High Court's Landmark Decisions Clarify the Position for Creditors and Liquidators in Insolvency Proceedings
The Law Amending the Enforcement and Bankruptcy Law and Certain Laws ("Amendment Law"), known as the 7th Judicial Package, was published in the Official Gazette (32154) dated 05 April 2023 and entered into force except for several provisions with later effective dates.
The Amendment Law sets out several changes in the fields of enforcement law, criminal law, and procedural law, and it expands the scope of mandatory mediation significantly. Some of the prominent amendments introduced by the Amendment Law are examined below:
Kamuoyunda 7. Yargı Paketi olarak anılan 7445 sayılı İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun (“Kanun”), 5 Nisan 2023 tarihli ve 32154 sayılı Resmî Gazete’de yayımlanmış ve yürürlüğü sonraya bırakılan birtakım düzenlemeler dışında yürürlüğe girmiştir.
İcra hukuku, ceza hukuku ve usul hukukuna yönelik çeşitli düzenlemelerin yer aldığı Kanun kapsamında, dava şartı arabuluculuğun kapsamının önemli ölçüde genişletildiği görülmektedir. Kanun kapsamında ön plana çıkan düzenlemelere aşağıda yer verilmektedir.
The Moveable Transactions (Scotland) Bill introduces a raft of fundamental changes designed to modernise and improve the law of Scotland in relation to transactions concerning moveable property.
Originally published in the March 2023 issue of the Australian Restructuring & Turnaround Association Journal (ARITA), this article explores the interaction of statutory set‑off and unfair preference claims through its legislative origins, historical application and consideration by the courts, before discussing the High Court’s recent judgment and concluding with key takeaways for insolve
IAIS launches climate risk training materials for insurance supervisors
According to a press release published on April 5th, 2023, the International Association of Insurance Supervisors (IAIS) and the Financial Stability Institute jointly launched new online training materials on climate risk for insurance supervisors.
On March 14, 2023, Judge Ashely M. Chan of the U.S.
“The trustee may avoid . . . any obligation . . . incurred by the debtor, that was madeor incurred“ with actual fraudulent intent or as constructive fraud.
–From § 548 of Bankruptcy Code (emphasis added).
Similar language is contained in the Uniform Voidable Transactions Act—and in its predecessor acts—for 100+ years. [Fn. 1]
But actions to avoid debts as fraudulent transfers are rare—and largely unknown, it seems.
A Bad Experience
On 27 March 2023, the European Commission concluded that an Italian loan of EUR 400 million granted in 2019 in favour of Alitalia constituted illegal and incompatible aid that has to be reimbursed.
Alitalia has benefitted from numerous public support measures over the years. The airline found itself in a financial pickle and was declared bankrupt in May 2017. To ensure the continuity of its operations, the Italian State provided the airline with two loans, one of EUR 900 million granted in 2017 and the second of EUR 400 million in 2019.
The Cayman Islands is the preeminent offshore jurisdiction for corporate, fund and finance vehicles. It is also a creditor friendly jurisdiction, where properly constituted security has statutory protection from the reach of liquidators. We explore some of the options available to lenders and companies when navigating troubled waters.
1 Introduction