Executive Summary:

The amendments recently notified to the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, require the information utility to verify key details such as the e-mail address of the debtor, the document showing proof of debt, etc. before issuance of record of default.

The decision confirms that an arbitration agreement will be upheld in the face of insolvency proceedings only if it can be shown that the petition debt is genuinely disputed on substantial grounds.

It is essential that any UK individual or entity doing business, managing funds/other economic resources, or providing financing or professional services, keeps abreast of the current UK Russian sanctions regime, which is chiefly set out in the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations"). The question of how the Regulations might apply to those with fiduciary duties – either as trustees or as directors – has been considered in two recent High Court cases.

This week’s TGIF considers a recent Federal Court of Australia decision (Connelly (liquidator) v Papadopoulos, in the matter of TSK QLD Pty Ltd (in liq) [2024] FCA 888). In the case, it was determined that a restructuring adviser who engineered an asset-stripping scheme may be found liable for the full value of the loss arising out of the scheme.

Key Takeaways

Business rescue regime in South African law, was established in the Companies Act of 2008 to prevent the liquidation of financially distressed companies and to facilitate their restructuring and revival. Business rescue is not just a legal process, but a lifeline for struggling businesses. The primary goal of business rescue is to maximize the chances of a company's successful recovery while also considering and minimizing any potential harm to stakeholders, who are not just participants, but key contributors to the process.

With a view to ensure authenticity, the Insolvency and Bankruptcy Board of India (IBBI) has mandated a Valuation Report Identification Number (VRIN) for each valuation conducted under the Insolvency and Bankruptcy Code, 2016.

A new, bipartisan bankruptcy bill in the U.S. Senate purports, according to an official document, to:

Resumen Ejecutivo:

The court has provided guidance on how to protect personal representatives in potentially insolvent estates in Wedgwood v Hosein and another [2024].