Background

The Insolvency and Bankruptcy Board of India (IBBI) has on 24 September 2024 published the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) with the primary aim to streamline and reduce the delays faced in insolvencies containing class of creditors. 

Amendments Introduced

Background

The defining feature of the restructuring plan, which was introduced by the Corporate Insolvency and Governance Act 2020, is the "cross class cram down" ("CCCD") mechanism it introduces as a means of imposing a settlement on recalcitrant creditors.

Overview

Peabody Trust ("Peabody") issued proceedings against National House Building Council ("NHBC") to recover insured extra project costs incurred following contractor insolvency. NHBC sought to short circuit the litigation via an application for summary judgment and strike-out.

I. Introduction

The English High Court has, for the first time, ordered that security for costs be provided by the plan company in favour of a creditor.

Background

Consort was a contractor under a Private Finance Initiative (PFI) for the development of new hospital facilities for an NHS Trust. It proposed a restructuring plan, primarily directed at compromising its liabilities under the PFI project agreement.

And so, we continue the tale with the TIBs now triumphantly holding both the hard-won exequatur which expressly recognised the bankruptcy order and Trustee in Bankruptcy (TIB) and confirmed that all rights and powers were enforceable in France and judgment of the French criminal court which restored the seized criminal assets to the TIBs under the vesting provisions of the Insolvency Act 1986. However, there were still clear and untested differences to obtaining automatic recognition under the EU Regulation on Insolvency proceedings (as Recast) (RIR).

The German Federal Court of Justice (the Federal Court) has considered whether a so-called "weak" preliminary insolvency administrator, entrusted to continue business operations with the management during the preliminary proceeding, may take actions in the interest of these operations, where it is unclear whether the debtor has discontinued the business.

Background

India’s Insolvency and Bankruptcy Code, 2016 (code), has revolutionised the country’s approach to insolvency, establishing a structured framework for resolving distressed assets while incorporating elements of inclusivity and accessibility. This legislation has become fundamental for businesses and financial institutions, especially as India further integrates into the global economy. The code’s protection of foreign creditors is particularly significant, as it ensures that foreign investors can confidently engage with the Indian economy without hindrance or undue trepidation.

If a building contractor becomes insolvent, but the build is covered by an NHBC Buildmark warranty providing insolvency cover, when does time start to run for the insured to start proceedings against an insurer who fails to pay a claim?

The Technology and Construction Court (TCC) has recently considered this question in the context of an application for summary judgment made by the NHBC, in Peabody Trust v National House-Building Council [2024].

If a tenant appoints a voluntary administrator, the Corporations Act protects the administrator from Landlords who would otherwise be able to re-enter the premises.

It is important to act decisively to recover possession of your premises before an administrator is appointed.