For aircraft leasing companies, having to repossess an aircraft from an airline that misses its rental payments is usually an option of last resort. The repossession process in Thailand can be time-consuming and costly, and often precludes future earnings. However, as a number of Thai airlines have defaulted on their payments over recent years, lessors have been left with no choice but to seek recovery of their valuable assets. This article provides an overview of the practical and legal considerations of aircraft repossession in Thailand.
During the COVID-19 crisis, with the exception of ensuring the health of their employees, business operators will be primarily concerned with their overall financial condition. Lock down policies and social distancing campaigns may minimize possibilities of the deadly virus to spread more widely; at the same time, however, these policies can also cause various businesses to encounter substantial decline of their revenues due to their inability to operate as usual, which unavoidably leads to illiquidity of internal cash flow, and in the worst case, insolvency.
What are the options for companies in financial difficulty in Taiwan?
If the company is listed on the Taiwan stock exchange, then the company may pursue a formal reorganisation as set forth under Article 282 of the Company Act.
If a listed company (as referred to above) is unable to pursue reorganisation, and in respect of all other companies, a company will enter into a formal bankruptcy procedure under the Bankruptcy Act in order to implement an equitable and orderly repayment scheme amongst its creditors.
This article tries to provide a brief overview of the problems which directors of a financially impaired company are facing under Swiss law.
The insolvency of Petroplus has increased the few debt moratorium cases by one and reminded us of its importance. Despite a comprehensive revision of the Swiss Debt Collection and Bankruptcy Act in 1997 there has been little change to the fundamental idea of bankruptcy law that both available options, namely bankruptcy and debt moratorium, lead mostly to the same result and that is: liquidation.
Despite a comprehensive revision of the Swiss Debt Collection and Bankruptcy Act ('DCBA') in 1997 there has been little change to the fundamental idea of bankruptcy law that both available options, namely bankruptcy1 and debt moratorium and composition agreement2 (together 'involuntary liquidation proceedings'), lead mostly to the same result and that is: liquidation.
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Introduction
Under Article 271(1)(6) of the Debt Enforcement and Bankruptcy Law, a creditor may apply for an order to freeze a debtor's assets on the basis of a final enforceable title.
The Zurich High Court,(1) as court of second instance, recently dismissed a liability claim, to the amount of €150 million, initiated by the liquidator of Swissair against former members of Swissair's board of directors.
Small and medium-sized enterprises (SMEs) have grown rapidly in Thailand over the past ten years, creating millions of jobs and contributing to the Kingdom’s steady economic growth. According to the 2015 annual report of the Office of SMEs Promotion (OSMEP), there were approximately 2.7 million SMEs at the end of 2015, employing around 10 million people, particularly in the tourism, construction, and wholesale sectors.