The American Bankruptcy Institute’s Subchapter V Task Force has issued its “Preliminary Report” on “Maintaining the $7,500,000 Debt Cap for Subchapter V Eligibility.” This article quotes from and summarizes the Report.
Recommendation
The Task Force recommends making permanent the $7,500,000 debt cap for Subchapter V eligibility, which is set to expire and revert to $3,024,725 on June 21, 2024.
Supporting Factors
In Mergermarket’s 2023 Global & Regional M&A Rankings, Hamilton Locke ranked 6th in Australia for the highest volume of M&A deals, with 69 deals valued at USD738 million. This is the firm’s highest Mergermarket ranking and a significant jump from 13th place in 2022.
In a bid to reinforce the Capital Markets Union (the “CMU”), on the 7th December 2022 the European Commission unveiled the “Proposal for a Directive Of The European Parliament And Of The Council harmonising certain aspects of insolvency law” [1] (the “Proposed Directive”).
In brief
The Act of 7 August 2023 on the preservation of businesses and the modernization of bankruptcy law, which came into force on 1 November 2023 ("Act"), has been met with great relief and enthusiasm from practitioners and businesses alike. It finally offers alternatives to the systematic bankruptcy of a company that is unable to pay its debts for lack of liquidity, despite the existence of assets or medium-term growth potential.
In this article, partner Bertrand Géradin and managing associate David Al Mari from Ogier’s Restructuring and Insolvency team in Luxembourg provide a high level summary of the enforcement mechanisms related to share pledges in Luxembourg. This article first appeared in Chambers Expert Focus Guides.
Whether a solar system is a “fixture” sounds like a mundane legal issue – but it has significant implications for the residential solar industry and for the financing of residential solar systems. If a system is regarded as a “fixture” of the house to which it is attached, then the enforceability and priority of the finance company’s lien on the system will be subject to applicable real estate law.
DLA Piper Hong Kong Financial Services Dispute Quarterly Law Report – February 2024 2 DLA PIPER HONG KONG FINANCIAL SERVICES DISPUTE QUARTERLY LAW REPORT – FEBRUARY 2024 Foreword Welcome to the second edition of the DLA Piper Hong Kong Financial Services Dispute Quarterly Law Report.
Many will have waited for a bus only for two to come along at once. So it is in the Cayman Islands, with the ongoing saga as to whether a shareholder can make a claim for misrepresentation in a liquidation and, if so, where such a claim ranks in the order of priority. The rule in Houldsworth barring such claims has been in existence for over 140 years. However, two liquidations have, within weeks of each other, sought to overturn this longstanding rule.
The long-awaited amendment "H" of the Slovenian Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (the "Act") entered into force on 1 November 2023. The new provisions complete the transposition of Directive 2019/1023,[1] introducing three crucial sets of changes to the Slovenian insolvency and restructuring legislation.
Significant emerging factors and trends are increasing pressure on directors. After several years of relative stasis induced by the pandemic (when many businesses were supported by various government initiatives and bank flexibility, whilst also enjoying ATO and creditor patience), there is a distinct whiff of change in the air. This year, we might see a move back to a more ‘normal’, pre-COVID setting. If so, there will be pressures for some, and opportunity for others.