Bankruptcy is a formal process geared toward preserving stakeholder value. Often, the proceedings include negotiations between stakeholders that are arduous, time-consuming and expensive. As such, the main focus during bankruptcy tends to be on completing the process, rather than positioning the company for healthy and sustainable growth after emergence.
Hace unos días se aprobó la reforma de la Ley Concursal, que entrará en vigor a los veinte días de su publicación en el «Boletín Oficial del Estado», con excepción del libro tercero del texto refundido de la Ley Concursal, que entrará en vigor el 1 de enero de 2023.
Introduction
This Guide explains the procedure for administration order proceedings in respect of Guernsey companies.
Administration orders
The purpose of administration orders
The provisions for Guernsey companies to be placed into administration are set out in Part XXI of the Companies (Guernsey) Law, 2008 (the Law).
Introduction
※ 本ニューズレターは、2022 年 8 月 29 日現在の情報に基づいています。
2020 年に制定されたミャンマー倒産法(｢倒産法｣)は、株式会社の通常清算もその対象にしているところ、清算人に必要とされる倒産実務家(Insolvency Practitioner、｢IP｣)の認定が倒産実務家委員会(｢委員会｣)からなされていないこと等を理由として、現在に至るまでその運用が正式には開始されておりません。
今般、ミャンマーの Directorate of Investment and Company Administration(｢DICA｣)より、2022 年 9 月 1 日より、倒産法に基づき、以下のフォームが Myanmar Companies Online(MyCO)により利用可能となるとのアナウンスメントが発出されました。
- Form W-01 (会社の清算人の選任通知)
- Form W-09 (清算人による会社の清算に係る最終アカウント)
当事務所所属弁護士がその会員になっているミャンマー倒産実務家協会(Myanmar Association of Insolvency Practitioners、
“Under the long-standing ‘solvent-debtor exception,’ plaintiffs [unsecured trade creditors] possess an equitable right to receive post-petition interest at the contractual or default state law rate, subject to any other equitable considerations, before [the debtor] collects surplus value from the bankruptcy estate,” held the Ninth Circuit on Aug. 29, 2022. In re PG&E Corporation, 2022 WL 3712498, *4 (9th Cir. Aug. 29, 2022) (2-1).
Background
The regime under the Insolvency and Bankruptcy Code, 2016 (“IBC”), is largely creditor centric. In fact, extraordinary as it may sound, corporate insolvency resolution process (“CIRP”) under IBC is nothing short of a puppet show, with the Committee of Creditors (“CoC”) as the puppet master. The CoC, comprising of financial creditors of the corporate debtor, is paramount in terms of making the most significant decisions of the process and plays a vital role in resolving the debt.
22 Mart 2022 Tarihli ve 31786 Sayılı Resmi gazete ile yayınlanan 2021/52 Esas 2021/97 Karar Sayılı Anayasa Mahkemesi Kararı[1] ile İcra İflas Kanun’un 278.
On August 11, 2022, a two-judge bench of the Hon’ble Supreme Court in the case of Bank of Baroda vs Parasaadilal Tursiram Sheetgrah Pvt. Ltd. has observed that the time limit of 45 (forty-five) days prescribed under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“Act”) is provided for quick enforcement of the security.
Brief Facts & Procedural History
On 27 July 2022, the National Company Law Appellate Tribunal (NCLAT) in Zoom Communications Private Limited v Par Excellence Real Estate Private Limited, Company Appeal (AT) (Insolvency) No. 619 of 2022 upheld the order of the National Company Law Tribunal, New Delhi (NCLT) dated 17 May 2022 dismissing an application to initiate Corporate Insolvency Resolution Process (CIRP) on the ground that the debt appeared suspicious and collusive in nature.
Background