1. はじめに
マレーシアでは、Companies (Amendment) Act 2024(以下｢本改正法｣といいます。)が、一部の条項を除き 2024 年 4 月 1 日に施行されています。本改正法は、マレーシア会社法(Companies Act 2016)に規定されているリストラクチャリング・企業再建手続の強化に焦点が当てられており、スキームオブアレンジメント (Scheme of Arrangement)、更生管財手続(Judicial Management)及び会社任意整理(Corporate Voluntary Arrangement)において手続の明確化や新制度が導入されています 。今回の改正は、シンガポールにおける 2017 年・2020 年の倒産法改正や、2020 年に行われた英国倒産法改正を参考にした部分も多く 、また債務者フレンドリーな改正が多いという点では、近年の国際的な倒産法制改正の潮流にも沿うものとなります。本稿では、マレーシア法改正による企業再建手続の変更点のうち実務的に重要なポイントについてご紹介します。
2. 保全命令制度の改正
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (Act) has been signed into law but awaits a commencement order to bring it into operation.
In summary, the Act amends the Companies Act 2014 (Companies Act) by modifying the attribution test for related companies to contribute to the debts of the company being wound up, broadening the operative time for unfair preferences, and varying the test for reckless trading.
1. Related company contribution
The U.S. Supreme Court held last week in Truck Insurance Exchange v. Kaiser Gypsum Co. that an insurance company with financial responsibility for bankruptcy claims is a “party in interest” with the right to object to a Chapter 11 reorganization plan.
Section 1109(b) of the Bankruptcy Code provides:
Building on emerging trends, 2024 has seen a continued rise in the use of equity-linked debtor-in-possession (DIP) financing in Chapter 11 cases.
Recent examples from WeWork and Enviva illustrate how stakeholders are leveraging this innovative tool to drive broader reorganization strategies and outcomes rather than as a mechanism solely providing interim financing to fund a debtor’s operations during the pendency of its bankruptcy case.
WeWork
Insbesondere in Restrukturierungsfällen kann es erforderlich sein, einzelne Konzerngesellschaften abzuwickeln. Hierbei sind einige Besonderheiten zu beachten.
Switzerland has a reputation for high-quality banking – holding significant foreign assets and offering a fairly pro-enforcement regime. However, gaps between the different legal cultures means recovering Swiss assets to satisfy foreign judgments from common law jurisdictions may be difficult . Here, we investigate possible solutions.
Supreme Court Case 5A_999/2022 dated 20 February 2024
The Insolvency and Bankruptcy Code, 2016 ("the Code" & “IBC”) has been widely acclaimed as a transformative legislative framework in India, representing a significant departure from previous insolvency laws by emphasizing efficient resolution processes and the professionalization of insolvency services.
The much-anticipated BHS judgment is here.
For those without the time to digest all 533 pages immediately, we have summarised the key points below:
Introduction
In the dynamic and rapidly evolving global marketplace, particularly in fast-growing economies like India, there are ever-growing commercial transactions amongst entities within India as also in international transactions amongst entities within India and outside of India.
On June 6, 2024, the Supreme Court of the United States issued its much-anticipated decision in Truck Insurance Exchange v. Kaiser GypsumCo., Inc., et al. No. 22-1079. In a unanimous decision authored by Justice Sotomayor,1 the Court vacated a Fourth Circuit decision and ruled in favor of Truck Insurance Exchange, confirming that an insurer with financial responsibility for a bankruptcy claim is a "party in interest" and therefore has standing to object to a Chapter 11 plan.