , Yohaann Limathwalla , Meher J. Mistri
    Location:
    India
    Firm:
    JSA
    Company insolvencies on the rise
    2023-10-06

    The recent rise in company insolvencies has been driven by a high number of creditors’ voluntary liquidations (CVL). The outlook for the rest of 2023 is that there will be an even higher number of companies entering a formal insolvency process in almost every sector and industry.

    A high proportion of these insolvencies are small businesses (SME’s), some of which had managed to keep going with the help of Government-led support packages and bounce back loans, but with rising interest rates and inflation, they are now struggling to repay loans and obtain financing.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Boyes Turner LLP, Insolvency, Receivership
    Authors:
    Donna Goddard
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Dip Financing and Liens On Avoidance Actions
    2023-10-06

    The Eighth Circuit held that “avoidance actions [e.g., preferences, fraudulent transfers] can be sold as property of the [Chapter 7 debtor’s] estate.” In re Simply Essentials, LLC, 2023 WL 5341506, *1 (8th Cir. Aug. 21, 2023). On a direct appeal from the bankruptcy court, the court affirmed the bankruptcy court’s granting of the trustee’s motions to compromise and sell property under Bankruptcy Code §363(f). A creditor had objected, arguing unsuccessfully that “avoidance actions… are not part of the bankruptcy estate ….” Id.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Eighth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Treatment of Interest - A Guide for Operational Creditors
    2023-10-06

    INTRODUCTION

    One of the biggest changes brought in by the Insolvency and Bankruptcy Code, 2016 (“Code”) was the demarcation between treatment of interest vis-à-vis financial debt and operational debt. Over time, Courts have interpreted the Code with the aim to strengthen the foundation and resolve uncertainties. One such exercise, which has greatly impacted the insolvency regime, is the inclusion of interest in operational debt.

    PHASE 1 – EXCLUSION OF INTEREST

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Dheeraj Nair , Avni Sharma , Angad Baxi
    Location:
    India
    Firm:
    JSA
    Win the Bid - What’s Next in Moving On?
    2023-10-06

    On March 12, 2023 the New York State Department of Financial Services appointed the FDIC as receiver for Signature Bank. The FDIC created a bridge bank, Signature Bridge Bank (“Bridge Bank”), and transferred all deposits and substantially all of Signature Bank’s assets to the Bridge Bank. No consents or other restrictions on transferring rights and obligations of Signature Bank are applicable for the transfer to the Bridge Bank. The receivership is governed by the Federal Deposit Insurance Act (“FDIA”). Under the FDIA, the FDIC succeeds to the rights and powers of Signature Bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Danyeale Chung
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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