On 31 August 2023, the Romanian government passed emergency Government Ordinance (GEO 2023), which extends by 90 days the validity of the insurance policies issued by Euroins Romania Asigurare-Reasigurare S.A., which is now in bankruptcy. Prior to the issuance of GEO 2023, motor third liability insurance policies (MTPL) issued by Euroins Romania were due to expire on 8 September 2023 while the guarantee policies issued by this insurer were due to expire within 150 days after the opening of its bankruptcy procedure (i.e. 7 November 2023).
The judgement raises important questions for directors faced with substantial liabilities
Three recent Hong Kong first instance court decisions have left undecided the question of whether a winding-up petition will trump an agreement to arbitrate when it comes to a winding-up and particularly in the context of cross-claims. A Court of Final Appeal decision this spring had seemed to provide pointers that the parties' agreement would be upheld but the issue – particularly when it comes to unmeritorious and late arbitration applications – is dividing the courts.
“(b) Duties.—The [Subchapter V] trustee shall— . . . (7)facilitatethe development of a consensual plan of reorganization.”
- From 11 U.S.C § 1183(b)(7)(emphasis added).
Facilitation is, by statute, a duty of every Subchapter V trustee—something a Subchapter V trustee must do. But the nature and boundaries of the facilitation role have always been fuzzy and, therefore, misunderstood.
My purpose in this multi-part series is to provide observations on the facilitation role.
In response to the proposal by the EU Commission on 7 December 2022 that an EU Directive be issued to harmonise certain aspects of insolvency law, this article provides a look into one of the main topics of the draft directive – pre-pack reorganisation proceedings as regulated in Serbia, Montenegro, and Bosnia and Herzegovina, which are candidate countries for accession to the EU.
Bankruptcy Judge James J. Tancredi appeared to give a chapter 7 debtor one last chance to avoid being incarcerated.
A recent judgment of the United Kingdom Supreme Court in Brake & Anor v The Chedington Court Estate Ltd [2023] UKSC 29 (10 August 2023) is likely to be a welcome decision for liquidators and trustees in bankruptcy in setting clear boundaries as to who has standing to challenge their decision-making in corporate or personal insolvency contexts.
In response to the proposal by the EU Commission on 7 December 2022 that an EU Directive be issued to harmonise certain aspects of insolvency law, this article provides a look into one of the main topics of the draft directive – pre-pack reorganisation proceedings as regulated in Serbia, Montenegro, and Bosnia and Herzegovina, which are candidate countries for accession to the EU.
In this Update we take a look at key legal developments for trustees of occupational pension schemes over the past quarter. These include some important cases such as the decision in Virgin Media Limited v NTL Pension Trustees II Limited regarding the consequences of failing to obtain a section 37 certificate, and the decision in British Broadcasting Corporation v BBC Pension Trust Limited regarding whether a reference to members' "interests" in a scheme amendment power included the right to continue to accrue future service benefits.
Restructuring & Insolvency analysis: Upon an application for an administration order the court exercised its discretion and concluded that a winding up order was more appropriate. The court was satisfied that the Respondent company was insolvent but could not see why administration would fulfil one of the statutory purposes.
Re Aartee Steel Group Ltd [2023] EWHC 1701 (Ch)
What are the practical implications of this case?