The European Commission has published a new proposal for a Directive that would harmonise certain aspects of insolvency law across the EU. This proposal, following the enactment of Directive (EU) 2019/1023, illustrates a strong desire to facilitate the free movement of capital within Europe. A significant part of the proposed Directive is designed to make laws governing avoidance actions uniform across the EU.

The recent case of Re VE Global UK Ltd (In Administration) [2024] EWHC 749 (Ch) is a useful reminder to practitioners and lenders alike of the importance of correctly identifying documents which create security interests, analysing them to determine whether such security interest is required to be presented for registration at Companies House and ensuring that all registration steps in respect of such interests are completed within the required 21 day time period.

You don’t see this very often: a dispute over the confidentiality of mediation communications.

But such a dispute recently happened in In re Barretts Minerals, Inc., Case No. 23-90794, Southern Texas Bankruptcy Court. And the result is this: mediation confidentiality remains alive and well.

In re Barretts Minerals is a mass-tort asbestos case. And Debtor is pursuing confirmation of a bankruptcy plan under § 524(6). Mediation efforts are in progress.

Als Teil des Gesetzespakets zur Fortentwicklung des Sanierungs- und Insolvenzrechts und in Umsetzung der Richtlinie (EU) 2019/1023 des Europäischen Parlaments und des Rates vom 20.06.2019 über präventive Restrukturierungsrahmen trat am 1. Januar 2021 das Unternehmensstabilisierungs- und restrukturierungsgesetz („StaRUG“) in Kraft. An das Gesetz hatte der Markt hohe Erwartungen geknüpft: endlich stand nun auch in Deutschland ein vorinsolvenzliches Sanierungsverfahren zur Verfügung, das mit den Verfahren anderer Staaten wie z.B.

La Dirección General de Seguridad Jurídica y Fe Pública ha resuelto, en Resolución de 19 de febrero de 2024, que una sociedad concursada, en fase de liquidación, no puede nombrar un administrador único. La DGSJyFP excluye, implícitamente, que subsista cualquier rango de funciones representativas que no se vea afectada por el concurso, a pesar de lo generalmente defendido por la doctrina.

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Abril 2024

Posts Jurídicos

Corporate / M&A

In StaRUG-Verfahren gehen oftmals Gesellschafterstreitigkeiten voraus oder entstehen im Laufe der Sanierung.

The voidable transaction regime under Part 5.7B of the Corporations Act 2001 (Cth) (the Act) provides a framework for liquidators to pursue recovery action against parties who have received property or some form of benefit from an insolvent company.  In turn, the mechanisms and processes under the regime often provide uncertainty in commercial dealings and other transactions of a company and provides a further layer of anxiety when navigating through cashflow problems.

一、问题的提出

破产程序中票据债权的处理具有特殊性和复杂性。现行破产法和票据法并未对票据债权给出明确定义，破产法对出票人破产情形下承担继续付款/承兑责任的付款人享有债权申报权的规定与典型的票据债权有所区别，且无法覆盖票据债权的全貌，无法解决实务中层出不穷的理论和实际问题。在无法准确界定票据债权及其表现形式、解决票据债权在破产程序中涉及的理论问题的情况下，管理人在票据债权的确认、登记、提请法院裁定确认和执行分配各环节都将遭遇实务困境，并可能引发管理人履职风险。有鉴于此，笔者基于在某大型民营集团及其下属财务公司破产程序中的有关经验，尝试对票据债权的法律界定、在破产程序中的表现形式、典型理论问题进行论述，并提出相应实务解决方案。

二、票据债权的法律界定及其在破产程序中的表现形式

U.K. TURNAROUND AND RESTRUCTURING UPDATE APRIL 2024 OUR OUTLOOK It would be safe to say that 2024 has begun at a ferocious pace for our Turnaround and Restructuring team, reflecting the many challenges and disruptive headwinds that businesses are facing into. Following the recessionary environment witnessed in the second half of 2023, the reported modest return to growth in January has not masked the disruption that we see in the market, irrespective of industry or sub-sector. Our current engagements span from online retail to shipping, financial services, and aerospace.

Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a transaction structure that is formally recognised in Australia, a credit bid is a valuable tool in a financier's playbook that can be implemented to achieve a return where the original financing is unable to be repaid in accordance with its terms.

Credit Bidding