Pre-pack proceedings involve the negotiation for the sale of one or more productive units of a debtor company to a third party. This sale aims to satisfy the obligations of the creditors of said company by reaching an agreement on its value before the company formally files for insolvency proceedings.
The Package Travel Regulations (“PTRs”), which came into force in 2018, have been tested significantly in recent years with failures such as Thomas Cook and Monarch, in addition to the COVID-19 pandemic.
Our precedent contribution contained introductory remarks on the reform of insolvency law, which came into force on 1 September 2023. As indicated, this contribution focuses on a key element of this reform.
The revision of the insolvency landscape has not spared the concept of the transfer of business, which is one of its pillars.
The transfer of a business can take place at two stages: as part of a public judicial reorganisation proceeding, but also as part of a silent preparation prior to bankruptcy.
As can often be the way, August was a disappointing month for many, with the dull and dreary weather casting a shadow over plans made for the school holidays. So too, it seems, was August a bad month for the business community – perhaps in some cases linked to the weather, with poorer performance by seasonal businesses reliant on fair weather custom.
The Singapore High Court has again confirmed that a winding-up application concerning a disputed debt that is subject to an arbitration agreement will be dismissed if the arbitration agreement is prima facie valid and covers the dispute. This prima facie standard of review was first formulated three years ago by the Singapore Court of Appeal in AnAn Group (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) [2020] SCGA 33.
The recent rise in company insolvencies has been driven by a high number of creditors’ voluntary liquidations (CVL). The outlook for the rest of 2023 is that there will be an even higher number of companies entering a formal insolvency process in almost every sector and industry.
A high proportion of these insolvencies are small businesses (SME’s), some of which had managed to keep going with the help of Government-led support packages and bounce back loans, but with rising interest rates and inflation, they are now struggling to repay loans and obtain financing.
El Tribunal Supremo, en su sentencia número 513/2024, de 17 de abril (Rec. 2443/2020) ("la Sentencia"), confirma la válida legitimación del recurrente declarado en concurso de acreedores con suspensión de facultades, en tanto la administración concursal omitió el deber de sustituirlo en el procedimiento en trámite.
In a case where the Liquidator after issuing the certificate that the appellant had won the auction of the subject property, cancelled the e-auction without giving any justification or reason for such cancellation, the Supreme Court has stated that it is incomprehensible that an administrative authority can take a decision without disclosing the reasons for taking such a decision.
The judgments of the Federal Court of Australia and the Full Federal Court in Sino Group International Limited v Toddler Kindy Gymbaroo Pty Ltd [1] provide important practical lessons arising from a misleading Deed of Company Arrangement (DOCA) proposal, its termination, and the subsequent appointment of a liquidator.
In today's rapidly evolving business landscape, businesses find themselves at the intersection of technological innovation and geopolitical and economic turbulence. Despite the increased reliance on software systems and digital infrastructure, it remains peculiar that in many EU Member States there's still no clear framework for handling software licenses in insolvency.