Insolvency proceedings and avoidance actions play a significant role in safeguarding creditors' interests and maximising the insolvency estate in Türkiye. The European Commission's Proposal for a Directive (COM (2022)702) aims to harmonise contestation rights in insolvency across EU member states. Although Türkiye is not an EU member states, Türkiye has similar avoidance actions regulated under its own insolvency legislation, the Turkish Enforcement and Bankruptcy Law (EBL).

Overview

In a world of business, unforeseen circumstances can often arise that lead a company to financial distress or near insolvency. During such times, the appointment of a receiver is a common legal remedy that serves to protect the interests of lenders.

The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.

The role of a liquidator comes with its own set of challenges and the computation of their fee is no exception. This article delves into a legal battle between a liquidator and the Insolvency and Bankruptcy Board (“IBBI”) concerning the Board’s clarifications[1] on fee calculation. The crux of the dispute?

The Law of 7 August 2023 on businesses preservation and modernization of bankruptcy law (the “Law”) will come into force on 1st November 2023. On 19 July 2023, the Luxembourg parliament finally adopted the related draft bill, after more than a decade since the first draft bill (n° 6539) was presented.

Although the law, rules and procedures governing corporate insolvency in Scotland and England and Wales are similar in many respects, Scotland has a separate legal system and there are some important differences in the provisions and rules applicable north and south of the border. The differences include:

On 18 September 2023, the Insolvency and Bankruptcy Board of India (IBBI) introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Amendment Regulations). Here is a summary of the key changes made through these regulations:

Insolvency is a proliferating issue within the cryptocurrency ecosystem, specifically in the realm of crypto lending services. Many of the largest services have recently filed for bankruptcy, with Genesis, Voyager Digital, Celsius, and BlockFi falling in spectacular and contentious fashion [source: AP.news.com].

A recent decision of the German Federal Court of Justice (Bundesgerichtshof) has extended the liability of legal advisors in crisis situations.

Background

Under German law, a lawyer may be liable not only to his client, but also to a third party, if the third party has a special interest in the lawyer's performance. The Bundesgerichtshof has clarified that managing directors and even shadow directors may have such a special interest and may claim damages from their company’s legal advisor for breach of duty (Pflichtverletzung).

Austria implemented the directive on preventive restructuring frameworks more than two years ago, in July 2021. In a first ruling on the proceedings, the Vienna Higher Regional Court has reaffirmed the prerequisites for entering preventive restructuring and clarified the checks to be carried out by the courts at the opening of the proceedings.

Decision

The Court held that: