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    Cancellation of an imposed Personal Repayment Plan Order by a creditor
    2024-06-20

    In times of financial difficulty, the Personal Insolvency (Personal Repayment Plans and Debt Relief Order) Law of 2015 in Cyprus provides a structured way for debtors to manage their debts while protecting their principal residence. This law is designed to balance the interests of both debtors and creditors.

    However, what happens when creditors seek to cancel these repayment plans?

    Filed under:
    Cyprus, Insolvency & Restructuring, Litigation, Elias Neocleous & Co LLC
    Authors:
    Athina Evagorou
    Location:
    Cyprus
    Firm:
    Elias Neocleous & Co LLC
    Dayang v. Asia Master Logistics Endorsed by the Privy Council: Second Life to the Triable Issue Standard in Hong Kong?
    2024-06-20

    In Sian Participation v. Halimeda International [2024] UKPC 16, Lords Briggs and Hamblen, delivering judgment on behalf of the Board, endorsed the traditional approach to winding-up petitions. Their Lordships confirmed that a debtor’s duty to show that the debt is genuinely disputed on substantial grounds (“Triable Issue Standard”) remains undiluted even if the contract from which the debt arose contains an arbitration clause.

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Winding-up
    Authors:
    Cyrus Chua
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    Immunity upheld for foreign entities against Australian wind-up
    2024-06-20

    High Court upholds decision that separate entities of foreign states may be immune from being wound up in Australia

    Key takeouts

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, MinterEllison, High Court of Australia, New South Wales Court of Appeal
    Authors:
    Nick Anson
    Location:
    Australia
    Firm:
    MinterEllison
    Balancing act for ARCs when using resolution tools
    2024-06-20

    Under the framework of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), an asset reconstruction company (ARC) has wide powers to revive a company facing financial difficulties. It can use securitisation, reconstruction and recovery for quick resolution of distressed debt. As an alternative, the Insolvency and Bankruptcy Code, 2016 (IBC), allows ARCs with access to a formal resolution process, which has the advantage of the borrower emerging debt-free with a clean slate.

    Filed under:
    India, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Shardul Amarchand Mangaldas & Co, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (India), Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Veena Sivaramakrishnan
    Location:
    India
    Firm:
    Shardul Amarchand Mangaldas & Co
    Sub V Task Force Report In A Nutshell: Part 8—Plan Filing After Debtor’s Removal
    2024-06-20

    On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report.

    This article is the eighth in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The subject of this article is:

    • whether the Subchapter V trustee or other party in interest should be allowed to file a plan after debtor’s removal from possession.[Fn. 1]

    Recommendation

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    SCOTUS Rules that Insurers Have a Voice in Bankruptcy
    2024-06-20

    On June 6, the United States Supreme Court decided Truck Insurance Exchange v. Kaiser Gypsum Co., Inc., No. 22-1079, holding that insurers with financial responsibility for bankruptcy claims are “parties in interest” under 11 U.S.C. § 1109(b) that “may raise and may appear and be heard on any issue” in a Chapter 11 bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Phelps Dunbar LLP, US Congress, Supreme Court of the United States
    Authors:
    Patrick "Rick" M. Shelby , Kevin Welsh
    Location:
    USA
    Firm:
    Phelps Dunbar LLP
    Bay Street Lawyers Beware: U.S. Court Finds Conflict of Interest Representing Debtor and One of Its Major Shareholders in Bankruptcy Proceedings
    2024-06-20

    Many litigators and corporate lawyers view the practice of representing a large shareholder and the company in which it is invested as common practice. In many instances, no conflict of interest will ever materialize such that the shareholder and the company require separate representation. However, in a recent opinion rendered by the United States Bankruptcy Court, Eastern District of Virginia (the “Court”), a large international law firm (the “Firm”) was disqualified from representing Enviva Inc.

    Filed under:
    Canada, Capital Markets, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Private equity
    Authors:
    Steven L. Graff , Jeffrey K. Merk , Shaun F. Parsons
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    High Court finds borrower's security confers floating charge, despite intention of parties to create fixed charge and lender's contractual power to exercise control
    2024-06-20

    The High Court has found that a borrower's debenture granted to a lender in respect of certain internet protocol (IP) addresses was a floating charge.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    John Corrie , John Chetwood , Rachael MacKay , Ceri Morgan , Nihar Lovell
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Non-Settling Insurers Now Have a Seat at the Bankruptcy Table
    2024-06-20

    Justice Sonia Sotomayor delivered the Supreme Court’s unanimous opinion in Truck Insurance Exchange v. Kaiser Gypsum Company, Inc., et al. (Case No. 22-1079) (“Kaiser Gypsum”). Reversing the opinion of the United States Court of Appeals for the Fourth Circuit in In re Kaiser Gypsum Co., Inc., 60 F.4th 73 (4th Cir.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Gibbons PC, Supreme Court of the United States
    Authors:
    David N. Crapo
    Location:
    USA
    Firm:
    Gibbons PC
    How to Dissolve a Cyprus Company: A Comprehensive Guide
    2024-06-20

    Dissolving a Cyprus company can be a complicated or a straightforward process however it is a procedure that requires careful planning and execution. In Cyprus, this process is governed by the Companies Law, Cap 113, and involves various legal, financial, and administrative steps.

    Filed under:
    Cyprus, Company & Commercial, Insolvency & Restructuring, AGPLAW | A.G. Paphitis & Co. LLC, Liquidation, Insolvency
    Authors:
    Margarita Sofokleous , Myrianthi Papagianni
    Location:
    Cyprus
    Firm:
    AGPLAW | A.G. Paphitis & Co. LLC

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