This article combines the theoretical analysis and practical experience of the bankruptcy reorganization case of five companies, including Harbin Gongda High-tech Industrial Development Co., Ltd..undertaken by Lawyer Nafisa Nihmat's team in 2023, one of the “national bankruptcy classic cases” in 2023, and approximately 50 delisted companies in recent years. It discusses the unique reorganization value, reorganization paths, and common controversial and difficult issues in the practice of delisted companies under Chinese law.

I. Introduction

In a significant decision with far-reaching consequences for the financial and insolvency ecosystem, the Kerala High Court (“High Court”) in J.C. Flowers Asset Reconstruction Pvt. Ltd. v. State of Kerala adjudicated upon the levy of stamp duty on assignment agreements executed under Section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”).

Introduction

An amalgamation or reconstruction of companies under sections 366 and 370 of the Companies Act 2016 ("CA 2016") is a common tool for corporate restructuring in Malaysia. It enables the seamless transfer of assets and liabilities from the transferor to the transferee, typically within group structures where both companies share a common ultimate holding company.

The Supreme Court of India’s (“Supreme Court”) decision in the case of Kalyani Transco vs M/s Bhushan Steel and Power Limited1 and connected appeals raises some serious legal issues. We understand from the public domain that parties are considering filing review and curative petitions. Without expressing any views on the judgement, set out below is a summary of the key findings and directions of the Supreme Court.

The Insolvency and Bankruptcy Board of India (IBBI), through its press release dated May 30, 2025, has outlined the key features of the Fourth Amendment to the Insolvency Resolution Process for Corporate Persons (CIRP) Regulations, 2016, which was notified on May 26, 2025. These amendments are designed to streamline and enhance the effectiveness, transparency, and inclusivity of the corporate insolvency resolution process.

Switzerland is known for its efficient legal system and pro-enforcement stance. However, if you are a foreign insolvency practitioner handling bankruptcy proceedings with ongoing litigation in Switzerland, you may face some procedural hurdles.

This article outlines the effects of a foreign bankruptcy decree in Switzerland and explores the available options to initiate or continue litigation.

WHAT HAPPENS?

Foreign insolvency practitioners are barred from litigating without prior recognition

 Upcoming Lexology Index research – June to August 2025

Introduction

Under Brazilian law, the concept of objective arbitrability, as established by the Arbitration Law (Law No. 9,307/1996), refers to disputes involving rights of a patrimonial nature, provided that such rights are freely disposable by the parties involved.

A recent amendment to the Brazilian Bankruptcy Law (Law No. 11,105/2005) established that the commencement of judicial reorganization proceedings by a distressed company does not entail the inability to submit disputes to arbitration.

Recent amendments notified by the Insolvency and Bankruptcy Board of India (IBBI) require resolution professionals, with creditors’ approval, to intimate the Adjudicating Authority of the non-submission of the repayment plan by personal guarantors.

Accordingly, Regulation 17B has been introduced in the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.

Kingsley Napley is pleased to report the judgment of Mrs Justice Joanna Smith DBE in the case of Re MPB Developments Ltd [2025], which represents an excellent result for our client.

We act for the petitioners in long running litigation. Two years ago, our clients presented a creditors’ winding up petition, together with a contributory’s winding up petition on the just and equitable basis and an unfair prejudice petition.