In a recent ruling (NMC Health PLC (in Administration) v Ernst & Young LLP [2024] EWHC 2905 (Comm)), the High Court declined to order disclosure of witness statements and transcripts of interviews conducted by administrators during their initial investigations, citing litigation privilege.

Litigation privilege

The Insolvency and Bankruptcy Code, 2016 (“Code”), has marked a significant shift in India’s corporate insolvency landscape, transitioning from a debtor-centric approach to a creditor-centric approach. With the committee of creditors (“CoC”) now driving the resolution process, it has become imperative for “related parties”, likely to sabotage the resolution process of a corporate debtor, to be excluded from the same.

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The Court of Appeal has recently clarified an important aspect of cross-border enforcement in insolvency proceedings. In Servis-Terminal LLC v Drelle [2025] EWCA Civ 62, the Court of Appeal ruled that a foreign judgment cannot be used as the basis for a bankruptcy petition in England and Wales unless it has first been recognised by an English court. 

Summary

On 23 December 2022, the Pre-Insolvency Act (Chapter 631 of the Laws of Malta) (“Pre-Insolvency Act”), came into force, introducing new preventive restructuring procedures. The Pre-Insolvency Act marks a significant advancement in the Maltese restructuring framework, complementing the pre-existing debt restructuring mechanisms, which include:

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

The evolution of the English RP continues to push the jurisdictional envelope.

Introduction

Insolvency and arbitration traditionally do not mix well, as they embody somewhat contrasting legal policies. The Singapore Court of Appeal highlighted in Larsen Oil and Gas Pte Ltd v Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) [2011] 3 SLR 414 that:

While there was a sharp rise in the number of insolvencies opened in Austria, particularly in the real estate sector, the number of insolvencies opened in many other countries has not changed despite inflation and rising interest rates. This is also confirmed by the following overview: almost half of our Schoenherr offices have seen a change, while the situation in the other half has remained unchanged.

The map below gives an overview of the answers to these two questions:

Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits challenging non-pro rata uptier transactions are making their way through the courts, two important decisions were recently issued by the Court of Appeals for the Fifth Circuit and the New York Appellate Division.