“The Congress shall have Power To . . . establish . . . uniform Laws on the subject of Bankruptcies throughout the United States.”
–U.S. Constitution’s Bankruptcy Clause (Art. 1, Sec. 8, cl. 4).
An Old Losing Streak—Article III
１ 仙台高裁令和2年10月13日決定のご紹介（破産手 続開始申立てが不当な目的によるものとして棄却され た事例）
（１） 当事者・本件抗告
相手方Y（債務者）は平成23年11月頃から勤務医師として働 いており、抗告人Xは令和元年9月26日にYと離婚した元妻で す。Yは、令和2年2月に支払を停止し、令和2年6月2日に本件 の破産手続開始の申立てを行いました。原審（福島地方裁判 所相馬支部）が、令和2年7月27日、Yについて破産手続を開 始する旨の決定（原決定）をしたのに対し、Xは、原決定を不服 として、原決定の取消し及びYの破産手続開始の申立ての棄 却を求めて即時抗告（本件抗告）しました。
Xは、離婚に伴う財産分与として、現住所のマンションの所有 権をYから譲り受けたところ、同マンションには住宅ローンの抵 当権が設定されており、財産分与後もYが債務者として同ロー ンの支払を継続することが離婚協議書により合意されていま した。もっとも、Yが破産すると、マンションに設定された抵当権 が実行され、XはYに対し、上記合意の債務不履行に基づく 損害賠償請求権（破産債権）を有することとなります。
On 18 March 2021, the UK Government published its white paper on restoring trust in audit and corporate governance. On 31 May 2022, the Government published its response to the consultation.
Circular Letter No. 5 of 2004 (CL 5 - Restructuring) of the Swiss Federal Tax Administration (FTA) was revised after 18 years and replaced by the new Circular Letter No. 5a (CL 5a), which came into force on 1 February 2022. It regulates at the federal level the tax consequences in the case of restructurings of partnerships and legal entities.
Re Intellicomms Pty Ltd (in liq) [2022] VSC 228
The proceeding was brought by the liquidators of Intellicomms Pty Ltd (the Company) seeking relief in relation to a Sale Agreement dated 2021 between the Company and the defendant, Tecnologie Fluenti Pty Ltd (the Purchaser), involving the sale of certain business assets of the Company to the Purchaser.
On June 6, 2022, the U.S. Supreme Court issued its opinion in Siegel v. Fitzgerald, in which the Court held that the Bankruptcy Judgeship Act of 2017, Pub. L. 115-72, Div. B, 131 Stat. 1229 (the “2017 Act”) was unconstitutional.
La circulaire n 5 de 2004 (C 5 - Restructurations) de l'Administration fdrale des contributions (AFC) a t remanie aprs 18 ans et remplace par la nouvelle circulaire n 5a (C 5a), qui est entre en vigueur le 1er fvrier 2022. Elle rgle au niveau fdral les consquences fiscales des restructurations d'entreprises de personnes et de personnes morales.
As we’ve previously reported, on February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for small businesses. Under the SBRA, a “small business” was one with less than $2,725,625.00 in debt. Few businesses, however, were eligible to take advantage of these new provisions because their debts exceeded the cap.
In 1907, Robert Baden-Powell, an English soldier, devised the Scout motto: Be Prepared. Upon hearing the Scout motto, someone asked Baden-Powell the inevitable follow-up question.
“Prepared for what?”
“Why, for any old thing,” he replied.
In Scouting for Boys (published in 1908), Baden-Powell wrote that to ‘Be Prepared’ means “you are always in a state of readiness in mind and body to do your duty.” More than a century later, preparedness is still a cornerstone of Scouting.
Key Points
- The use by Malaysia Airlines' subsidiary, MAB Leasing Ltd. (incorporated in Malaysia) ("MABL"), in 2021, of an English Scheme of Arrangement (a "Scheme") to compromise its aircraft lease obligations proved that US Chapter 11 is not the only route to a globally recognised compromise of airline leases.
- Airline lessors should now prepare themselves for Schemes (and possibly also other English restructuring processes) as an alternative to Chapter 11.
Background