はじめに

コロナ禍によって事業や財政状態が毀損した企業の再生が課題となる近時、実質的に債務超過状態にある上場会社をスポンサーが完全子会社化する（つまり既存株主の保有する株式を全てスポンサーが取得する）ことで、その経営再建を図る事例が増加しつつある。

こうした事例では、事業再生ADR手続等の準則型私的整理手続を通じた金融債権者（金融機関）を対象とする債務リストラクチャリング（債務免除による金融支援）によって過剰債務を解消するとともに、スポンサー支援を通じて資本を拡充し手元資金を確保した上で、対象会社の上場を廃止してスポンサーの完全子会社となり抜本的な再建プロセスが講じられることになる。

Restructuring plans under Part 26A of the Companies Act 2006 are a powerful tool for restructuring the debts of a company.

In 2016, the regulation concerning small and medium enterprises (“SMEs”) was initially introduced to aid SME owners in managing their debts through rehabilitation processes that safeguard the interests of both debtors and creditors.

The Hong Kong court has granted an order forcing an uncooperative former director of a Hong Kong listed company to ratify the appointment of a Hong Kong liquidator as the sole director of the companies' four BVI subsidiaries. The court rejected the idea that the liquidators should be made to apply for fresh winding up orders in the BVI and stressed that courts should be ready to offer each other mutual assistance.

Il decreto-legge 13 giugno 2023, n. 69 (in Gazzetta Ufficiale – Serie generale – n. 136 del 13 giugno 2023), coordinato con la legge di conversione 10 agosto 2023, n. 103 recante: «Disposizioni urgenti per l’attuazione di obblighi derivanti da atti dell’Unione europea e da procedure di infrazione e pre-infrazione pendenti nei confronti dello Stato italiano» ha introdotto alcune modifiche alla disciplina della crisi d’impresa

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Un regime transitorio

Recently, in the case of Vivek Khanna vs. OYO Apartments Investments LLP¹, the Delhi High Court dismissed a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“A&C Act“), by way of which, Mr. Vivek Khanna (the “Petitioner“) assailed the award dated March 31, 2023 (the “ImpugnedAward“) passed by the arbitral tribunal comprising of a sole arbitrator.

Introduction

If your company is named in a new lawsuit or receives a EEOC charge, part of your review process should include checking to see if the filing complainant or plaintiff has a pending bankruptcy action. If so, the next step is to see if the claimant disclosed their lawsuit or administrative complaint in his or her bankruptcy petition. If not, you may have a successful estoppel argument.

Key takeaways

The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Law) will enter into force on 1 November 2023.

In addition to introducing certain amendments to the existing insolvency framework, the Law implements EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks.

Scope

The Law applies to all types of commercial companies and traders (commerçants), including special limited partnerships.