On September 27, 2024, Legislative Decree No. 136 of September 13, 2024 (“Correttivo-ter”) was published in the Official Gazette. This is the third—and currently final—Corrective Decree to the Code of Business Crisis and Insolvency.
The new corrective decree has made substantial changes to all aspects of the Crisis Code. Beyond numerous stylistic and detailed adjustments, the Correttivo-ter both incorporates certain practices or resolves interpretative uncertainties and introduces several long-awaited innovations for practitioners.
The provisions governing the winding-up of co-operatives are reflected in the Co-operatives Act No. 14 of 2005 and its regulations.
How are co-operatives wound up?
Introduction
In this case the Court applied traditional constructive trust principles to disputed facts in order to determine whether a specific property came within the estate of a bankrupt. It will be of interest to practitioners advising in the area of challenged transfers in the context of insolvency.
The Trustees in the bankruptcy of Shaun Collins made an application pursuant to s.339 Insolvency Act 1986, to challenge a disposition of land. The land in question was a flat and the disposition was a 2021 transfer of a flat in London.
On 20 November 2024, the UK Supreme Court delivered its judgment in the case of Kireeva v Bedzhamov1. The court ruled that a Russian bankruptcy trustee has no claim over a bankrupt's property in Belgrave Square on the basis that the court has no jurisdiction to assist a foreign bankruptcy trustee in respect of immovable property located in England and Wales and that such property is unaffected by a foreign bankruptcy order. This decision reaffirms the immovables rule, which (subject to exceptions) protects immovable property such as land from foreign bankruptcy claims.
The Insolvency & Bankruptcy Board of India (IBBI) has sought comments on the proposed amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2024, to make the constitution of a monitoring committee mandatory for the smooth implementation of the resolution plan.
Introduction
Insolvency is a financial state that can affect both individuals and businesses, signifying an inability to meet debt obligations. While it’s a challenging situation, addressing insolvency proactively can prevent further complications and set the stage for recovery. This guide provides actionable insights to navigate insolvency effectively, offering a lifeline when you need it most.
Key Causes of Insolvency
For Individuals
The opinion is Samson v. The LCF Group, Inc. (In re Bridger Steele, Inc.), Adv. No. 2:24-ap-2003 in the Montana Bankruptcy Court (decided September 30, 2024; Doc. 10).
Background
Debtor is a fabricator and seller of metal roofing and siding products.
Introduction
On November 07, 2024, the Supreme Court of India (“Court”) in its judgment in State Bank of India & Ors. vs. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch & Anr.,[1] directed the liquidation of Jet Airways (India) Limited (“Jet”), bringing an end to the five-year long saga of efforts to revive the beleaguered airline.
報載曾為全球第二大的加密貨幣交易所FTX於2022年11月聲請美國破產法第11章破產重組，其破產重組計畫終於在2024年10月獲得美國德拉瓦州破產法院法官核准。受益於加密貨幣價值的大幅提升及美國國稅局同意減少稅捐債權之數額，FTX的用戶可獲得以破產當時加密貨幣的美元計價之賠償，若以此計算，大部分的用戶均可取回全額賠償及部分利息。
雖然仍有用戶認為加密貨幣現在之價值遠高於FTX破產時的價值，若無法返還用戶原本持有之加密貨幣，根本不算是全額賠償。但無論如何，在破產程序中債權人能獲得全額賠償及部分利息，是相當少見的狀況。
■美為讓債務人重獲新生，對稅捐債權保障可有所退讓
This week’s TGIF examines a recent decision where the Federal Court considered when a proof of debt would be ‘admitted’ within the meaning of section 563B of the Corporations Act 2001 (Cth) and therefore attract the statutory entitlement to interest.
Key takeaways