On August 3, 2021, the Senate Judiciary Committee held a hearing to examine student loan bankruptcy reform. Committee members and witnesses highlighted the unfair treatment of student loan debt under the bankruptcy code and the rigid standard borrowers must meet to discharge student loans.

U.S. Senators Dick Durbin and John Cornyn introduced TheFresh Start Through Bankruptcy Act to address the growing bipartisan consensus that struggling borrowers need student loan bankruptcy reform.

The Board of the Privy Council has allowed an appeal in relation to the application of the so-called “reflective loss” principle, confirming that the rule falls to be assessed as at the point in time when a claimant suffers loss and not at the time proceedings are brought Primeo Fund v Bank of Bermuda (Cayman) Ltd & Anor (Cayman Islands) [2021] UKPC 22.

For lenders dealing with troubled loans, a forbearance agreement or loan modification is often a great solution. An agreement may give borrowers breathing room to get back on the path to compliance or set the stage for a palatable exit strategy. A recent decision from the U.S.

The Delaware Bankruptcy Court (“Bankruptcy Court”) recently issued a ruling that provides additional clarity regarding the treatment of “appraisal rights” in bankruptcy proceedings and the scope of section 510(b) of the Bankruptcy Code. In In reRTI Holding Company, LLC, et al., (decided August 4, 2021) the Bankruptcy Court subordinated the general unsecured claims filed by holders of “appraisal rights” in respect of the debtors’ equity (the “Claimants”).

The English High Court has sanctioned the scheme of arrangement proposed by Provident Financial, by which the net liabilities of two Provident group companies to their redress creditors will be subject to a 90-95% haircut. This case raises two interesting questions.

Why was the scheme sanctioned when the recent Amigo Loans scheme was not?

Should a claim for appraisal rights brought by a former shareholder of a Chapter 11 debtor be subordinated under Section 510(b) of the Bankruptcy Code? According to the Bankruptcy Court for the District of Delaware, the answer is yes. See In re: RTI Holding Co., LLC, No. 20-12456, 2021 WL 3409802 (Bankr. D. Del. Aug. 4, 2021).

Background

On 1 July 2021, the Australian Financial Security Authority (AFSA) released its Personal Insolvency Compliance Program 2021–22, Regulatory Charter and Regulatory Actions Cooperation and Support Policy. These documents underpin AFSA’s regulatory priorities and enforcement obligations for the forthcoming year, particularly in relation to personal insolvency and the Personal Property Securities Register (PPSR). Personal Insolvency Compliance Program 2021–22 Each year AFSA establishes a compliance program based on trends and current issues in the personal insolvency system.

１ はじめに

破産手続開始申立の多くは、弁護士を代理人としてなされま す。債務者からの依頼を受けて破産手続開始申立の代理人 になる弁護士は、委任契約上、その事務処理につき、委任契 約上求められるレベルをもって履行し、依頼者の利益を実現 する義務を負います。それに加えて、破産手続が、債権者その 他の利害関係人の利害や、債務者と債権者との間の権利関 係を図ることを目的とする手続である（破産法1条）ことから、破 産申立代理人になる弁護士は、依頼者である債務者以外に も多数の債権者や利害関係人の権利関係を適切に調整し、 債務者の財産を適正に処理するという役割を担っており、破 産目的の実現に資するように行動するという公的な責務も同 時に負います（伊藤眞他『条解破産法［第3版］』159頁（弘文 堂、令和2年））。

In the recent Sheriff Court judgment in the case of The Accountant in Bankruptcy v Peter A Davies, the Sheriff sought to clarify how a family home should be dealt with following the sequestration of an individual.

Background

The debtor was sequestrated in October 2010.

In October 2020, the Accountant in Bankruptcy (‘AiB’) applied to the Sheriff under section 40 of the Bankruptcy (Scotland) Act 1985 (now section 112 of the Bankruptcy (Scotland) Act 2016) to permit the sale of the debtor’s family home.

１ はじめに 

新型コロナウイルスの感染拡大が本格化した2020年4月頃 は、メディアなどで、2020年は企業の倒産件数が大幅に増加 するのではないか、という予測が少なからず見受けられました。 もっとも、実際には、企業の倒産、特に民事再生は大きく減少 しました。2020年の倒産動向については民間信用情報機関 等で発表1 されていますが、法的倒産案件の具体的な件数に 触れたものはあまりみかけないように思いますので、何回かに 分けて紹介したく考えています。今回は民事再生編です。

２ 民事再生の利用状況

民事再生には、①主に企業の事業再生に活用される「通常 再生」、及び②個人のみが利用可能な「個人再生」の2種類が あります。この2つの手続のこれまでの利用状況は以下のとお りです2 。

３ 企業の民事再生（通常再生）