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    Supreme Court: The classification of “financial debt” and “operational debt” under IBC can only be determined upon ascertaining the real nature of the transaction.
    2024-05-30

    The Hon’ble Supreme Court of India (“Supreme Court”) in Global Credit Capital Limited & Anr Vs SACH Marketing Pvt. Ltd & Anr, has established the following principles on classification of a debt under the Insolvency and Bankruptcy Code, 2016 (“Code”):

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Dheeraj Nair , Vinod Kumar , Vishrutyi Sahni , Saibarath Seshadhri
    Location:
    India
    Firm:
    JSA
    Companies Act 2014: Changes to Test for Reckless Trading
    2024-05-30

    The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (the Act) was signed into law on 9 May 2024 but has not yet been commenced.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, Arthur Cox LLP
    Authors:
    Aisling Carey , Suzanne Kearney , Daibhi-OLeary
    Location:
    Ireland
    Firm:
    Arthur Cox LLP
    Challenging behaviour: can a shareholder prevent administrators rescuing a company as a going concern?
    2024-04-11

    In the recent case of Loveridge v Povey and Ors [2024] EWHC 329 (Ch) a company shareholder sought to challenge the administrators’ decision to rescue a balance sheet solvent company as a going concern by securing additional funding, as opposed to pursuing a sale of the business.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP
    Authors:
    David Steinberg , Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Dissolution of a solvent company in the British Virgin Islands
    2024-04-10

    In this guide, we explain what to do when you no longer need a company that has been incorporated or registered in the British Virgin Islands (Company). Assuming the Company is solvent, you have two options: (1) arrange for the Company to be voluntarily liquidated and dissolved (Liquidated); or (2) leave (or apply for) the Company to be administratively struck-off and dissolved (Administratively Dissolved). For the reasons set out below, we usually recommend a Company is Liquidated, rather than Administratively Dissolved.

    Filed under:
    British Virgin Islands, Company & Commercial, Insolvency & Restructuring, Carey Olsen, Liquidation, Due diligence, British Virgin Islands Financial Services Commission
    Authors:
    Clinton Hempel , Elizabeth Killeen , Katrina Lindsay
    Location:
    British Virgin Islands
    Firm:
    Carey Olsen
    How economic factors impact trade credit risks and opportunities
    2024-04-10

    The economic environment has created tough conditions for UK businesses in recent years. Heightened inflation, high-interest rates, and a lack of consumer confidence have all taken their toll on trade.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Marsh, Brexit, Supply chain, Bank of England, Insolvency Service (UK)
    Location:
    United Kingdom
    Firm:
    Marsh
    Should I Care That the Debtor Has Filed a Motion to Sell Its Assets?
    2024-05-30

    Sales pursuant to Section 363 of the Bankruptcy Code have become commonplace in bankruptcy cases as a mechanism to liquidate a debtor's assets and maximize value for creditors. Selling the debtor's assets to a third party provides a new go-forward business partner for the debtor's vendors and customers, and likely provides continuity of jobs for the debtor's former employees. Due to the benefits associated with a sale of the debtor's assets, creditors or parties-in-interest may be under the misconception that they need not pay attention to the sale process.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper
    Location:
    USA
    Firm:
    Troutman Pepper
    Existing Employment Contracts under Financial Restructure and Bankruptcy Federal Decree-Law No. 51 of 2023
    2024-05-30

    The United Arab Emirates legislators have enacted Federal Decree Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the “New Bankruptcy Law”).

    It is worth noting that the New Bankruptcy Law established special courts to adjudicate bankruptcy applications which will be referred to as the bankruptcy courts (“Bankruptcy Courts”).

    Filed under:
    United Arab Emirates, Employment & Labor, Insolvency & Restructuring, Litigation, Galadari Advocates & Legal Consultants, Employment contract
    Authors:
    Aeeda Ibrahim
    Location:
    United Arab Emirates
    Firm:
    Galadari Advocates & Legal Consultants
    Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief
    2024-05-30

    The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt thresholds, or are business entities, such as banks and insurance companies, subject to non-bankruptcy rules or regulations governing their rehabilitation or liquidation.

    Filed under:
    Global, USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank, Financial Institutions Reform, Recovery, and Enforcement Act 1989 (USA)
    Authors:
    Corinne Ball , Dan T. Moss , Nicholas J. Morin (Nick) , David S. Torborg
    Location:
    Global, USA
    Firm:
    Jones Day
    Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on Debtor-by-Debtor Rather than Enterprise Group Basis
    2024-05-30

    Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases involving multiple debtors that are members of an enterprise group doing business in several different countries. The U.S.

    Filed under:
    Global, USA, Delaware, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Employee Retirement Income Security Act 1974 (USA)
    Authors:
    Corinne Ball , David S. Torborg , Dan T. Moss
    Location:
    Global, USA
    Firm:
    Jones Day
    Fifth Circuit: Preference Claims Are Property of the Bankruptcy Estate that Can Be Sold
    2024-05-30

    A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy estate for the benefit of stakeholders or to fund distributions under, or implement, a chapter 11, 12, or 13 plan.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Due diligence, Internal Revenue Service (USA), US Congress, Internal Revenue Code (USA), Supreme Court of the United States
    Authors:
    Julian E.L. Gale
    Location:
    USA
    Firm:
    Jones Day

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