On 1 November 2023, the Luxembourg law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Restructuring Law) entered into force. Despite the new restructuring framework introduced thereby to provide relief to debtors in financial difficulties, the security interests granted under the Luxembourg law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) remain a rock-solid tool offering legal certainty to lenders and practitioners.
HFW DISPUTES DIGEST 2023
Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.
This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.
As we turn to a new year, my wife and I like to reminisce about our best days and milestones of the prior year (for 2023, it was a huge celebration with our best friends for my wife’s birthday, an epic bike ride with our kids on a beautiful day in Kiawah, and seeing “the Boss” in concert in Greensboro). Professionally, I find myself thinking about my friend and mentor, George Cauthen, who reached a milestone and retired from the active practice of law in 2023.
Written by- Kyle Broadhurst, BROADHURST LLC
While the Cayman Court has not yet had the opportunity to rule on the matter, it is highly likely that cryptocurrencies will be treated as property of the company which the liquidators are empowered to collect and which is to be applied in satisfaction of the company’s liabilities.
UK Restructuring A YEAR IN RETROSPECT 2 Contents Introduction Our people UK team Matter Highlights UK Restructuring Employment UK Restructuring Section Header Section Header Contents 3 Robert Russell UK Head of Restructuring +44 (0)161 235 4147 [email protected] 2023 – Continued instability Casting our minds back to January last year, the economic outlook was fraught with uncertainty.
Here’s my biggest bankruptcy shocker from 2023:
- the Third Circuit’s rationale for dismissing Johnson & Johnson’s bankruptcy.
I’ll try to explain.
Appalled
I’m still appalled by the lack of concern, from the Third Circuit Court of Appeals in its dismissal opinion, over these disparities it describes in results for similarly situated claimants:
A statutory demand (“SD”) is a formal written request for payment of a debt, typically issued by a creditor to a debtor. This legal document serves as a precursor to more severe actions, such as winding up proceedings or bankruptcy. Understanding the key aspects of a SD is crucial for both creditors seeking repayment and debtors facing potential legal consequences.
1. Purpose and legal basis
Introduction
The modification or withdrawal of Resolution Plans under the Insolvency and Bankruptcy Code, 2016 (“Code / IBC”) had always been a contentious subject, with the National Company Law Tribunal (“Adjudicating Authority / NCLT”) and National Company Law Appellate Tribunal (“NCLAT”) taking conflicting views in the past.
Looking back at 2023, one of the more memorable judicial decisions emanating from Jersey was the decision of the Court of Appeal in HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen [2023] JCA 085. In this update we explore how this decision might impact upon the creditors’ winding-up regime provided for in the Companies (Jersey) Law 1991.
HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen
Introduction
导语 近年来，我国营商环境明显改善，党中央、国务院高度重视深化“放管服”改 革，优化营商环境工作，就进一步优化营商环境、更好服务市场主体，规划 性、持续地发布有关实施意见。各地政府部门也在此基础上，依据当地经济发 展情况和市场主体经营现状，制定符合当地经济发展的有关规定，推进对营商 环境的优化和改善。而在营商环境优化的各项举措中，对出现债务危机的企业 加强实施自救，引入政府部门扶持和司法机构指导等，无疑是对企业恢复正常 经营强有力的支持措施。 出现债务危机的企业，有些可能会通过破产程序来解决企业的债务问题。企业 破产制度和流程在整个法律法规体系内非常的专业且独立，破产企业、企业债 权人以及其它利害关系人在参与企业破产过程中通常会碰到很多专业法律问 题，需要专业团队的支持和引导。近几年来，伴随着法律制度的完善，对企业 破产可采取的措施，逐渐有法院开始接纳“预重整”制度，并应用在实际的破 产案件中。什么是预重整？预重整与破产重整有何区别？预重整制度存在的价 值如何？预重整制度在目前的应用情况如何？笔者将在本文中就这些疑问整 理、讨论，以飨读者。 一，预重整制度的提出 预重整制度并非一个新话题，2018 年最高人民法院印发的《全国法院破产审判 工作会议纪要》中就已经提出“探索推行庭外重组与庭内重整制度的衔接。