Preference avoidance provisions are a crucial part of the Bankruptcy Code—contained, primarily, in § 547 & § 550.

States also have a preference avoidance statute—for insiders. It’s in the Uniform Voidable Transactions Act (“UVTA)” or in its predecessor, the Uniform Fraudulent Transfer Act (“UFTA)).

The insider preference statute appears to be rarely-used and, apparently, little-known. It reads like this:

Introduction

In a recent decision, the United Kingdom Supreme Court clarified the duty of directors of insolvent or near insolvent companies to consider the interests of creditors. While BTI 2014 LLC v Sequana SA [2022] UKSC 25 relates to company law in the United Kingdom, it will have far reaching implications on the understanding of directors' duties relating to insolvency across the commonwealth and, in particular, offshore jurisdictions.

Sequana

Corporate Enforcement Authority Issues Helpful Guidance Note

The Preventative Restructuring Directive

In July 2022, the European Union (Preventive Restructuring) Regulations 2022 (the Regulations) transposed the requirements of EU Directive 2019/1023 (the Preventative Restructuring Directive) into Irish law.

Certain of the consequential amendments to the Companies Act 2014 (the Act) relate to the duties and responsibilities that directors of companies have in circumstances of financial difficulty and/or insolvency.

This guide should not be relied on as a definitive guide to the legislation and should not be relied on as legal advice. The particular circumstances of any situation will need to be considered to determine if the overseas entity is one that is captured by the legislation, if the estate is a qualifying estate, and whether the beneficial owners need to be registered. As a result, this guide is intended only as a high-level overview.

This guide covers the position of property and land situated in England and Wales only.

What is the Register of Overseas Entities?

This guide should not be relied on as a definitive guide to the legislation and should not be relied on as legal advice. The particular circumstances of any situation will need to be considered to determine if the overseas entity is one that is captured by the legislation, if the estate is a qualifying estate, and whether the beneficial owners need to be registered. As a result, this guide is intended only as a high-level overview.

This guide covers the position of property and land situated in England and Wales only. 

With HMRC more focused than ever before on recovering taxes due, we look at the most common ways in which HMRC can transfer the liability of taxes due and/or penalties to Company Officers and making them personally liable.

The Government has promised to spend an additional £79 million over the next five years to help HMRC tackle tax fraud and address compliance risks amongst wealthy taxpayers. HMRC's efforts will be a threat to businesses affected in terms of costs and expenditure in time in dealing with HRMC.

This article examines the NCLT and NCLAT’s power to exercise contempt jurisdiction under the Insolvency and Bankruptcy Code, 2016, and the inconsistent approach taken by different benches.

Although the Insolvency and Bankruptcy Code, 2016 (Code) was initially hailed as a welcome reform that would enable timebound and effective insolvency resolution, its tenure has been fraught with issues and uncertainty. One of the issues that remains open is the power to punish for contempt under the Code.

Restructuring Plans and Chapter 11: A Transatlantic Perspective

Key Takeaways

1

The restructuring plan regime - including, for the first time under English law, cross-class cram down - was introduced in June 2020. Our experience with restructuring plans proposed to-date has been that the English courts have (for the most part) implemented this new tool flexibly, pragmatically and commercially.

2

In an interesting case involving intersection of insolvency laws with a tax settlement scheme, the Supreme Court of India has on 5 January 2023 allowed assessee’s appeal against the High Court decision dismissing assessee’s writ petition which had sought direction to the Revenue department for consideration of the case of the assessee under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (‘Scheme’).

Recently, the Hon'ble High Court of Delhi (“High Court”) caused yet another bend in the meandering interplay between the Insolvency and Bankruptcy Code, 2016 (“IBC”) and the Prevention of Money Laundering Act, 2002 (“PMLA”). The High Court held that a moratorium imposed under Section 14 of the IBC (“Section 14”) will not preclude the Enforcement Directorate (“ED”) from attaching properties under Sections 5 and 8 of the PMLA.

FACTS