Changes are afoot to the statutory regime governing special administrations for regulated water companies (the SAR) following the publication of a suite of new legislation.
Impact of the changes on pension trustees
New Zealand’s economy, like many others, has been significantly impacted by global events such as the COVID-19 pandemic hangover (inflation, supply chain shocks and high interest rates). These events have led to an increase in distressed M&A activity as healthy companies seek to acquire those in financial distress. Distressed M&A is not without its challenges. The uncertainty of the distressed company’s true value, potential liabilities, and the risk of subsequent insolvency proceedings can deter potential acquirers.
Creditors face many risks when a company files for bankruptcy. One such risk is preference exposure, which is where the company seeks to claw back funds paid to a creditor before the company files for bankruptcy. A general overview of preferences in bankruptcy can be found here.
引言：2023年8月17日，某中资地产集团依据《美国法典（United States Code）》第11编第15章向纽约南区破产法院（United States Bankruptcy Court for the Southern District of New York）申请启动破产保护程序。破产保护程序作为一种辅助程序，并非在美国司法辖区内进行的完整破产程序，而是债务人向美国法院申请承认外国程序的工具。本文拟从某中资地产集团危机事件展开，分篇探究企业动用美国法下跨境承认工具的潜在动因，亦就债务人、债权人在中资离岸房企跨境破产重组中的关注问题加以浅析。
一、 事实背景
2023年8月17日，某注册于开曼群岛的中资地产集团（下称“中资集团”）依据《美国法典》第11编第15章1向纽约南区破产法院申请启动对集团及其注册于香港、英属维尔京群岛的两家子公司的破产保护程序。申请由集团公司秘书、子公司独立董事各自以“外国授权代表”（Foreign Representative）身份提出，请求纽约南区破产法院认可该等实体在美国境外提起的债务重组程序。公开信息检索及法院文件显示，中资集团提交的破产保护申请仅涉及地产集团及该两家海外子公司，而不涉及地产集团旗下的其它公司（包括其中国大陆子公司）。
Insolvency matters in Thailand are regulated by the Bankruptcy Act, B.E. 2483 (1940) as amended (the “Bankruptcy Act”). The authoritative body that wields judicial power in these matters is the Central Bankruptcy Court (the “Court”). The core insolvency procedures are: (i) bankruptcy proceedings; and (ii) rehabilitation proceedings. Bankruptcy proceedings are legal procedures overseen by the Court and the official receiver, with a key objective of gathering debtor's assets to be distributed as repayment of debt among the creditors.
The Insolvency and Bankruptcy Code (IBC), introduced in 2016, was conceived as a game-changer, a potent tool to expedite debt recovery from insolvent companies within a stipulated timeframe. Eight years into its existence, the IBC has witnessed a mixed track record. While it has successfully revitalised some companies grappling with financial turmoil, it has also faced criticism. The aim of the IBC was not only to aid the revival of struggling companies, but also to enhance the quality of lenders’ balance sheets and empower distressed asset buyers.
Business Rehabilitation Proceedings in Thailand
Overview of Rehabilitation Proceedings
The primary goal of business rehabilitation proceedings is to provide debtors who are facing insolvency with various mechanisms to address their financial difficulties. This includes restructuring their liabilities and assets while also ensuring that creditors receive repayment equal to or greater than the amount they would have received if the debtor had been declared bankrupt by the court.
As a wise man is wont to say, “Where you stand depends on where you sit.”
This statement applies with full force to the recent, related opinions from Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, addressing the effects of a so-called “uptier” liability management transaction.1
Procedurally, Judge Isgur’s rulings denied in part and granted in part motions for summary judgment, permitting certain claims to proceed to trial beginning on January 25, 2024.
El pasado 20 de julio de 2023 fue publicado en el Boletín Oficial de Estado el Real Decreto 668/2023, de 18 de julio, que modificó el Reglamento de planes y fondos de pensiones al objeto de completar la regulación e impulso de los planes de pensiones de empleo y reforzar así, el segundo pilar de la previsión social en España. Este artículo aborda las principales novedades del último desarrollo reglamentario y repasa algunos de los retos que persisten de cara a impulsar y consolidar el segundo pilar y motivar el ahorro.
In brief
On 29 February 2024, the court of appeal will hear an appeal against an order for the insolvent liquidation of a company that unsuccessfully argued, at first instance, that the petitioning debt was subject to a dispute covered by contractual agreements to arbitrate. While the interplay between insolvency and arbitration is not a new issue, the upcoming hearing will be the first time after the court of final appeal's decision in Re Guy Kwok-Hung Lam [2023] HKCFA 9 ("Guy Lam") for the court of appeal to clarify the principles.