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    Bombay High Court affirms jurisdiction of NCLT to direct ED to release the attached properties after approval of resolution plan
    2024-05-07

    In the case of Shiv Charan and Ors.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Anti-money laundering, Insolvency, Bombay High Court, National Company Law Tribunal
    Authors:
    Varghese Thomas , Soumitra Majumdar , Abhay Agarwal , Ahsan Allana , Kabir Saund
    Location:
    India
    Firm:
    JSA
    Untangling legal knot: SC’s ruling on “security deposits” as financial or operational debt under IBC
    2024-05-08

    Introduction

    For initiating proceedings under the Insolvency and Bankruptcy Code 2016 (“IBC”), categorisation of a creditor as either a “financial creditor” or an “operational creditor” is a rather significant first step. Such categorisation is not merely organisational, but essential since the rights, obligations and procedural requirements for realisation of debt by financial and operational creditors also differ under the IBC.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Cyril Amarchand Mangaldas, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Vikash Kumar Jha , Namrata Sadhnani
    Location:
    India
    Firm:
    Cyril Amarchand Mangaldas
    What can we learn from 2024’s insolvencies and statistics to date?
    2024-05-08

    Across 2023, the rate of corporate insolvencies in England and Wales fluctuated but trended significantly higher than the previous year, peaking in an especially tumultuous November. Turning from statistics to the news headlines, it was striking but perhaps not surprising to see many household name businesses forced into administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Insolvency
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    Varied hues of Government dues under IBC
    2024-05-08

    1. Introduction     

    The longstanding debate surrounding the prioritization of crown debts vis-à-vis private debts has entered a new chapter with the advent of the Insolvency and Bankruptcy Code, 2016 (“IBC”). Prior to the IBC, the common law principle generally granted crown debts preferential status over unsecured debts. This historical primacy stemmed from the sovereign's role as the embodiment of the public good, requiring unimpeded revenue collection for the smooth functioning of the State.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Juris Corp, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Jinal Shah , Ronit Chopra
    Location:
    India
    Firm:
    Juris Corp
    Czech Republic: LegalBites | 9 May 2024
    2024-05-10

    In brief

    A selection of newly announced legislation and court decisions reinterpreting private law.

    Click here to read in Czech

    Filed under:
    Czech Republic, Competition & Antitrust, Insolvency & Restructuring, IT & Data Protection, Baker McKenzie
    Authors:
    Martin Hrodek
    Location:
    Czech Republic
    Firm:
    Baker McKenzie
    German court finds that the presumption of knowledge in contestation claims extends to indirect shareholders
    2024-05-09

    According to the German Federal Court of Justice (the Court), a “related party” (nahestehende Person) within the meaning of German insolvency law includes in the case of a legal entity, an indirect shareholder, provided that it holds more than 25% of the shares. Here, the Court will assume that the legal entity has advance knowledge of the financial situation of its subsidiary.

    Background

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    English court allows bankruptcy petition to proceed based on unrecognised foreign judgment
    2024-05-09

    The English High Court has considered, on appeal, whether a foreign judgment constitutes a "debt" for the purposes of a bankruptcy petition.

    Background

    A bankruptcy petition served by Servis-Terminal LLC (ST) was based on a Russian court judgment obtained against Drelle, a former director of ST. The judgment had been upheld following appeals to superior courts in Russia.

    There was no evidence that Drelle would be able to pay the judgment debt which was considerably more than the bankruptcy threshold.

    Appeal

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Louise Jennings , Anneliese Amoah
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK Jurisdiction Taskforce publishes its third Legal Statement on Digital Assets and English Insolvency Law
    2024-05-09

    Following the launch of its public consultation in October 2023, the UK Jurisdiction Taskforce has now published its latest Legal Statement on the treatment of Digital Assets under English insolvency law.

    Key conclusions

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    In re Mallinckrodt Update—Third Circuit Agrees with Lower Courts: Royalty Obligations Not Tied to IP License Are Dischargeable Unsecured Claims
    2024-05-09

    As we previously reported in Royalty Rights as Unsecured Claims: The Relevance of Mallinckrodt to M&A, Revenue or Royalty Interest Financings, and Other Transactions Involving Future Payment Streams, a decision arising out of the Mallinckrodt plc bankruptcy cases

    Filed under:
    USA, Copyrights, Designs and trade secrets, Insolvency & Restructuring, Litigation, Patents, Trademarks, Covington & Burling LLP, Royalty payment, Third Circuit
    Authors:
    Martin E. Beeler , Dianne F. Coffino , Peter A. Schwartz , Julian Wright
    Location:
    USA
    Firm:
    Covington & Burling LLP
    Becker bankruptcy finally discharged after 7 year gestation period
    2024-05-09

    Boris Becker was originally made bankrupt in June 2017. In the ordinary course, a debtor is made bankrupt for a period of one year, and upon the anniversary of the bankruptcy order they are automatically discharged. While a bankrupt is undischarged, they are subject to various restrictions e.g. they are unable to act as company director or be involved in the management, promotion or formation of a business. Once discharged, the debtor can (in theory) start to rebuild their life afresh while their pre-bankruptcy assets remain in the hands of their trustee in bankruptcy (the Trustee).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP
    Authors:
    Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP

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