Background
The Mexican Insolvency Act provides that a company seeking an insolvency judgment declaration must support its request with documents evidencing its lack of capacity to meet its financial obligations. Section 20 of the Mexican Insolvency Act specifies that the following documents must support the request audited financial statements for the last three years;
Interim costs awards in arbitration proceedings are not often the precursors to winding up applications. However, it may happen that if such an award of costs is not paid, the possibility of winding up the non-paying party may arise. This possibility leads to the following question, "Is a bill of costs drafted pursuant to an arbitration award and taxed by the taxing master of the High Court a "debt" for purposes of section 345 of the Companies Act 61 of 1973?"
Although business rescue may be a good tool for the purpose of turning around financially distressed businesses, it also opens the door for abuse by unscrupulous debtors.
A business rescue application may be brought at any time during liquidation proceedings, even after a final winding-up order has been granted, right up until the point where a final liquidation and distribution account is confirmed by the Master of the High Court.
Decree n°2012-1190 dated 25 October 2012 (JORF n°0251 dated 27 October 2012) issued for the implementation of Law n°2012-346 dated 12 March 2012 sets out the rules for implementing conservatory measures within safeguard, reorganisation or liquidation proceedings.
Guidance published by HMRC in its Corporate Finance Manual has recently been updated to reflect a change in practice regarding the corporation tax treatment of debt for equity swaps.
Debt for equity swaps are commonly used in corporate restructuring, particularly when a company is in financial difficulty. They may also be encountered in the termination of joint venture arrangements where, prior to the sale of shares in the joint venture company by one co-venturer to the other, the parties wish to convert any loans made to the company into shares.
In Shandong Chenming Paper Holdings Limited v Arjowiggins HKK2 Limited [2022] HKCFA 11, the Court of Final Appeal has confirmed that the "leverage" created by the prospect of a winding-up – as opposed to the making of a winding-up order – provides a legitimate form of "benefit" for the purposes of satisfying the second of the three "core requirements" for winding up a foreign incorporated company in Hong Kong.
On Wednesday, November 3, the House Judiciary Committee approved legislation on a party-line vote that could drastically reshape chapter 11 restructurings, particularly in cases involving significant tort liability. The bill, the Nondebtor Release Prohibition Act of 2021 (the “NRPA”) is sponsored by Judiciary Chairman Jerry Nadler (D-NY), Oversight Chairman Rep. Carolyn Maloney (D-NY), and Rep. David Cicilline (D-RI), who chairs the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law, which has jurisdiction over bankruptcy law-related issues.
Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft in vielen Bereichen massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert. Geschäfte bleiben geschlossen, Lieferketten brechen ab, Reisen sind nur sehr eingeschränkt möglich, Umsätze sind deutlich zurückgegangen und Unternehmen müssen Kurzarbeit oder Zwangsurlaubeinführen, um laufende Kosten zu senken.
Germany's new restructuring regime is expected to come into force 0n 1 January 2021. At the heart of the new regulation is the introduction of a so-called stabilization and restructuring framework (“SRF”) for companies. In a sea change to the traditional approach, the SRF enables a company to be restructured before insolvency proceedings have to be initiated. It is therefore expected that this new regime will have a major impact on German restructuring practice.
Introduction of a Preventive Restructuring Framework
Real Estate Quarterly
Summer 2020
Contents
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