Last year saw several important decisions relating to restructuring plans, including Petrofac (see our Law-Now: Saipem judgment: fair benefit sharing for all creditors) and Waldorf (see our Law-Now: Waldorf Plan Rejected: Court stresses fairness and good faith).

Welcome to Distressed Debt Legal Insights, Ropes & Gray’s source of timely insights for professionals navigating the complex world of liability management and special situations finance. In this issue we discuss the first major decision of 2026: STG Logistics. The January 3 opinion primarily denies the motions to dismiss brought by defendants seeking to validate their October 2024 drop down plus double dip transaction.

Transaction Details and Procedural History

The U.S. Supreme Court does not like the Bankruptcy Code. It never has. Two examples are:

Une question pratique récurrente dans les procédures d’insolvabilité concerne la manière dont le créancier peut prouver qu’une facture a bien été communiquée au débiteur. Dans une décision récente, le tribunal hongrois a examiné si des captures d’écran tirées d’un système de facturation électronique suffisent à prouver la remise et la prise de connaissance d’une facture, en l’absence de preuve postale traditionnelle. Dans notre article, nous analysons cette décision.

1. Faits de l’affaire

Key Points

In Victor Saw Seng Kee ((as joint liquidator of London Biscuits Bhd) (In liquidation)) v Wong Weng Foo & Co & Anor and other appeals [2025] MLJU 3886, the Federal Court made several significant rulings in relation to the exercise of powers by joint liquidators, appointment and removal of liquidators and in particular, the priority of termination benefits paid to employees retained by the liquidator to carry on the business of the company post-liquidation with the sanction of the Court, inter se unsecured debts of the company.

23 декабря 2025 года Пленум Верховного Суда РФ принял постановление № 41 "Об установлении в процедурах банкротства требований контролирующих должника лиц и аффилированных лиц должника"[1] (далее – "Постановление").

On 23 December 2025 the Plenary Session of the Russian Supreme Court issued Judgment No. 41 “On Establishing the Claims of the Controlling Persons of a Debtor and the Affiliates of the Debtor during Bankruptcy Proceedings"[1] (hereinafter the "Judgment").

Background

Insolvency and Bankruptcy Board of India (IBBI) on 22^nd December 2025, amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations (CIRP Regulations) to introduce sub-regulation 3A to existing regulation 38 (Amendment).

© WongPartnership LLP DISCLAIMER: This update is intended for your general information only. It is not intended to be nor should it be regarded as or relied upon as legal advice. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein. WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships Act 2005.