Bankruptcy trustees and chapter 11 debtors-in-possession ("DIPs") frequently seek to avoid fraudulent transfers and obligations under section 544(b) of the Bankruptcy Code and state fraudulent transfer or other applicable nonbankruptcy laws because the statutory "look-back" period for avoidance under many nonbankruptcy laws exceeds the two-year period governing avoidance actions under section 548.
What matters
This article delves into some key considerations for suppliers when dealing with customers where there may be a risk of non-payment or insolvency circumstances and how a supplier can minimise the risk to their cash flow and business.
What matters next
HMRC has taken an increasingly active role in opposing restructuring plans with which it does not agree
Previously in this series, we explored whether restructuring plans present an alternative to formal insolvency, as well as the court's ability to exercise a cross-class cram down on opposing creditors.
"Job-Cuts", "Lay-Offs" and "Restructures" are all common words that have recently featured in global media reports. It is no different in New Zealand, with a number of companies making cost-saving measures including shrinking their pool of employees. Restructures and redundancies can be difficult and sometimes messy processes and are not easy for anyone involved. Even more so, New Zealand has robust employment legislation that includes multiple safeguards that should be considered before a lawful decision is made to disestablish a role.
The High Court has held that there is no common law rule preventing enforcement of a foreign judgment in England and Wales simply because it is not presently or fully enforceable in the relevant foreign jurisdiction.
Introduction
The Insolvency and Bankruptcy Board of India (IBBI) on 18 September 2023 notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).
The key changes brought about by the CIRP Amendment Regulations are as follows:
Hat ein Erwerber von Geschäftsanteilen an einer Immobiliengesellschaft ein Sonderkündigungsrecht für bestehende Miet- oder Pachtverhältnisse?
The current market conditions of the construction and project development sector may prompt extra attention to insolvency-related safeguards in building contracts with (sub)contractors. Aiming to mitigate insolvency risks as much as possible, in this blog we discuss a few key considerations for principals to take into account when entering into building contracts with (sub)contractors.
Building with confidence: insolvency-related considerations for principals in building contracts
After a delay of more than a year, an act on preventive restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduces a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial distress.
What is preventive restructuring and why use it?
On August 24, 2023, the U.S. Court of Appeals for the Second Circuit held in Kirschner v. JP Morgan Chase Bank, N.A. et al. that certain syndicated term loans2 at the center of a transaction involving JP Morgan Chase and other banks were not securities under state law. While the Second Circuit did not foreclose the possibility that syndicated term loans could be securities under different circumstances,3 for now Kirschner cements the long-standing view -- following Banco Espanol de Credito v.