This article analyses India’s proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.
Many Irish businesses face the challenge of meeting warehoused debt. One option available is to address the debt via the Small Company Administrative Rescue Process (“SCARP”).
Government Schemes
During the Covid-19 pandemic, a lot of Irish companies took advantage of Government schemes, to include the Employment Wage Subsidy Scheme (“EWSS”), the Covid Restrictions Support Scheme (“CRSS”) and Debt Warehousing. PAYE, PRSI, USC, EWSS and CRSS overpayments were all warehoused.
What is Debt Warehousing?
Following our article on statutory demands (“SD”), if a company has received a SD and has failed to raise a legitimate dispute or make payment, then the creditor can proceed with a winding up petition. Winding up petitions play a crucial role in the legal landscape, particularly in the context of debt recovery and business insolvency.
The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’s bankruptcy schedules, it was entitled to assume the debt had not been discharged. The U.S.
Like many other strategically important sectors, there has long been a bespoke insolvency regime for the water sector. New legislation has been brought into effect in January 2024 as a first step to bringing the special administration regime for water (the SAR) up to date with the general UK insolvency regime.
The Corporate Insolvency and Restructuring Act, 2020 (Act 1015) introduced for the first time in the Ghanaian jurisdiction, cross-border insolvency proceedings. The cross-border insolvency proceedings aim to achieve among others, legal certainty for trade and investment, protection and preservation of investment and employment, fair and efficient administration of cross-border insolvencies that protect the interests of creditors and debtors and other interested persons.
Act 1015 provides for cross-border insolvency proceedings in instances where assistance is required,
Introduction
When a company is being wound up, its liquidators have powers to investigate into the company's affairs and dealings. Such powers are for the purpose of discharging their duties as officers of the court to steward the estate in liquidation.
On 23 January 2024, the English Court of Appeal set aside the April 2023 order of the High Court sanctioning the English Part 26A restructuring plan (the “Plan”) proposed by AGPS BondCo plc (the “Plan Company”), a subsidiary of Adler Group SA (Adler Group SA and its subsidiaries being the "Adler Group"). The successful appeal was brought by an ad hoc group of holders of the Adler Group's 2029 notes (the "AHG"). The practical consequences of this decision for the Adler Group's restructuring remain to be seen.
The High Court (Court) recently dismissed a petition seeking the winding up of a biofuel company (Company).
The ex tempore judgment is of note because it considers the standing of the Petitioner to bring the application and the consequences of a relevant witness not being cross-examined by the Petitioner on his affidavit evidence regarding the solvency of the Company.
Background