UK Government figures show that the number of companies entering formal insolvency processes has increased to its highest level since the 2008 financial crisis. The construction industry is the most affected sector.
On July 28, 2023, Judge Michael Kaplan of the Bankruptcy Court for the District of New Jersey issued an opinion granting motions to dismiss LTL Management LLC’s second chapter 11 case, finding that it was filed in bad faith due to a lack of imminent and immediate financial distress. See In re LTL Mgmt., LLC, No. 23-12825 (MBK), 2023 WL 4851759 (Bankr. D.N.J. July 28, 2023). Judge Kaplan’s decision follows the U.S. Court of Appeals for the Third Circuit’s dismissal of LTL’s first chapter 11 bankruptcy case in January 2023.
Introduction
In a landmark decision issued in July, Re Leading Holdings Group Limited [2023] HKCFI 1770, the Hong Kong Courts addressed, for the first time, the right of an investor of a global note to present a winding-up petition as a contingent creditor.
The Case
The relevant company was incorporated in the Cayman Islands and was listed on the Hong Kong Stock Exchange. It issued 12% Senior Notes which were due in 2022 and the petitioner was the beneficial owner of a sub-interest in those notes.
The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.
The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).
Indonesia Authors: Jeanne E. Donauw and Hans Adiputra Kurniawan 1. KPPU Regulation No. 3 of 2023 and Government Regulation No. 20 of 2023: New Merger Filing Regulation and Fees The Indonesian Business Competition Supervisory Commission – Komisi Pengawas Persaingan Usaha (“KPPU”) issued KPPU Regulation No. 3 of 2023 (“Reg 3 of 2023”) as a new merger filing regulation, replacing, and revoking the previous regulation on the same matter, namely KPPU Regulation No. 3 of 2019 (“Reg 3 of 2019”).
With the on-going shortage of construction workers in the industry and other factors ranging from weather to procurement problems, the threat of project delay is real. When a contract contains a liquidated damages clause for assessing project delays, real financial consequences for contractors can result. Courts have long allowed parties to apportion contractual risks as they deem appropriate especially in the commercial context where the parties are considered to be sophisticated even if their bargaining power is not equal.
As a partner in Irwin Mitchell's Restructuring & Insolvency team, I have witnessed the challenges that businesses in the UK are currently facing. The decline in consumer demand has left many companies scrambling to cut costs and find innovative ways to survive. Recent research conducted by BDO, the accountancy firm, reveals that 57% of medium-sized businesses in the UK see the drop in Britons' spending as one of their biggest hurdles over the next six months.
Передісторія до справи про неплатоспроможність
Як і багато інших, на початку 2008 року клієнт проєкту отримав іпотечний кредит в сумі 150 тис. дол. США (приблизно 750 тис. грн) для купівлі житла. Однак вже восени 2008 року Україна відчула наслідки світової фінансово-економічної кризи, що призвело до нестабільності курсу національної валюти та збільшення кількості проблемних кредитів.
Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.