In Re a Company [2024] EWHC 1070 (Ch) was an application to restrain presentation of a petition on five grounds:

(1) that the judgment debt was time-barred; (2) that it was unclear if there had been an acknowledgment of the debt within the limitation period; (3) that there was a substantial dispute as to whether the judgment debt had been satisfied; (4) that the company was solvent; and (5) whether it was appropriate to grant an injunction.

In a recent decision of the Supreme Court of New South Wales (In the matter of Pacific Plumbing Group Pty Limited (in liquidation) [2024] NSWSC 525), Justice Black determined that a payment made by a third party was not an unfair preference because the payment did not diminish assets available to creditors.

Key Takeaways

On 31 August 2022, the Cayman Islands restructuring officer regime came into force.[1] The regime was introduced to provide increased flexibility to implement a restructuring of Cayman Islands insolvent companies, including by providing the breathing space of an automatic moratorium that operates from the date of presentation of the restructuring petition.

On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report.

This article is the third in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The subject in this article is:

• whether debtor’s attorney can be compensated for services performed after removal of debtor from possession. [Fn. 1]

Task Force Proposal

Pursuant to Section 341 of Title 11 of the U.S. Code (the Bankruptcy Code), the U.S. Trustee is required to convene and preside over a meeting of the creditors of a debtor (the 341 Meeting). The purpose of the 341 Meeting is to examine the debtor's financial position and to confirm facts stated by the debtor in the bankruptcy filing. While creditors are not required to attend the 341 Meeting, creditors have an opportunity to examine the debtor and ask questions related to the debtor's financials and the bankruptcy case.

The filing of voluntary insolvency proceedings by the promoters of Go Air in May 2023, being a first of its kind, gained a lot of limelight and the National Company Law Tribunal acted swiftly to admit the insolvency proceedings within a span of 10 days from the date of filing of the insolvency plea. At the time of initiation of proceedings against Go Air, the promptness on the part of the Promoters was being considered significant to assist an ailing airline company which stood grounded as on the date of initiation of insolvency proceedings.

When a liquidating debtor seeks to assume a lease, one of the lessor’s immediate questions is who will be the assignee. But what happens when a liquidating debtor seeks to assume a lease and waits up to two years thereafter to determine who the assignee will be? Although peculiar, the analysis of whether to grant the assumption rests on evaluating the three basic requirements under section 365 of the Bankruptcy Code.

在全球市場資金成本不斷增加的背景下，過去12個月許多開曼群島上市公司已成功採取協商一致的重組措施，以管理其債務水平、現金流和融資需求。

開曼群島《公司法》中的工具，提供了快速且具成本效益的公司重組方式；《2024年公司（修訂）法案》將提出修訂，增強開曼群島金融服務產品，令這些工具今年將進一步簡化。

有爭議的重組

2022年8月31日，開曼群島引入備受期待的重組制度改革（重組修正案），使債務人公司能夠以已經或可能無法償還債務並打算向債權人提出妥協或安排，向法院請求委任重組官。

儘管重組修正案為債權人和債務人公司帶來了許多好處，但推出之際恰逢2008年金融危機以來全球央行最大幅度加息。

英國的利率從2021年12月的0.1%升至2023年8月的5.25%，而美聯儲亦將利率從2022年3月的0-0.25%上調至2023年7月的5.25-5.5% (parliament. uk)。因此，債務重組通常所需的資金成本使許多陷入困境的全球企業無法承受外部融資。

While securitisations offer numerous benefits, there are a number of important points for originators to consider to facilitate entering into a securitisation transaction and to avoid prolonged legal work further down the line. In this article, we briefly discuss essential points that originators should be aware of and discuss with prospective lenders or arrangers prior to structuring a securitisation.

У ситуації коли компанія або фізична особа потрапила у скрутне фінансове становище і більше нездатна обслуговувати свої борги або повністю розрахуватися з кредиторами, стосовно такої компанії або фізичної особи може бути відкрита процедура банкрутства. В цій процедурі кредитори та суд мають вирішити подальшу долю боржника та його майна, враховуючи велику кількість факторів і процедурних питань.