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    The future of avoidance actions in Luxembourg: the potential impact of the proposed EU Directive on harmonisation of insolvency law
    2024-02-09

    While there is a certain alignment between the proposed EU Directive on harmonisation of insolvency law and Luxembourg law, Luxembourg legislation will a priori need to be amended on several key points to be in line with the Proposal.

    Preferences

    Rules governing the avoidance of preferences (article 6 of the Proposal) find their equivalent in articles 445 and 446 of the Luxembourg Commercial Code.

    Some marginal amendments are likely to be required, inter alia to reflect:

    Filed under:
    European Union, Luxembourg, Insolvency & Restructuring, CMS Luxembourg
    Authors:
    Antoine Reillier
    Location:
    European Union, Luxembourg
    Firm:
    CMS Luxembourg
    Record insolvency levels to continue
    2024-02-09

    Restructuring Advisory Partner David Hudson considers the outlook for corporates

    There’s no denying that the latest insolvency figures make for uncomfortable reading. In 2023, there were more than 25,000 registered company insolvencies, the highest annual number since 1993 and 14% higher than 2022.

    Filed under:
    United Kingdom, Insolvency & Restructuring, FRP Advisory, Insolvency
    Authors:
    David Hudson
    Location:
    United Kingdom
    Firm:
    FRP Advisory
    KYC - “Know Your Customer,” or Agent, or Financial Institution, to Qualify for the Bankruptcy Code Safe Harbors
    2024-02-09

    Parties structuring certain financial transactions to comply with the Bankruptcy Code safe harbor provisions, including protections from the avoidance powers in Section 548 of the Bankruptcy Code,1 must be cognizant of recent case law prescribing the identity of counterparties within the ambit of the provisions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Know your customer, Private equity
    Authors:
    Eric Waxman , Ingrid Bagby , Michele C. Maman , Marc Veilleux
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    When is a trust created over retention monies?
    2024-02-09

    Hip Hing Construction Company Ltd v Hong Kong Airlines Limited [2024] HKCFI 370, concerned clause 32.5 of the General Conditions of the Standard Form of Building Contract (2005 Private Edition) (GCC 32.5) which relates to retention money. It provides that the retention shall be held upon trust by the Employer for the Contractor and any Nominated Sub-Contractor or Nominated Supplier, subject to the rights of the Employer to have recourse to it for payment of any amount which he is entitled to under the Contract or at law or to deduct from it any sum owed to him by the Contractor.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Deacons
    Authors:
    Kwok Kit Cheung
    Location:
    Hong Kong
    Firm:
    Deacons
    Proposed EU Directive on harmonisation of avoidance actions to have limited effect on Belgian law
    2024-02-09

    The principles outlined in the European Commission's proposal for a Directive harmonising certain aspects of insolvency law is not expected to lead to extensive reform of Belgian rules since Belgian law already provides a clear set of rules that give creditors and trustees instruments to avoid contestable acts in the context of bankruptcy, which, in some cases, go further than the principles set out in this Proposal.

    Filed under:
    Belgium, European Union, Insolvency & Restructuring, Litigation, CMS Belgium, European Commission
    Authors:
    Virginie Fremat , Pieter Dieltjens
    Location:
    Belgium, European Union
    Firm:
    CMS Belgium
    Sri Lanka’s Restructuring Plan Is Here to Stay (US)
    2024-02-09

    In March 2022, the International Monetary Fund (the “IMF”) assessed Sri Lanka’s public debt to be unsustainable after the country entered the pandemic with thin reserve buffers, high debt levels, and no fiscal space. The IMF’s determination prompted Sri Lanka to begin restructuring its debt the following month. As part of that process, Sri Lanka adopted an “Interim Policy” of suspending debt service on the following affected debts:

    Filed under:
    Sri Lanka, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Tara Peramatukorn
    Location:
    Sri Lanka
    Firm:
    Squire Patton Boggs
    Victorian Court delivers judgment in FTX administration
    2024-02-11

    The FTX Group, an international cryptocurrency exchange platform, spectacularly collapsed in November 2022, resulting in FTX Trading Limited and 101 affiliated companies filing for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in Delaware. The Australian arm of the FTX group, FTX Australia Pty Ltd (‘FTX Aust’) and FTX Express Pty Ltd (‘FTX Express’) (collectively the ‘Companies’) was placed into administration in Australia shortly before the Chapter 11 filing.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Cryptocurrency, FTX, Corporations Act 2001 (Australia)
    Authors:
    Joanne Hardwick , Michael Bacina , Steven Pettigrove , Stephen Kyrou
    Location:
    Australia
    Firm:
    Piper Alderman
    Changes to the UK Water Special Administration Regime - Do Pension Trustees of Water Industry Schemes Need to Care?
    2024-02-12

    Changes are afoot to the statutory regime governing special administrations for regulated water companies (the SAR) following the publication of a suite of new legislation.

    Impact of the changes on pension trustees

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Squire Patton Boggs, Insolvency Act 1986 (UK), Pension Protection Fund
    Authors:
    Helena Clarke , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Aggregate’s UK Restructuring Plan Sanction Hearing: Adler in Action
    2024-02-12

    On 7th February 2024, Mr Justice Richards heard closing submissions in the English High Court for a contested sanction hearing for Aggregate Group’s Part 26A restructuring plan. This hearing presented one of the first opportunities to analyse how the Adler decision will affect restructuring plans going forward.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Trilegal Quarterly Roundup - Oct - Dec 2023
    2024-02-12

    We are happy to present the tenth issue of our e-magazine – Trilegal Quarterly Roundup.

    This issue features:

    INSIGHTS

    • Intellectual Property Diligences from an Insolvency Lens

    • A Roadmap for 100% Biomass-based Energy Solutions

    Filed under:
    India, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Copyrights, Corporate Finance/M&A, Designs and trade secrets, Employment & Labor, Energy & Natural Resources, Insolvency & Restructuring, Internet & Social Media, IT & Data Protection, Litigation, Media & Entertainment, Patents, Product Regulation & Liability, Securitization & Structured Finance, Tax, Telecoms, Trademarks, Trilegal
    Location:
    India
    Firm:
    Trilegal

    Pagination

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