The Supreme Court has handed down a judgment which will be greeted with a collective sigh of relief from the insolvency world. In R (on the application of Palmer) v Northern Derbyshire Magistrates Court [2023] UKSC 38, the Supreme Court ruled that an administrator of a company is not an “officer” of that company.
The EU Reorganisation Act (EU UmgrG) came into force on 1 August 2023. However, the EU Reorganisation Act does not fundamentally change Austrian reorganisation law. The previous legal system was only changed to the extent necessary to implement Directive (EU) 2019/2121 ("Mobility Directive").
Area of application
In an application filed by Vishram Narayan Panchpor, resolution professional of Blue Frog Media Private Limited (“Corporate Debtor”) in the matter of M/s Blue Frog Media Private Limited1 for approval of a resolution plan, the Mumbai bench of the National Company Law Tribunal (“NCLT Mumbai”) ruled that the object of Section 29A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) requires a resolution professional to conduct adequate due diligence on a prospective resolution applicant and its related parti
In Dubai civil cases, if someone proves they cannot pay what the court ordered, they will normally avoid facing an arrest warrant, the emirate's highest judicial body has said.
Creditors need to demonstrate that the person who owes the money has sufficient funds to pay the debt before the court can issue an arrest warrant for unpaid dues.
A thorny question facing a company when considering a Restructuring Plan is how to deal with HMRC particularly following HMRC’s opposition to recent plans.
Creditors now have some assistance in these deliberations thanks toguidance published by HMRC setting out how they will approach discussions with companies considering a Restructuring Plan.
The Supreme Court has held that the ‘doctrine of election’, stemming out of the law of evidence that bars prosecution of the same right in two different fora based on the same cause of action, cannot be applied to prevent a financial creditor from approaching the adjudicating authority for initiation of Corporate Insolvency Resolution Process against a corporate debtor.
Amid high interest rates and economic uncertainty, it is not surprising that corporate restructurings are on the rise. In fact, restructuring activity in the first half of 2023 more than doubled from the corresponding period in 2022.1
While the Insolvency and Bankruptcy Code, 2016 (“IBC”) provides for insolvency resolution and liquidation of ‘corporate persons’, it excludes ‘financial service provider’ (“FSP(s)”) from the said provision.
On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:
The answer to that question and with a huge sigh of relief is thankfully not, following the Supreme Court finding that an administrator of a company appointed under the Insolvency Act 1986 (“IA 1986”) is not an “officer” of the company within the meaning of section 194(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 (“TULRCA”).