On 3 December 2025, the Official Gazette published Law no. 202/2025 that amends and supplements Law no. 213/2015 on the Insureds Guarantee Fund (FGA) and Law no. 85/2014 on insolvency prevention and insolvency proceedings.
These amendments significantly recalibrate the institutional design, financing toolkit, and cross-border coordination of Romania’s insurance guarantee scheme, with particular emphasis on the handling of motor third party liability (MTPL) insurance claims and alignment with the EU framework introduced by Directive 2021/2118.
The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency Professionals to act as IRPs, RPs, Liquidators and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2025, which will govern appointments for the period January 1, 2026 to June 30, 2026.
In the recent decision of AlphaBow Energy Ltd. (Re) (“AlphaBow”),[1] the Alberta Court of King’s Bench dismissed AlphaBow’s application to stay the Alberta Energy Regulator’s (“AER”) request for a security deposit for the duration of its restructuring proceedings.
Background
The Insolvency Service has for many decades been the Government department responsible for the oversight of bankruptcies, compulsory insolvencies and, in more serious cases, the disqualification of individual directors.
Summary: In EPC Constructions India Ltd. v. Matix Fertilizers & Chemicals Ltd., the Supreme Court addressed whether holders of non-cumulative redeemable preference shares can initiate insolvency proceedings under Section 7 of the IBC, as financial creditors. The Court held that preference shareholders are not creditors and cannot trigger insolvency proceedings, as preference shares remain part of the share capital even upon maturity, and conversion of debt into preference shares permanently extinguishes the original creditor relationship.
Despite meeting statutory jurisdictional requirements under Part 26A of the Companies Act 2006, the High Court declined to exercise its discretion in favour of sanctioning Waldorf Production UK Plc’s restructuring plan in August 2025due to concerns about fair allocation of value and lack of meaningful engagement with unsecured creditors.
Paul, Weiss, Rifkind, Wharton & Garrison LLP European Restructuring – 2025 in Review 5
The Insolvency and Bankruptcy Board of India (IBBI) has released two notable discussion papers, namely, Minimum Shareholding Requirements for Directors and Partners of IPEs dated November 17, 2025, and Standardised Templates for Beneficial Ownership and Section 32A Affidavits dated November 6, 2025. Together, these papers propose substantive reforms intended to enhance governance discipline within Insolvency Professional Entities (IPEs) and improve the quality, uniformity, and reliability of disclosures in the Corporate Insolvency Resolution Process (CIRP).