Commercial court powers have been amended to achieve the speed and efficiency required by EU regulations.
Eight lessons from previous recessions
It does not take a professional economist to predict that a serious economic downturn is possible in the UK. Given that workforces will be impacted by this, many companies providing workforce support services are likely to be particularly affected.
The Hong Kong Court of Appeal has confirmed that the court should respect the effect of an exclusive jurisdiction clause in bankruptcy proceedings, just as it does in ordinary civil actions. To do otherwise, it said, it would be illogical.
Object
Liquidation involves the collection of the company's assets, the realisation of those assets and the distribution of the proceeds of their sale to the company's creditors.
Process of appointing liquidator
Introduction
Informal workout agreements can renegotiate, delay, reduce or waive pre-existing debts owed by a company. For the debtor company, the main purpose of entering into an informal workout is to obtain agreements from its creditors to relinquish rights and refrain from enforcing certain debt covenants. The following are some commonly used informal workout mechanisms:
Three bills are being read in Parliament proposing new insolvency-related legislation and amendments:
Illinois follows the common law of assignments for benefit of creditors (“ABC”): a non-judicial, trust-like process for liquidating a failed business.
That ABC process can work, hand-in-hand, with the Bankruptcy Code. The case of In re Computer World Solutions, Inc., Case No. 07-21123, Northern Illinois Bankruptcy Court, shows us how.
FACTS
Debtor is an importer and distributor of computer monitors, televisions and other electronic products, owing $20 million to Bank, which holds a first-lien on virtually all of Debtor’s assets.
In brief
Lowenstein Sandler’s previous articles on crypto bankruptcies discussed the role of a creditors’ committee in protecting the rights of customers and confirmation issues arising in crypto cases. This article will delve deeper into the administration of a crypto bankruptcy case by discussing the role of a creditors’ committee in investigating, preserving, and pursuing causes of action for the benefit of a debtor’s creditors.
Jersey law ruling will have far reaching ramifications for trust administration in common law jurisdictions