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    Fiduciary Duties Post Liquidation
    2024-05-29

    In the recent case of Mitchell v Al Jaber [2024] EWCA Civ 423, the Court of Appeal confirmed that a shareholder and director may still be subject to a fiduciary duty when purporting to transfer company property, even after the company enters liquidation. The decision was made in relation to British Virgin Island (BVI) law, but on the basis of English case authorities.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, Liquidation, Initial public offerings
    Authors:
    Hattie Hill
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    Step-by-Step of Voluntary Liquidation in Israel
    2024-05-29

    Liquidation is a legal process that ultimately dissolves the existence of a selected legal entity. During liquidation, the company empties itself of all its economic content, followed by the dissolution of its legal entity. The primary purpose is to sever the connection between the company and its shareholders once the company ceases to operate and exist.

    The Israeli Companies Law outlines various paths for the liquidation of Israeli companies and also determines the process and schedule for each option.

    Filed under:
    Israel, Insolvency & Restructuring, Barnea Jaffa Lande, Liquidation
    Authors:
    Uri Hillel
    Location:
    Israel
    Firm:
    Barnea Jaffa Lande
    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
    Under Construction: Legal developments in the UK construction industry | May 2024
    2024-05-30

    Early indications for the construction industry in the upcoming general election, JCT publishes the new Design and Build 2024 contracts, new second staircase requirement for qualifying residential buildings and a recent judgment requiring strict compliance with notice provisions in some building contracts

    General election announced for 4 July 2024

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Public, Real Estate, Osborne Clarke, Affordable housing, Building Safety Act 2022 (UK), UK Supreme Court
    Authors:
    Thomasina Pantelides , Fiodhna Raleigh , Nicholas Grewal , Danielle Griffiths
    Location:
    United Kingdom
    Firm:
    Osborne Clarke
    Píldoras Concursales Mayo
    2024-05-30

    1. Introducción

    Siguen siendo llamativas las homologaciones de planes de restructuración con apoyo de una ínfima mayoría del pasivo afectado. Este mes destacamos la homologación de un plan de restructuración para una microempresa aprobado por tan solo el 2,5% del pasivo con extensión de efectos al 97,5% restante.

    Esta y otras resoluciones se resumen a continuación.

    2. Tribunal Supremo

    Filed under:
    European Union, Insolvency & Restructuring, Litigation, Ashurst
    Authors:
    Jorge Vazquez , Jose Christian Bertram , José Antonio Rodríguez , José Ramón Casado
    Location:
    European Union
    Firm:
    Ashurst
    Bombay High Court affirms jurisdiction of NCLT to direct ED to release the attached properties after approval of resolution plan
    2024-05-30

    In the case of Shiv Charan and Ors. v Adjudicating Authority and Anr.1, the Division Bench of the Hon’ble High Court of Bombay (“Bombay HC”) inter alia upheld the powers of the National Company Law Tribunal, Mumbai (“NCLT”) to direct the Enforcement Directorate (“ED”) to release attached properties of a corporate debtor, after the approval of a resolution plan by the NCLT, in light of Section 32A of the Insolvency & Bankruptcy Code, 20162 (“IBC”).

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Anti-money laundering, Insolvency, Bombay High Court, National Company Law Tribunal
    Authors:
    Varghese Thomas , Soumitra Majumdar , Abhay Agarwal , Ahsan Allana , Kabir Saund
    Location:
    India
    Firm:
    JSA

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