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    National Company Law Appellate Tribunal rejects delayed homebuyer’s claim
    2024-07-16

    The Principal Bench of the National Company Law Appellate Tribunal, New Delhi (“NCLAT”) in the case of Pooja Mehra v Nilesh Sharma (RP for Dream Procon Pvt. Ltd.)1, while examining the validity of the appellant homebuyers' claim, dismissed an appeal for condonation of delay of 552 (five hundred and fifty-two) days in filing a claim against the corporate debtor.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, National Company Law Tribunal
    Authors:
    Ananya Kumar , Shriya Luke
    Location:
    India
    Firm:
    JSA
    Individual Debtor Discharge v. Corporate Debtor Discharge
    2024-07-16

    Here are a couple discharge-related bankruptcy questions I’ve heard of late, along with an answer.

    Question 1. Why are individuals, but not corporations, eligible for a Chapter 7 discharge?

    • §727(a)(1) says, “the court shall grant the debtor a discharge, unless—(1) the debtor is not an individual” (emphasis added).

    Question 2. Why are individuals, but not corporations, subject to § 523(a) discharge exceptions in Chapter 11?

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Koley Jessen PC, Bankruptcy, Debtor
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Impact transfrontalier de la décision de la Cour suprême des États-Unis dans l’affaire Harrington v. Purdue Pharma L.P.
    2024-07-16

    Le 27 juin 2024, la Cour suprême des États-Unis a publié une décision très attendue qu’elle a rendue dans l’affaire William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (l’« affaire Purdue »).

    Filed under:
    Canada, USA, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP
    Authors:
    Caitlin McIntyre , Jake Harris
    Location:
    Canada, USA
    Firm:
    Blake, Cassels & Graydon LLP
    The role of the Conciliator for the achievement of an Insolvency Agreement
    2024-07-19

    Executive Summary:

    Filed under:
    Mexico, Company & Commercial, Insolvency & Restructuring, Santamarina y Steta SC
    Authors:
    Julio Butron
    Location:
    Mexico
    Firm:
    Santamarina y Steta SC
    The European Commission approves restructuring State aid of €1.3 billion in favour of SAS
    2024-07-19

    In October 2020, the European Commission approved a recapitalisation measure of approximately €833 million, notified by Sweden and Denmark, in favour of SAS. This measure was adopted under the State aid COVID-19 Temporary framework.

    Ryanair challenged the Commission decision and secured its annulment by the General Court of the EU in May 2023 (Case T-238/21). In late 2022, SAS entered a collective insolvency proceeding. Following the annulment of the 2020 decision, the Commission approved again in November 2023 the recapitalisation measure.  

    Filed under:
    Belgium, European Union, Insolvency & Restructuring, Litigation, CMS Belgium, European Commission
    Authors:
    Annabelle Lepièce
    Location:
    Belgium, European Union
    Firm:
    CMS Belgium
    重整程序中普通债权差异化清偿的合法性研究 — 以金融债权与非金融债权分类为例
    2024-07-18

    “债权平等原则”或“同债同权”是债权权利的一项基本原则,在破产程序中直接体现为概括清偿及同类债权公平清偿,在重整程序中则体现为破产法第82条所规定之重整程序下依照债权分类进行分组表决、第87条所规定之申请法院强裁应确保重整计划草案公平对待同一表决组成员等。然而在我国破产重整案件实践中,重整计划区分对待金融债权与非金融债权(或称经营性债权),进而导致同属同一债权组但在清偿安排中存在不同清偿安排的情况大量存在。就相关案例而言,金融债权人往往处于劣势一方,虽存在质疑重整计划违反债权平等原则的呼声,却因金融债权偏重合规维权路线等各方面考量,金融债权人较少切实采取行动来维护“同债同权”权益诉求。考虑到目前区别对待金融债权与非金融债权逐渐成为实践惯例,金融债权人的债权权利不断受到挑战,“同债同权”原则正陷入严峻困境。

    基于此,有必要正视重整程序中同类债权差异化清偿问题,对其成因、影响加以体系化梳理并溯本求源。考虑到重整程序内同类债权不同清偿安排集中体现于普通债权一类,故本文聚焦重整程序中普通债权内的差异化清偿来展开分析。

    一、普通债权差异化清偿的发端及表现

    Filed under:
    China, Insolvency & Restructuring, Han Kun Law Offices
    Authors:
    Du Wenle
    Location:
    China
    Firm:
    Han Kun Law Offices
    Court dismisses challenge to pay to be paid clause in charterers’ liability insurance
    2024-07-18

    Court dismisses challenge to pay to be paid clause in charterers’ liability insurance

    MS Amlin Marine NV on behalf of MS Amlin Syndicate AML/2001 -v- King Trader Ltd & others (Solomon Trader) [2024] EWHC 1813 (Comm)

    In a dispute over whether third parties were prevented by a “pay to be paid” clause from bringing a claim against insurers under a charterers’ liability insurance, the Court has confirmed that, in the context of marine insurance, such clauses are valid and will be upheld.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Hill Dickinson, House of Lords, Third Parties (Rights against Insurers) Act 1930 (UK), Third Parties (Rights against Insurers) Act 2010 (UK)
    Authors:
    Claire Messer , Reema Shour , Tom Burdass
    Location:
    United Kingdom
    Firm:
    Hill Dickinson
    Wirtschaftliche Ermittlung und Planung notwendiger arbeitsrechtlicher Umstrukturierungen
    2024-07-18

    Auch unter betriebswirtschaftlichen Aspekten stellen arbeitsrechtliche Umstrukturierungen eine Herausforderung dar. Wie CMS Advisory Sie dabei unterstützen kann, erfahren Sie im heutigen Beitrag.

    Filed under:
    Germany, Employment & Labor, Insolvency & Restructuring, CMS Germany
    Authors:
    Tobias Fusten , Tobias Track
    Location:
    Germany
    Firm:
    CMS Germany
    UKCloud Ltd - lenders are reminded to demonstrate actual control over assets subject to fixed security
    2024-07-22

    In UKCloud Ltd(Re Insolvency Act 1986) [2024] EWHC 1259 (Ch), the court was again faced with the age-old question of categorisation of a security interest but this time in respect of a new type of asset, internet protocol (IP) addresses. Could fixed charge security be taken over IP addresses and, if so, was it taken here?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Cloud computing
    Authors:
    Andrew Dodds , Samantha Uzzell
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Insolvency vs Arbitration - Privy Council’s revival of the “Established Approach”
    2024-07-22

    How does an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, affect insolvency proceedings?

    The effect of an arbitration clause, or an exclusive jurisdiction clause in favour of foreign courts, on insolvency proceedings has been a topic of longstanding debate in the Courts of Hong Kong, England and other common law jurisdictions.

    Filed under:
    Hong Kong, United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, A&O Shearman, Liquidation
    Authors:
    Matt Bower , Fai Hung Cheung , Melody Chan , Edward Taylor , Viola Jing , Karen Chan
    Location:
    Hong Kong, United Kingdom
    Firm:
    A&O Shearman

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