1. 始めに
年始になると、今年の経済・法律情勢はどうかという話がよく議論される。特に日本はゼロゼロ融資の問題 もあり、法的倒産事件が増加するのではないかとも議論されるが、近時の情勢においては、それ以外のいく つかの点に留意する必要があるように思える。概括すると、①法的倒産手続への社会の期待はそれほど大き くない状態にあること、②他方で、経済的苦境以外の法的問題点が増加していること、③もう少し幅広い視
点で見ると、経済環境の変化をどのように捉えるか、という 3 点が重要といえる。
2. 私的整理手続が活発な理由
When leveraged buyouts (“LBOs”) fail, the selling shareholders are litigation targets. A common suit is a claim by a bankruptcy trustee asserting constructive fraudulent transfer claims seeking to claw-back payments to the selling shareholders from the loan proceeds that financed the LBO.
In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.
Background
The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.
The Superior Court of Quebec rules in favor of Export Development Canada (“EDC”) and enforces a "[unequivocal]" Waiver against the surety who signed it in the context of a loan guarantee granted to the RBC.
Relevant Facts
The Dutch Supreme Court handed down a judgment (ECLI:NL:HR:2023:1751) on 15 December 2023 clarifying whether agreements entered into by a bankruptcy trustee with the approval of the supervisory judge can be affected by an application under Article 69 of the Dutch Bankruptcy Act (DBA).
Introduction
The European legislator intends to harmonise the avoidance actions in the member states. Italy, however, already has comprehensive legislation in place that covers this issue.
European legal framework for insolvency
What happens to funds recovered by the trustee after the final plan payment is made in a chapter 13 case? According to the U.S. Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those funds revert to the debtors.
February, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Supreme Court: Nomination process under the Companies Act, 1956/ Companies Act, 2013 does not override succession laws. ⁎ Supreme Court: Statutory set-off or insolvency set-off inapplicable to Corporate Insolvency Resolution Process. ⁎ Bombay High Court: High Court upholds the termination of an employee stating that freedom of speech and expression cannot be allowed beyond reasonableness.
With the objective of facilitating a smoother process for liquidation, ensuring accountability, and bolstering the confidence of stakeholders in the liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has introduced changes in the liquidation process. The same was implemented through the IBBI (Liquidation Process) (Amendment) Regulations, 2024, which were notified on February 12, 2024.