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    (UK) What are the Key Takeaways for future Restructuring Plans following the GAS sanction hearing?
    2023-05-18

    What can we say about the outcome of the GAS (Great Annual Savings Company Limited) sanction hearing that hasn’t already been reported?

    It’s impossible not to comment on the fact that the plan was not sanctioned, and as a consequence of fierce opposition from HMRC that it avoided cram down. Nor that the court refused to sanction the plan on the basis that the conditions for cram down were not met – the court was not satisfied that HMRC would be better off under the plan and even if it were the judge said he would have not exercised his discretion to cram down.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Banking and Finance Legal Milestones | Trilegal Quarterly Roundup Jan-Mar 2023
    2023-05-18

    The original version of this article was first published in the Trilegal Quarterly Roundup.

    Key Developments

    1. SEBI prescribes new disclosure requirements and dos and don’ts for the issue of green debt securities

    Filed under:
    India, Capital Markets, Environment & Climate Change, Insolvency & Restructuring, Litigation, Trilegal, Greenwashing, Securities and Exchange Board of India, Insolvency and Bankruptcy Code (India)
    Authors:
    Joseph Jimmy , Archana Rawat
    Location:
    India
    Firm:
    Trilegal
    How the “Engaged In” Standard For Subchapter V Eligibility Is Easily Satsified (In re Robinson)
    2023-05-18

    Is a debtor “engaged in commercial or business activities” for Subchapter V eligibility?

    Such question has been addressed on many occasions and by many courts.

    The trend seems to be toward a conclusion that the nature and quantity of “commercial or business activities” required for Subchapter V eligibility is this:

    • Nature = “easily met”; and
    • Quantity = “not much.”

    The latest opinion to confirm the trend is In re Robinson, Case No. 22-2414, Southern Mississippi Bankruptcy Court (issued April 17, 2023; Doc. 90).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, SIPP, US Congress
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Hong Kong Court of Final Appeal Rules on Exclusive Jurisdiction Clauses in Insolvency
    2023-05-18

    A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency
    Authors:
    Derek S H Chua , Dominic Geiser , Howard K. H. Lam , Posit Laohaphan , Raymond C. F. Cheng , Flora F. W. Innes , Tsun Ming (Truman) Mak
    Location:
    Hong Kong
    Firm:
    Latham & Watkins LLP
    Dispute Resolution Legal Milestones | Trilegal Quarterly Roundup Jan-Mar 2023
    2023-05-18

    The original version of this article was first published in the Trilegal Quarterly Roundup.

    Key Developments

    1. Delhi High Court pierces the corporate veil to make non-parties to an arbitration liable for the arbitral award

    Filed under:
    India, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Trilegal, Alter ego/piercing the corporate veil, Delhi High Court
    Authors:
    Mohit Rohatgi , Lisa Mishra , Pragya Prakash
    Location:
    India
    Firm:
    Trilegal
    Recent bankruptcy decision embraces “time approach” for calculating damages on rejected commercial lease
    2023-05-19

    In a rare move against long-standing precedent, the Bankruptcy Court for the Southern District of New York recently reversed course in its district on calculating allowed damages when debtor-tenants in bankruptcy reject commercial leases. This decision could limit landlords’ damage claims if those rejected leases are long term and contain rent escalation clauses. The case, In re Cortlandt Liquidating LLC, et al. Case No. 20-12097-MEW (Bankr. S.D.N.Y. Feb.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lewis Rice LLC, US Bankruptcy Court for the Southern District of New York
    Authors:
    John J. Hall , T. Hunter Brown
    Location:
    USA
    Firm:
    Lewis Rice LLC
    FOS: time limits for DISP complaints
    2023-05-19

    When a customer is made bankrupt, whose knowledge is relevant to start time running under the extra three-year time bar rules in DISP 2.8.2R(2)(b)?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, TLT LLP, Financial Conduct Authority (UK), Limitation Act 1980 (UK)
    Authors:
    Sam McCollum , Amy Earlam
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Mainland group subsidiary wound up by the Companies Court: Re Dangdai International Investments Ltd [2023] HKCFI 1347
    2023-05-18

    On 15 May 2023 (with Reasons for Decision delivered on 18 May 2023), the Companies Court made a winding-up order against Dangdai International Investments Ltd (當代國際投資有限公司) (“the Company”) which is in turn wholly owned by Wuhan Dangdai Science & Technology Industries (Group) Company Ltd (武漢當代科技產業集團股份有限公司) (“Wuhan Dangdai”).

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Court of First Instance (Hong Kong)
    Authors:
    Charlie Liu
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    FAQs - Resolution Plans Demystified
    2023-05-18

    The original version of this article was first published in the Trilegal Quarterly Roundup.

    These FAQs delve into some key aspects that prospective resolution applicants must consider while devising a robust resolution plan for a corporate debtor.​

    Filed under:
    India, Insolvency & Restructuring, Trilegal, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Karishma Dodeja , Deepali Verma
    Location:
    India
    Firm:
    Trilegal
    A rehabilitation scheme sanctioned under Sick Industrial Companies Act, 1985 binds all creditors: Supreme Court
    2023-05-18

    The appeal challenged an order (“Impugned Order“) passed by the Delhi High Court in a writ petition (“Writ“) filed by Singer. Vide the Impugned Order, the Division Bench of the High Court had referred the Writ to a larger bench as it doubted the correctness of the judgment in Continental Carbon India Ltd. v. Modi Rubber Ltd., 2012 (131) DRJ 291 (DB) (“Modi Rubber”).

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, JSA, Delhi High Court, Supreme Court of India
    Authors:
    Amar Gupta , Divyam Agarwal , Pranav Tanwar
    Location:
    India
    Firm:
    JSA

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