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    Why South Africa should emulate Italy’s adoption of the new Italian Insolvency Code
    2023-09-20

    The new Italian Insolvency Code came into effect on 15 July 2022, effectively changing the status quo by attempting to resolve the financial distress of companies and minimise damage through restructuring outstanding debt. The code makes restructuring frameworks the first measure to help debtors restructure their debt to prevent further insolvency and liquidation. More importantly, it is a break from the status quo in insolvency law whereby maximising a creditor’s return is of the utmost importance. Instead, preserving the company as a going concern becomes a protected value.

    Filed under:
    Italy, South Africa, Insolvency & Restructuring, ENS, Insolvency
    Location:
    Italy, South Africa
    Firm:
    ENS
    Contractor’s Dilemma: Recovering debts from a Principal in liquidation
    2023-09-20

    A party must meet a high bar before the High Court will modify or reverse a liquidator’s decision, or consent to a party commencing adjudication (or other legal proceedings) against a company in liquidation (ss 284(1)(b) and 248(1)(c) of the Companies Act 1993, respectively).

    Both issues have been examined by the Court of Appeal in United Civil Construction Ltd v Hayfield SHA Ltd (In Liq) [2023] NZCA 377. This case illustrates the limited avenues available for a contractor to resolve payment of outstanding debts after a principal goes into liquidation.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Hesketh Henry, Supreme Court of the United States
    Authors:
    Nick Gillies , Ariana Stuart , Aimee Hunt
    Location:
    New Zealand
    Firm:
    Hesketh Henry
    Betriebsbedingter Kündigung - Vermutungswirkung bei Insolvenz
    2023-09-20

    In einer aktuellen Entscheidung hat das BAG festgestellt, dass die Vermutungswirkung des § 125 Abs. 1 Nr. 1 InsO auch dann eingreift, wenn bis zu einem anvisierten Stilllegungszeitpunkt noch viel Zeit vergeht und für ein Unternehmen in der Zwischenzeit – anders als prognostiziert – doch ein Erwerber gefunden wird (BAG, Urteil vom 17. August 2023 – 6 AZR 56/23, PM).

    Filed under:
    Germany, Employment & Labor, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Insolvency
    Authors:
    Philipp Schäuble , Lukas Deutzmann
    Location:
    Germany
    Firm:
    McDermott Will & Emery
    High Court willing to test pooling orders
    2023-09-21

    In this week’s TGIF, we consider Morgan & Ors v McMillan Investment Holdings Pty Ltd & Anor [2023] HCATrans 122, a decision to grant special leave, paving the way for the High Court to clarify the law with respect to pooling orders.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    Alicia Salvo
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Pure Zanzibar Ltd
    2023-09-21

    In Secretary of State for Business, Energy And Industrial Strategy v Barnsby [2022] EWHC 971 (Ch) ICC Judge Barber imposed a seven year disqualification period on the defendant arising out of his conduct as a director of Pure Zanzibar Ltd. Her latest judgment in the same case ([2023] EWHC 2284 (Ch)) deals with the Secretary of State’s claim for a compensation order under section 15A Company Directors Disqualification Act 1986.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Wedlake Bell, Legal aid, Civil Aviation Authority (UK), International Criminal Court
    Authors:
    Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Germany leads the way with proposed legislation regulating crypto-assets safekeeping that will provide insolvency protection
    2023-09-21

    The European Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 – MiCA), which entered into force on 29 June 2023, is a significant new regulation that will impact the treatment of cryptocurrencies and digital assets. MiCA requires the European Securities and Markets Authority (ESMA) to develop a series of regulatory technical standards (RTS) and implement technical standards (ITS) and Guidelines. Many of these regulations are to be developed in close cooperation with the European Banking Association (EBA).

    Filed under:
    Germany, Banking, Insolvency & Restructuring, IT & Data Protection, Squire Patton Boggs, Cryptoassets
    Authors:
    Dr Andreas Fillmann
    Location:
    Germany
    Firm:
    Squire Patton Boggs
    Subchapter V Debtor’s Exclusive Right To File A Plan: Not A Super-Power
    2023-09-21

    Question

    Once a Subchapter V debtor is removed from possession under § 1185(a), what happens next?

    The answer to this question seems to have evolved over the few years of Subchapter V’s existence:

    • from a low-power position for debtor, early-on;
    • to a high-power position for debtor, in a re-thought view; and
    • then back to the low-power position for debtor, when problems of the re-thought view become evident.

    I’ll try to explain.

    Early Answer

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    BioSteel Files for Creditor Protection: Will the Budding Change in U.S. Bankruptcy Law Bloom?
    2023-09-21

    A recent Canadian insolvency filing could provide insight into how U.S. courts will approach Chapter 15 applications from foreign cannabis-related entities.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Insolvency
    Authors:
    Samantha Hans , Steven L. Graff
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Göta hovrätts avgörande: Anställdas ansvar för lönefordringar
    2023-09-21

    I en komplex juridisk kontext där anställdas rättigheter vid konkurs står i fokus, har Göta hovrätt nyligen avkunnat ett beslut som kan få djupgående konsekvenser för hur fordringar på lön och liknande ersättning hanteras i svenska konkursfall. Beslutet, som inte överklagades till Högsta domstolen, har väckt både diskussion och oro inom rättsvärlden. Denna artikel granskar närmare det kontroversiella avgörandet, dess påverkan på konkursförvaltare och anställda samt de potentiella konsekvenserna för konkursförfarandena i framtiden.

    Filed under:
    Sweden, Employment & Labor, Insolvency & Restructuring, Litigation, Advokatfirman Lindahl
    Authors:
    Johan Attenius
    Location:
    Sweden
    Firm:
    Advokatfirman Lindahl
    Singapore: When restructuring and insolvency regimes collide
    2023-09-22

    Singapore's economy is expected to see slower growth in 2023 after its rapid recovery from the pandemic in 2022, with the Ministry of Trade and Industry recently narrowing the GDP growth forecast for the year.1 As industries continue to feel the pinch of high inflation and interest rates, creditors and debtors alike may be considering appropriate solutions for companies which struggle to pay their debts.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Withers LLP, Singapore High Court
    Authors:
    Lam Zhen Yu , Wong Sze Qi
    Location:
    Singapore
    Firm:
    Withers LLP

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