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    Insurance Quarterly Legal and Regulatory Update: 1 October 2023 - 31 December 2023
    2024-02-06

    1. SOLVENCY II

    1.1 Solvency II Directive review: Provisional political agreement reached on proposed Solvency II amending Directive

    Filed under:
    European Union, Ireland, United Kingdom, Banking, Insolvency & Restructuring, Insurance, White Collar Crime, Dillon Eustace LLP, Digital transformation, ESG, Anti-money laundering, Greenwashing, European Commission, European Parliament, European Insurance and Occupational Pensions Authority, Central Bank of Ireland, European Securities and Markets Authority, Department of Enterprise, Trade and Employment (Ireland), MiFID, Solvency II Directive (2009/138/EU), Sustainable Finance Disclosure Regulation (2019/2088/EU), EU Artificial Intelligence Act
    Location:
    European Union, Ireland, United Kingdom
    Firm:
    Dillon Eustace LLP
    The UAE modernises its bankruptcy and financial restructuring legislation
    2024-02-06

    On 31 October 2023, the Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the Bankruptcy Law) was published in the UAE Gazette. The Bankruptcy Law replaces the Federal Law No. 9 of 2016 on Bankruptcy (as amended) (the 2016 Law).

    The aim of the Bankruptcy law is to introduce a modern, streamlined and business-friendly approach to restructuring in the UAE (except for the DIFC and ADGM freezones, which have their own insolvency regimes).

    Key Changes

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Kirsten Fulton-Fleming , James Baldwin , Hesham ElSamra
    Location:
    United Arab Emirates
    Firm:
    Taylor Wessing
    Section 588FDA: indirect benefits to directors risk voiding a mortgage transaction
    2024-02-06

    Cooper as liquidator of Runtong Investment and Development Pty Ltd (in liq) v CEG Direct Securities Pty Ltd [2024] FCA 6

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Financial Conduct Authority (UK)
    Authors:
    Pravin Aathreya
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Supreme Court offers reassurance to administrators where large-scale redundancies are necessary
    2024-02-06

    R (on the application of Palmer) (Appellant) v Northern Derbyshire Magistrates’ Court and another (Respondents) [2023] UKSC 38

    On appeal from: [2021] EWHC 3013

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Insolvency Service (UK), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Jana Billington , Jessica Boxford , Emily Chalkley
    Location:
    United Kingdom
    Firm:
    Charles Russell Speechlys
    Ontario Court of Appeal finds stalking horse agreement’s lower purchase price gives debtor company automatic right of appeal in receivership
    2024-02-06

    Appeals under the Bankruptcy and Insolvency Act (BIA) generally result in an automatic stay of the order under appeal—a potentially costly and disruptive outcome. Accordingly, the BIA requires by default that an interested party first seek leave to appeal a lower court decision unless its appeal meets a set of prescribed circumstances that appears broad but, in practice, has been construed very narrowly by the courts (i.e., making it difficult to obtain leave to appeal). In Peakhill Capital Inc. v.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Torys LLP
    Authors:
    David Bish , Adam M. Slavens , Jeremy Opolsky , Mike Noel
    Location:
    Canada
    Firm:
    Torys LLP
    The presumption of intent to disadvantage creditors in German avoidance proceedings
    2024-02-06

    Payments made by a debtor which disadvantage its creditors may be void and if so must be returned. This applies where the debtor and the recipient of the payment knew that the debtor was unable to pay its debts.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Anna Englert
    Location:
    Germany
    Firm:
    Taylor Wessing
    Regional Round-Up 2023 (Year in Review Edition): Myanmar
    2024-02-06

    Introduction

    Throughout the year, we have been keeping you up to date on noteworthy developments across the region with our Regional Round-up Publications. As we enter 2024, we are pleased to share with you our 2023 year-in-review of the Regional Round-up for our Regional Offices in the Rajah & Tann Asia network.

    Filed under:
    Asia-Pacific, Myanmar, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Public, Tax, Trade & Customs, Rajah & Tann Asia, Foreign direct investment, Electric vehicle
    Location:
    Asia-Pacific, Myanmar
    Firm:
    Rajah & Tann Asia
    Is It OK to Mediate A Mass Tort Bankruptcy Plan Without Including Insurers Who Must Provide Plan Payments? (In re Imerys & Cyprus)
    2024-02-06

    Here’s a due process question that’s percolating before the U.S. Supreme Court and a related mediation issue:

    Filed under:
    USA, Nebraska, Arbitration & ADR, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy, Mediation, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Companies’ Creditors Arrangement Act (CCAA) filings by the numbers: A deep dive into 2023 filings
    2024-02-05

    There were 64 filings under the Companies’ Creditors Arrangement Act (Canada) in 2023, which is an approximately 64% year-over-year increase. While this surge is interesting in and of itself, we believe that the volume of 2023 CCAA filings is also notable for the rich data it makes available to insolvency professionals. We used this opportunity to better understand how the CCAA was being employed by reviewing each filling.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Framework for Professional Entities: Breakdown of IBBI’s Measures
    2024-02-05

    The Insolvency and Bankruptcy Board of India (IBBI) has come out with certain measures pertaining to the professional services rendered and availed byinsolvency professionals (IPs), and the framework for insolvency professional entities (IPEs).[1]

    Filed under:
    India, Insolvency & Restructuring, Fox Mandal, Insolvency, Insolvency and Bankruptcy Board of India
    Authors:
    Orijit Chatterjee
    Location:
    India
    Firm:
    Fox Mandal

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