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    First ruling on preventive restructuring proceedings in Austria
    2023-10-03

    Austria implemented the directive on preventive restructuring frameworks more than two years ago, in July 2021. In a first ruling on the proceedings, the Vienna Higher Regional Court has reaffirmed the prerequisites for entering preventive restructuring and clarified the checks to be carried out by the courts at the opening of the proceedings.

    Decision

    The Court held that:

    Filed under:
    Austria, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Insolvency Code 1997 (Austria)
    Authors:
    Susanne Fruhstorfer , Andreas Howadt
    Location:
    Austria
    Firm:
    Taylor Wessing
    Hong Kong’s Court of Final Appeal gives primacy to a foreign exclusive jurisdiction clause over insolvency jurisdiction in landmark case
    2023-10-03

    On 4 May 2023, the Court of Final Appeal (CFA) delivered a landmark judgment in Guy Kwok-Hung Lam (Respondent) -v- Tor Asia Credit Master Fund LP (Appellant) Final Appeal No.13 of 2022 (on appeal from CACV No. 393 of 2021 [2023 HKCFA 9) (“Re Guy Kwok-Hung Lam”).

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hill Dickinson
    Authors:
    Bryan O'Hare , Pui Yip Leung , Wing Lui , Rachel Yeung
    Location:
    Hong Kong
    Firm:
    Hill Dickinson
    The future of UK insolvency regulation: regulation of firms and a new public register
    2023-10-03

    On 12 September 2023, the government published its long-awaited response to its consultation on the future of insolvency regulation.

    The reforms will introduce:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Taylor Wessing, Insolvency, Insolvency Service (UK)
    Authors:
    Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    What’s next for FTX’s Sam Bankman-Fried? The US trial and the effect on FTX investors
    2023-10-03

    Sam Bankman-Fried is scheduled to be tried on eight charges starting on 3 October 2023, and US District Judge Lewis Kaplan has allowed for a second trial on 11 March 2024 on a further five charges that include bribing Chinese officials and committing financial fraud. The charges centre around the alleged fraud and conspiracy to defraud crypto investors and customers in FTX and Alameda Research.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Keystone Law, US Department of Justice, FTX
    Authors:
    Louise Abbott
    Location:
    USA
    Firm:
    Keystone Law
    Non-appearance and overseas winding-up no bar to proceeding against foreign defendant in Australia
    2023-10-04

    This article considers the New South Wales Supreme Court’s decision to grant leave to proceed against non-appearing foreign defendants, which were in foreign insolvency proceedings.

    There has been a significant growth of litigation in Australia where there is at least one foreign defendant. This is unsurprising given the growing number of international agreements under which the parties govern their contract under Australian law and expressly agree to Australian court jurisdiction, and the volume of global trade with Australia and foreign direct investment.

    Filed under:
    Australia, Hong Kong, New Zealand, Singapore, United Kingdom, Insolvency & Restructuring, Litigation, Ironbridge Legal, Foreign direct investment, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Hong Kong, New Zealand, Singapore, United Kingdom
    Firm:
    Ironbridge Legal
    Liquidation preference - a downside protection
    2023-10-04

    1. INTRODUCTION A liquidation preference right is a preferential right provided to financial investors, generally to secure their equity finance investments. Such a right (in its various forms) is generally provided irrespective of the stage of investment (be it a preliminary seed round of funding, or a growth stage funding round). What may differ is the manner of liquidation preference provided to the right holders.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, INDUSLAW, Liquidation
    Location:
    India
    Firm:
    INDUSLAW
    A Tale of Two Chapters - “Recognizing” the Significant Differences Between Chapter 15 and Chapter 11 Bankruptcy Cases
    2023-10-04

    In contrast to a case under Chapter 11 of the Bankruptcy Code, which centralizes a company’s debt adjustment efforts in the U.S. and provides for expansive oversight and supervision by a U.S. court, a Chapter 15 recognition proceeding is an ancillary proceeding in which the U.S. court acknowledges the foreign proceeding and gives it effect under applicable U.S. law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sidley Austin LLP, Insolvency, UNCITRAL, US Congress, ASICS, US Constitution, Chapter 11, US Bankruptcy Code, Chapter 15, US Bankruptcy Code, US Bankruptcy Court for the Southern District of New York
    Authors:
    Stephen E. Hessler , Anthony R. Grossi , Carrie Li , Christopher Cheng , Gordon Davidson , Ameneh Bordi , Juliana Hoffman
    Location:
    USA
    Firm:
    Sidley Austin LLP
    Göta hovrätts avgörande: Anställdas ansvar för lönefordringar
    2023-10-02

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

    Anställdas lönegaranti vid konkurs

    Filed under:
    Sweden, Employment & Labor, Insolvency & Restructuring, Litigation, Advokatfirman Lindahl
    Authors:
    Johan Attenius
    Location:
    Sweden
    Firm:
    Advokatfirman Lindahl
    Revamped Cayman Islands restructuring regime takes shape
    2023-09-29

    The new restructuring regime in the Cayman Islands distinguishing between winding‑up and recovery gives multinationals another option, say Alex Davies and Spencer Vickers

    Recent amendments to part V of the Cayman Islands Companies Act have updated the domestic restructuring regime and introduced the new role of a court‑appointed restructuring officer and a dedicated restructuring petition. The Cayman Islands restructuring officer regime shares certain features with the administration regime in the UK and the Chapter 11 bankruptcy procedure in the US.

    Filed under:
    Cayman Islands, United Kingdom, USA, Insolvency & Restructuring, Litigation, Conyers
    Authors:
    Spencer Vickers , Alex Davies
    Location:
    Cayman Islands, United Kingdom, USA
    Firm:
    Conyers
    The Bankruptcy and Diligence (Scotland) Bill: Mental Health Moratorium - what lessons can we learn from England and Wales?
    2023-09-29

    On Wednesday, 13 September, the Economy and Fair Work Committee (the "Committee") of the Scottish Parliament heard evidence regarding the general principles of the Bankruptcy and Diligence (Scotland) Bill (the "Bill"). At this stage, the Committee is responsible for examining the Bill and making a recommendation about whether Parliament should support the main purpose of the Bill.

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Brodies LLP, Coronavirus
    Authors:
    Andrew Scott , Lucy McCann
    Location:
    United Kingdom
    Firm:
    Brodies LLP

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