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    Guatemala - Entry into force of the new Insolvency law
    2022-09-06

    The entry into force of the Insolvency Law, Decree 8-2022 of the Congress of Guatemala, on September 6, 2022, implies a total change in the regulations related to insolvency and bankruptcy of individual and legal persons, for both merchants and non-merchants.

    Filed under:
    Guatemala, Insolvency & Restructuring, Arias, Insolvency
    Authors:
    Cindy Arrivillaga
    Location:
    Guatemala
    Firm:
    Arias
    Spain: The amendment of the recast Insolvency Act has now been passed and published
    2022-09-06

    The Spanish Parliament's extraordinary plenary session of August 25, 2022, has passed a law amending the recast Insolvency Act, which amendment will enter into force 20 days after it is published in Spain's Official State Gazette, the "BOE".

    This new law, after suffering numerous amendments as a bill, establishes major changes in the area of insolvency, and it incorporates into the Spanish legal system the guidelines established by Directive (EU) 2019/1023 of the European Parliament and of the Council, dated June 20, 2019, on preventive restructuring frameworks.

    Filed under:
    Spain, Insolvency & Restructuring, Baker McKenzie, Insolvency
    Authors:
    José Luis Yus , Laura Camarero , Rocío Gonzalez
    Location:
    Spain
    Firm:
    Baker McKenzie
    Preventive Restructuring Regulations 2022
    2022-09-01

    The EU Directive on Preventive Restructuring Frameworks (the“Directive”) precipitated a pan-European review by Member States of their corporate restructuring statutes. Several Member States (including Germany and the Netherlands), as well as the United Kingdom, made sweeping changes to their insolvency processes, in some cases introducing entirely new restructuring mechanisms. By contrast, Ireland preserved its examinership regime, introduced over 30 years ago.

    Filed under:
    Ireland, USA, Insolvency & Restructuring, McCann FitzGerald LLP, Insolvency
    Authors:
    Michael Murphy , Lisa Smyth , David O'Dea , Judith Lawless
    Location:
    Ireland, USA
    Firm:
    McCann FitzGerald LLP
    The carnival is over - directors face cost consequences of opposing winding up
    2022-09-02

    Directors who oppose company windings up with little more than a hope that a restructuring proposal may bear fruit may have to weigh their actions carefully going forward, following a recent decision by the Hong Kong Companies Court.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells, Liquidation, Insolvency
    Authors:
    Jonathan Leitch , Nigel Sharman
    Location:
    Hong Kong
    Firm:
    Hogan Lovells
    An Overview of The Jersey Corporate Insolvency Regime
    2022-09-02

    The Jersey insolvency legislative and common law framework provides an adaptable and commercially focussed regime for the supervision and handling of the liquidation and restructuring of Jersey entities. This note addresses the different mechanisms by which Jersey incorporated companies may be wound up.

    Winding up of a solvent company

    A solvent, or "summary", winding up commences where the shareholders voluntarily pass, or are deemed to pass, and file, a special resolution to do so and the directors have confirmed either that the company:

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Mourant, Insolvency
    Authors:
    Jon Woolrich , Stephen Alexander
    Location:
    Jersey
    Firm:
    Mourant
    Broadly pleaded claims based on date of knowledge in misfeasance and wrongful trading claims struck out (Chandler v Wright)
    2022-09-02

    Restructuring and Insolvency analysis: The respondents to a claim brought by the joint liquidators of BHS Group companies have successfully struck out parts of claims brought under sections 212 and 214 of the Insolvency Act 1986 (IA 1986) on the basis of open-ended pleadings as to the relevant date of knowledge that insolvent liquidation was inevitable and trading should have ceased.

    Chandler v Wright and others [2022] EWHC 2205 (Ch)

    What are the practical implications of this case?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gatehouse Chambers, Insolvency
    Authors:
    Phillip Patterson
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    Landmark judgment from Hong Kong Court of Appeal on the effect of exclusive jurisdiction clauses in insolvency proceedings
    2022-08-31

    The Hong Kong commercial and insolvency disputes team acted for the successful appellant in Guy Kwok-Hung Lam -v- Tor Asia Credit Master Fund LP CACV 393/2021 [2022] HKCA 1297.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hill Dickinson, Insolvency
    Authors:
    Bryan O'Hare , Pui Yip Leung
    Location:
    Hong Kong
    Firm:
    Hill Dickinson
    Previous restructuring regime in the Cayman Islands
    2022-08-31

    The Cayman Islands' Companies (Amendment) Act, 2021 (the Amendment Act) has now come into force. The Amendment Act introduces a new corporate restructuring process and the concept of a dedicated 'restructuring officer' into the Cayman Islands Companies Act (2022 Revision). Under the Amendment Act, the filing of a petition for the appointment of a restructuring officer triggers an automatic global moratorium on claims against the company, giving it the opportunity to seek to implement a restructuring.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Mourant, Insolvency
    Authors:
    Jessica Vickers
    Location:
    Cayman Islands
    Firm:
    Mourant
    IBC prevails over Customs Act - Customs cannot recover dues once moratorium imposed
    2022-08-31

    A 3-Judge Bench of the Supreme Court in its judgment dated 26 August 2022 has held that the provisions of the Insolvency and Bankruptcy Code, 2016 will prevail over the provisions of the Customs Act, 1962.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Trade & Customs, Lakshmikumaran & Sridharan Attorneys, Moratorium, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    Lakshmikumaran & Sridharan Attorneys
    香港法院承认外地清盘程序:以公司主要利益中心为首要准则
    2022-08-31

    简介

    香港法院过往一直承认公司在其注册成立所在的司法管辖区展开的外地清盘程序。但最近在Provisional Liquidator of Global Brands Group Holding Ltd v Computershare Hong Kong Trustees Ltd [2022] HKCFI 1789一案中,夏利士法官提出一种新的方法,承认在公司的「主要利益中心」所在的司法管辖区进行的外地清盘程序。夏利士法官认为,就香港法院承认及协助外地清盘人而言,外地清盘程序在公司注册成立地点进行这一点并不足够,也非必要。

    背景

    利标品牌有限公司(「该公司」)是一间在百慕达注册成立,并在香港联合交易所上市的投资控股公司。由于新型肺炎疫情持续,该公司及其附属公司的业务面临严峻困难,因此该公司董事会认为展开清盘程序符合该公司的利益,并向百慕达法院申请委任临时清盘人(「临时清盘人」),授以有限度权力以协助该公司重组债务。然而,重组并不成功,百慕达法院于2021年11月5日对该公司发出清盘令。

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers, Coronavirus, Insolvency
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers

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