Contents Introduction 1 Misplaced Restructuring Stigma 2 Rebranding Corporate Reorganization 3 Insolvency Data for First Half of 2024: Highlights 4 Geographic Data Breakdown 10 Final Thoughts 15 Key Contacts 16 The information in this publication should not be relied upon as legal advice. We encourage you to contact us directly with any specific questions. © 2024 Davies Ward Phillips & Vineberg LLP. All rights reserved.
On September 27, 2024, Legislative Decree No. 136 of September 13, 2024 (“Correttivo-ter”) was published in the Official Gazette. This is the third—and currently final—Corrective Decree to the Code of Business Crisis and Insolvency.
The new corrective decree has made substantial changes to all aspects of the Crisis Code. Beyond numerous stylistic and detailed adjustments, the Correttivo-ter both incorporates certain practices or resolves interpretative uncertainties and introduces several long-awaited innovations for practitioners.
The provisions governing the winding-up of co-operatives are reflected in the Co-operatives Act No. 14 of 2005 and its regulations.
How are co-operatives wound up?
The Insolvency & Bankruptcy Board of India (IBBI) has sought comments on the proposed amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2024, to make the constitution of a monitoring committee mandatory for the smooth implementation of the resolution plan.
Introduction
Insolvency is a financial state that can affect both individuals and businesses, signifying an inability to meet debt obligations. While it’s a challenging situation, addressing insolvency proactively can prevent further complications and set the stage for recovery. This guide provides actionable insights to navigate insolvency effectively, offering a lifeline when you need it most.
Key Causes of Insolvency
For Individuals
A recentPwC reportfound that there has been a slight rise in companies availing of the Small Company Administrative Rescue Process (“SCARP”).
SCARP made up 6% of corporate insolvencies in Q2 2024, up from 3% in the previous quarter.
However, overall, the numbers availing of this insolvency option remain low, which is notable given that insolvencies generally are increasing.
Insolvency Trends
Introduction
Introduction
Debt relief is a critical topic, especially for individuals and companies facing financial hardships that may affect their stability. Recently, the UAE has implemented clear legislative frameworks, as have some international laws, to help facilitate debt relief or restructuring. This article covers the legal procedures available, focusing on UAE legislation and international regulations, along with real-world cases and examples.
First: Debt Discharge Under UAE Law
The Times reported yesterday on the continued promotion of an “insolvency avoidance” scheme, despite efforts by the Insolvency Service to close it down. The scheme claims to offer directors of distressed companies a means of avoiding formal liquidation – with the associated scrutiny of their actions and risk of personal liability.
مقدمة
إسقاط الديون هو موضوع ذو أهمية كبيرة، خاصة للأفراد والشركات الذين يواجهون صعوبات مالية قد تؤثر على استقرارهم. وقد أتاحت قوانين دولة الإمارات العربية المتحدة الحديثة، وكذلك بعض القوانين الدولية، إطارًا قانونيًا واضحًا لإسقاط الديون أو تخفيفها. تتناول هذه المقالة الإجراءات القانونية المتاحة، مع التركيز على التشريعات الإماراتية والتشريعات الدولية، إضافة إلى عرض بعض الحالات القانونية والأمثلة العملية.
أولاً: إسقاط الديون وفقًا لقانون الإمارات العربية المتحدة
قانون الإفلاس في الإمارات (القانون الاتحادي رقم 9 لسنة 2016)