The recent decision in Re Astora Women’s Health LLC illustrates the importance of cross-border recognition of insolvency processes, highlighting the benefits of a joined-up global approach which recognises that modern business do not stop for international borders.
With Astora hot off the presses and the twenty-fifth anniversary of the UNCITRAL Model Law on the horizon the team at SPB have taken stock of the cross-border recognition framework from the perspective of the UK and the US.
Astora
With the threat of recession impacting businesses across all areas of economic activity in 2023, anyone involved in structures involving Guernsey companies should be aware of significant reforms to the Island’s insolvency regime that will take effect from 1 January.
Singapore has earned a budding reputation as a hub for debt restructuring and insolvency in Asia, with its transparent legal system and judicial expertise. This growth can also be attributed to enduring efforts to innovate and reform.
To enhance Singapore as a forum of choice in international restructuring and insolvency proceedings, the Rules of Court were amended with effect from 1 October 2022 to allow restructuring and insolvency matters which are international and commercial in nature to now be heard in the Singapore International Commercial Court ("SICC").
Diego Sierra and Jessika Rocha, Von Wobeser y Sierra, SC
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
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
Domestic Procedures
Long-awaited amendments to Guernsey's corporate insolvency legislation will come into force on 1 January 2023.
Introduced by the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020, the provisions are aimed at further improving and updating Guernsey's corporate insolvency regime. The amendments stem from a wide-ranging consultation finalised in 2017 and represent the most significant development of Guernsey's insolvency law since 2008.
The amendments introduce a number of key changes to the law:
Liquidation
Ken Baird, Mark Liscio, Michael Broeders, Marvin Knapp, Samantha Braunstein, Katharina Crinson, Laurent Mabilat, Ana Lóppez and Silvia Anggós, Freshfields Bruckhaus Deringer
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
John Wasty, John Riihiluoma, Lalita Vaswani and James Batten, Appleby
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary