In our previous article, we outlined the milestones leading up to this astonishing and unprecedented collapse that has rocked the crypto industry. Since November 11, 2022, the date on which FTX filed for Chapter 11 protection, not a week has gone by without a new twist. If you missed some of the episodes of this complicated process, here is our selection of the most interesting ones.
The U.S. Supreme Court ruled on Thursday that because Indian tribes are indisputably governments, the Bankruptcy Code unmistakably abrogates their sovereign immunity to bankruptcy court proceedings.
Die EU-Kommission hat einen Richtlinienentwurf u.a. zur verpflichtenden Aufnahme eines „Pre-pack-Verfahrens“ in die nationalen Insolvenzgesetze vorgelegt.
On 30 May 2023, Mac-Interiors Limited (the “Company”), a private limited company incorporated and registered in Northern Ireland, but with its COMI in Ireland, presented a petition seeking the appointment of an examiner. On the same day, orders were made, amongst other things, appointing Kieran Wallace of Interpath Advisory as examiner on an interim basis pending the hearing of the Petition.
In the recent case of Genisys Integrated Engineers Pte Ltd v UEM Genisys Sdn Bhd & Ors [2023] 3 MLJ 627, the Federal Court had the occasion to consider whether the Limitation Act 1953 applies to a proof of debt. The Federal Court held that the Limitation Act 1953 does not apply to a proof of debt which is accepted and not formally rejected by a liquidator.
Background Facts
Jedem Anfang wohnt ein Zauber inne oder in jedem Ende liegt der Charme des Neuanfangs (sehr frei nach Hermann Hesse).
Entsprechend dem Grundgedanken in Hermann Hesses Ausspruch bedeuten die zahlreichen, durch die COVID-19-Pandemie verursachten Unternehmenskrisen nicht nur ein Ende, sondern bieten auch Chancen.
Dishonest debtors are increasingly daring to use court proceedings to fictitiously dispose of funds to pay their debts. They believe that if they obtain a final judgment that orders them, for example, to pay an amount to a third party, the creditor will not be able to contest the payment. But is the creditor completely defenceless? With this article, we are kicking off a series on what to pay attention to and how to react when a debtor initiates court proceedings that may render the debtor insolvent.
When a federal court approves a [bankruptcy] plan allowing someone to put its hands into another person’s pockets, the person with the pockets is entitled to be fully heard and to have legitimate objections addressed.[Fn. 1]
Pop Quiz Question:
Does Insurer, in the following facts, have standing to object to Debtor’s Chapter 11 plan?
Debtor is in bankruptcy because of asbestos lawsuits.
Debtor proposes a Chapter 11 plan that is supported by all constituencies—except one:
Managing the financial health of a business to ensure it continues to be viable and successful can be challenging, particularly in today’s economic environment.
June 2023
Contents
There are many enforcement options available to commercial landlords in England & Wales, to recover rent arrears due under a lease from a business tenant. Some of those options are based in contract and governed by the terms of the individual lease itself, such as a power to forfeit or damages for breach, whilst some of those options are based in statute such as the Commercial Rent Arrears Recovery regime.