Introduction

In a move to accord relief to Licensors with outstanding license fee payments, the National Company Law Appellate Tribunal (“NCLAT”) vide order dated 7th July 2022 (“Order”) held that a debt arising from unpaid license fees is qualified as an ‘operational debt’ under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (“Code”).

Directors resign for many reasons. For example, there may be disagreements among stakeholders about the future course of the company, they may be concerned about the risks associated with financial difficulty/insolvency, or they may just wish to retire.

In Brooks, in the matter of Tease Hair & Spa Pty Ltd (in liquidation), the Federal Court made orders in favour of the Liquidator, pursuant to section 90-15 of Schedule 2 to the Corporations Act 2001 (Cth) (Insolvency Practice Schedule (Corporations)) and section 47 of the Trustee Act 1989 (Tas) allowing the Liquidator to realise trust property for the benefit of creditors.

Background

Despite optimistic predictions earlier in 2022, slowedglobal growth resulting, in part, from the war in Ukraine has elevated inflation and interest rates, reducing the availability of credit, increasing business borrowing costs and threatening the ability of companies to retain the confidence of their

Naumets (Trustee), Dorokhov (Bankrupt) v Dorokhov [2022] FCA 748 In the matter of Hydrodec Group Plc [2021] NSWSC 755

The 8th edition of Baker McKenzie's Global Restructuring & Insolvency Guide has been compiled by Baker McKenzie lawyers experienced in the practical aspects of restructuring and insolvency. It should provide you with a helpful reference tool to understand the numerous insolvency and restructuring regimes that may affect your business.

Covering 38 jurisdictions, we review the following topics:

In a major development that will be welcomed by anyone engaged in pursuing international fraud claims, the Civil Procedure Rules Committee (CPRC) has approved expansions to the gateways for service out of the jurisdiction as set out in Practice Direction 6B (PD 6B), which will come into force this October.

This week’s TGIF considers the latest of two recent Federal Court decisions approving the compromise of debts owed to a company in liquidation, on the application of liquidators pursuant to section 477(2A) of the Corporations Act 2001 (Cth) and on confidential terms.

Key takeaways

The Court of First Instance held in Re Up Energy Development Group Limited [2022] HKCFI 1329 that where the three core requirements for winding-up a foreign company under section 327(1) of the Companies (Winding up and Miscellaneous Provisions) Ordinance (Cap. 32) (CWUMPO) are satisfied, the mere fact that the foreign company has been ordered to be wound up by the court in its place of incorporation is not a ground for the Hong Kong court to decline the making of a winding up order.

A former listco

This article was originally published by Travel Weekly on 21 July

The UK Government has indicated that its enthusiasm for introducing consumer protection for airline failure has waned significantly. It now looks doubtful that the recommendations of the Airline Insolvency Review will be implemented in the short term, or even at all.