Peter Ferrer, Harneys
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Commercial insolvency can affect stakeholders located in multiple jurisdictions and possessing diverse legal rights. A recent notable trend in Canadian insolvency law is the centralization in insolvency proceedings, where courts have recognized that an effective restructuring of an insolvent business may depend on the centralization of stakeholder claims in a single proceeding. This applies even when such an approach would be inconsistent with the parties’ contractual rights, statutory laws or Canada’s federal structure outside of the insolvency context.
Introduction
The questions of who has priority over a bankrupt's assets and precisely when the priority arises are important ones in bankruptcy. For judgment creditors who have already taken steps towards enforcement, the answer affects whether they will have prior rights to the bankrupt's property, ahead of the bankrupt's other creditors.
Elizabeth McColm, Brian Bolin and Grace Hotz, Paul Weiss Rifkind Wharton & Garrison
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Restructuring & Insolvency Newsletter
December 2022 (Vol.1)
The first case in Japanese history where the debtor used simplified rehabilitation proceedings as a tool to "cram down"
minority lenders
I. Introduction II. Overview of the procedures used
- Turnaround ADR and simplified rehabilitation proceedings
III. Marelli case IV. Expected future developments
Mori Hamada & Matsumoto
Stuart Cullen and Benjamin Drakes, Dentons LLP
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Renato G R Maggio, Renata Oliveira, Camilo T Gerosa Gomes and Karina Ferraz Deorio, Machado Meyyer Advoggados
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Will 2023 be a year of administrations?
In our last article, we discussed the prospect of 2022 being a year defined by inflation – a point that was only heightened by a weekend of tepid Black Friday sales for retailers.
While an insolvency process is not always welcomed with open arms, in fraud cases it can play a key role in uncovering frauds that might otherwise have remained concealed and may result in recoveries for victims. This is because an insolvency process paves the way for an independent investigation into the company's affairs and the directors' conduct to be carried out by an insolvency practitioner (IP).
In the recent case of LMN v Bitflyer Holdings Inc & Ors [2022] EWHC 2954, the High Court of England and Wales made orders directed at a number of cryptocurrency exchanges requiring them to provide information in relation to misappropriated crypto assets.