There are few things as daunting to a vendor or supplier as its counterparty’s bankruptcy. The likelihood of a significantly discounted recovery for goods and services provided and potential loss of a customer may have long-lasted impacts on profitability. Even worse, however, is the prospect that payments received in good faith prior to a debtor’s bankruptcy filing may be at risk of recoupment. In this alert, we address the risk that such payments are voidable as preferential transfers.
On 19 July 2023, the Luxembourg parliament passed bill no. 6539A on business preservation and modernisation of bankruptcy law, which aims to modernise Luxembourg’s insolvency laws, implementing EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks (the 'Business Preservation and Insolvency Modernisation Act' or 'BPIM Act').
In a significant order passed on June 28, 2023, in the case of Ronak Industries vs.
On 29 June 2023, Mr Justice Michael Green in the High Court sanctioned a Part 26A restructuring plan proposed by First Clubs Limited (Fitness First), a wholly owned subsidiary of Maddox Holdings Limited, notwithstanding challenges from certain opposing creditors.
Die unterschätzte Gefahr persönlicher Haftung
Ähnlich wie „Die sieben Todsünden“ nach dem Historiker Sebastian Haffner (1964) im Jahr 1918 zum Untergang des deutschen Kaiserreichs geführt haben, gibt es für den Geschäftsleiter einer GmbH, GmbH & Co. KG oder Aktiengesellschaft sieben Todsünden im Zusammenhang mit Krise und Insolvenz. Diese haben zwar nicht einen Reichsuntergang, aber die persönliche Haftung der Geschäftsführung zur Folge. Und das bedeutet oftmals die Vernichtung der wirtschaftlichen Existenz.
はじめに
「金融かわら版～担保法制の見直しに関する中間試案①～」においては、法制審議会担保法制部会（以下、「担保法制部会」といいます。）の2022年12月6日の第29回会議において取りまとめられた「担保法制の見直しに関する中間試案」（以下、「中間試案」といいます。）の第1章「担保権の効力」及び第2章「担保権の対抗要件及び優劣関係」につき、中間試案とともに公表された担保法制の見直しに関する中間試案の補足説明（以下、「補足説明」といいます。）や、その後に公表された担保法制部会資料等も踏まえて、特に金融実務の観点から重要と思われる点を中心に紹介いたしました。本稿では、それに引き続き、中間試案の第３章「担保権の実行」、第4章「担保権の倒産手続における取扱い」及び第５章「その他」のうち、金融実務及び倒産実務の観点から重要と考えられる項目を紹介します。
個別動産を目的とする新たな規定に係る担保権の実行
The High Court has delivered its written judgment on a recent decision that was the first of its kind by appointing an examiner to a company registered outside of the State, as it was established that its centre of main interests was in the Republic of Ireland.
Introduction
The recent decision of Metigy Pty Ltd (in liq) (applications for settlement approval) [2023] FCA 818 reminds liquidators and trustees of the prerequisites they must satisfy in seeking judicial advice. Failure to meet these criteria may result in the court refusing to exercise its jurisdiction to give such advice.
The facts
Contemporary Issues: Insolvency and Arbitration in Vietnam A bankruptcy proceeding often brings with it questions as to how creditors might be able to make their claims. For example, tension may arise between the unified dispute resolution procedures under a contract (such as an arbitration agreement) and bankruptcy regulations. By way of the parties’ arbitration agreement, the parties have ostensibly intended, at the outset, for all disputes arising from the underlying contract to be resolved through arbitration.