On 23 October 2024, Deputy High Court Judge Le Pichon of the Court of First Instance in the High Court of the Hong Kong SAR granted recognition and assistance to Chan Ho Yin (also known as Michael Chan) (“Mr Chan“) of Kroll (HK) Ltd and Elaine Hanrahan (“Ms Hanrahan“), the joint official liquidators of Bull’s-Eye Limited (“Bull’s-Eye”) following a letter of request issued by the British Virgin Islands (“BVI”) Eastern Caribbean Supreme Court.

Introduction & Key Takeaways

The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.

On December 31, 2024, the United States Court of Appeals for the Fifth Circuit issued its long awaited opinion in the disputes arising from the controversial “uptier” transaction executed by Serta Simmons Bedding, L.L.C. (“Serta”) in 2020 and the confirmation of Serta’s chapter 11 plan by the Southern District of Texas Bankruptcy Court in 2023. The Fifth Circuit reversed former Bankruptcy Judge David Jones’ summary judgment ruling that the 2020 uptier transaction was permissible under Serta’s existing credit agreements.

The intersection of state escrow laws and federal bankruptcy laws can create confusion and surprise for contracting parties.

The Problem & Four Examples

The problem creating such confusion and surprise is this. State escrow laws:

• are, typically, defined by the common law;
• lack precise details; and
• are often applied in bankruptcy to the detriment of the party who believes a valid escrow exists.

Here are four examples of the escrow / bankruptcy problem.

Distressed transactions increasingly mark the Swiss M&A landscape. An important piece in the Swiss restructuring toolbox is the sale of parts or all of the business under court supervision during a composition moratorium. It has been used successfully in an increasing number of cases recently. Typically, the relevant part of the business is pre-packed – structured and prepared for sale – before being sold with court approval. As we anticipate more distressed M&A transactions in 2025, it is worthwhile exploring the intricacies and implications of the Swiss pre-pack.

DGJ v Ocean Tankers (Pte) Ltd (in liquidation)[2024] SGCA 57

The Court of Appeal ruled that assignments may be ineffective for offending public policy. Additionally, an assignment of a bare right to sue must not prejudice the administration of justice. Generally, non-assignment clauses would also prohibit the assignment of contractual and related rights.

Facts

The role and duties of company directors are well established in English law through the Companies Act and case law. These principles are widely applied in many jurisdictions, including the Bahamas, where UK cases about directors’ liability and related issues carry considerable weight.

Introduction

Egypt’s bankruptcy law has undergone significant reforms in recent years, reflecting a broader effort to modernize the country s economic framework and create a more business-friendly environment. This article explores the key aspects of Egyptian bankruptcy law, focusing on its purpose, procedures, and implications for businesses and creditors.

The Evolution of Bankruptcy Law in Egypt

On January 2, 2025, President of Ukraine Volodymyr Zelenskyy signed Law №2390 aimed at repaying debts incurred in the wholesale electricity market before July 1, 2019. The document, initiated back in 2019, was an important step towards stabilizing the country’s energy market.