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    Court clarifies whether immunity from suit extends to an examinee questioned under section 236 of the Insolvency Act 1986
    2021-09-17

    The Court of Appeal has overturned a decision of the High Court on whether immunity from suit, generally afforded to participants in court proceedings, extends to an examinee during an examination conducted under section 236 of the Insolvency Act 1986 ("Section 236").

    Filed under:
    United Kingdom, Scotland, England & Wales, Insolvency & Restructuring, Litigation, Brodies LLP, Defamation, Countervailing duties, Liquidation, Liquidator (law), Winding-up, Insolvency Act 1986 (UK), High Court judge (England and Wales), Court of Appeal of England & Wales
    Authors:
    Andrew Scott
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    TGIF 17 September 2021 - Federal Court rejects ‘proof of debt’ for contribution to legal bills due to lack of binding contract
    2021-09-17

    This week’s TGIF considers the recent ruling of the Federal Court of Australia in Tuscan Capital Partners Pty Ltd v Trading Australia Pty Ltd (in liq)[2021] FCA 1061, where a liquidator’s decision to accept a ‘proof of debt’ was successfully challenged due to a lack of evidence that

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    中小企業再生支援協議会スキームによる再生支援手続における プレDIPファイナンス及び商取引債権保護規定の創設
    2021-09-15

    1.産業競争力強化法等の改正

    2021年8月2日、「産業競争力強化法等の一部を改正する 等の法律」の一部が施行されました。

    (https://www.meti.go.jp/press/2021/08/20210802001/20 210802001.html:経済産業省のHP参照)

    改正内容は多岐にわたりますが、本稿では、中小企業再生 支援協議会(以下「協議会」といいます。)による事業再生支 援の機能強化について、取り上げたいと思います。

    2.プレDIPファイナンス及び商取引債権保護規定の 創設(総論)

    Filed under:
    Japan, Insolvency & Restructuring, Litigation, Oh-Ebashi LPC & Partners
    Authors:
    Tomohiro Kitano
    Location:
    Japan
    Firm:
    Oh-Ebashi LPC & Partners
    Restrictions on winding-up petitions: beginning of the end
    2021-09-15

    Despite the economic disruption of Covid-19 and resulting lockdowns, the number of formal insolvencies has been remarkably low.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Public, Macfarlanes LLP, Coronavirus
    Authors:
    Simon Beale
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    VB Leaseco Pty Ltd (administrators appointed) v Wells Fargo Trust Company NA (trustee)
    2021-09-15

    In November 2021, the High Court of Australia will consider the application of the Convention on International Interests in Mobile Equipment done at Cape Town on 16 November 2001 (the Convention) in Australia in light of facts arising out of the administration of the Virgin Australia group.

    Filed under:
    Australia, Asset Finance, Aviation, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Debtor, Corporations Act 2001 (Australia), Cape Town Convention, Trustee, Federal Court of Australia, High Court of Australia
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    3rd Circuit Holds Post-Confirmation, Pre-Effective Date “Claims” Dischargeable in Bankruptcy
    2021-09-15

    On Aug 30, 2021, the 3rd U.S. Circuit Court of Appeals became the first federal appellate court to confirm that claims arising against a debtor following confirmation of a Chapter 11 plan, but prior to the plan’s effective date, are subject to discharge. This ruling serves as a strong reminder for all creditors and counterparties of a bankrupt entity to stay vigilant through the “effective date” of a Chapter 11 plan, and to strictly adhere to any administrative claims bar date established in a bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, McGuireWoods LLP
    Authors:
    Douglas M. Foley , Frank J. Guadagnino
    Location:
    USA
    Firm:
    McGuireWoods LLP
    Your business might not be rescued in South Africa
    2021-09-15

    Can a foreign business go into business rescue in South Africa?

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Fasken, Coronavirus, Companies Act
    Authors:
    Haroon Y Laher , Refentse Chuene
    Location:
    South Africa
    Firm:
    Fasken
    Phase out of temporary restrictions on the use of winding up petitions
    2021-09-16

    On 9 September 2021, the UK Government announced that the current restrictions on the use of statutory demands and the presentation of winding up petitions (as introduced by Schedule 10 of Corporate Insolvency and Governance Act 2020 (“CIGA”) and set to expire on 30 September 2021) will be amended by the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10 Regulations 2021) (the “Regulations”) and replaced with more limited restrictions (discussed below) until 31 March 2022.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Charles Russell Speechlys
    Authors:
    Hannah Edwards
    Location:
    United Kingdom
    Firm:
    Charles Russell Speechlys
    Insurer Liability Remanded for Further Factual Findings as to Statutory Relationship Requirement
    2021-09-16

    U.S. Court of Appeals for the Third Circuit, September 15, 2021

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Goldberg Segalla LLP, Bankruptcy
    Authors:
    C. Quincy Conrad
    Location:
    USA
    Firm:
    Goldberg Segalla LLP
    Hong Kong SARcross-border insolvency landscape evolvesfor Chinese corporates
    2021-09-16

    SU M M ER 2 02 1 | I F LR .C O M | 1 T he Hong Kong Companies Court has made a number of rulings concerning mainland Chinese corporate groups listed in Hong Kong SAR which illustrate the evolving landscape of cross-border insolvency law.These cases may, in some instances, cause creditors and debtors to re-evaluate some of the enforcement and defensive strategies traditionally used in the insolvencies of such companies.

    Filed under:
    China, Hong Kong, USA, Insolvency & Restructuring, Litigation, Akin Gump Strauss Hauer & Feld LLP, Electric vehicle
    Location:
    China, Hong Kong, USA
    Firm:
    Akin Gump Strauss Hauer & Feld LLP

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