Monthly Newsletter July 2024

Restructuring and Insolvency

Hospitals in the emergency room debt restructuring proceedings as a possible restructuring instrument

Josef Caleff, Olivia Wipf

Key Take-aways

1. More and more Swiss hospitals are finding themselves in situations of financial distress due to rising costs.

2. It is the duty of the board of directors as the highest management body of a hospital organized as a Swiss stock corporation to assess and, if necessary, adopt restructuring measures.

Welcome to our guide on navigating legal procedures in Ontario. Whether you're a local business or a foreign entity operating in the province, understanding the legal landscape is essential for protecting your interests.

The complexities of litigation and debt collection can be daunting, but with the right insights and preparation, you can confidently manage these challenges. Let's explore the essentials.

Understanding the basics

Another groundbreaking judgment from the ADGM Courts in the NMC matter 📢🇦🇪👨🏻⚖️ and another example of the ADGM Courts drawing important parallels between ADGM and English law.

English proceedings re NMC Health Plc are also ongoing. In his judgment at CFI on 8 July 2024, Sir Justice Andrew Smith found that:

1. The ADGM Courts can make an order in respect of the fraudulent carrying on of the business of a company prior to the time at which that company was continued in the ADGM.

International case law

European jurisprudence on universal and territorial procedures

Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)

Introduction

Liquidations in the British Virgin Islands (“BVI”) can be either:

1) an insolvent liquidation and therefore governed by the Insolvency Act 2003 (as amended) (“Insolvency Act”); or

2) a solvent liquidation and therefore governed by the BVI Business Companies Act (as amended) (“Companies Act”). The Companies Act was amended by the BVI Business Companies (Amendment) Act 2022 and BVI Business Companies (Amendment) Regulations 2022.

The issue of release/enforcement of third party guarantees as part of a resolution plan of the borrower has been the subject of litigation across various judicial forums in India.

To clarify this issue, the Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 as part of its recent discussion paper.

The rules governing corporate and personal insolvency in Singapore are set out in the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), which includes mechanisms to reverse transactions that unfairly deplete a company's assets prior to insolvency, thereby protecting creditors' interests by allowing the value of the company’s assets to be maximised for distribution to its creditors on insolvency.

Judges of Barcelona unify principles on certain points of insolvency law

Sian Participation Corp (In Liquidation) (Appellant) v Halimeda International Ltd (Respondent) (Virgin Islands) [2024] UKPC 16

The UK Jurisdiction Taskforce has published a comprehensive Legal Statement on Digital Assets and English Insolvency Law.

In this article we review the key aspects relevant to Cayman Islands Insolvency Practitioners.

Introduction