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    ERGO Analysing Development Impacting Business: Insolvency of a Telecommunication Company Under the Draft Indian Telecommunication Bill, 2022
    2022-09-28

    The Department of Telecommunications (DoT) has on 21 September 2022 released the Indian Telecommunication Bill, 2022 (Bill) which consolidates and amends the Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, and The Telegraph Wires, (Unlawful Protection) Act 1950. In Chapter 5 (Restructuring, Defaults in Payment and Insolvency), the Bill addresses situations wherein payment defaults or insolvency proceedings have been initiated against a telecommunication company (Telco or Corporate Debtor).

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Telecoms, Khaitan & Co, Insolvency
    Authors:
    Siddharth Srivastava , Mohit Kishore , Shikha Mohini
    Location:
    India
    Firm:
    Khaitan & Co
    Buyer beware: key issues for purchasers in pre-pack sales
    2022-09-28

    With administration figures creeping back up after falling to low levels during the pandemic, the number of pre-pack sales of businesses in administration also appears to be on the increase. In such transactions, a purchaser acquires all, or substantially all, of the business and assets of the insolvent company from the administrator, with the terms of the deal being agreed pre-appointment and completion usually taking place immediately after the administrator takes office.

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Stevens & Bolton LLP, Due diligence, Insolvency
    Authors:
    Tim Carter , Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Proposed Amendments to the Insolvency and Bankruptcy Code, 2016
    2022-09-26

    The Insolvency and Bankruptcy Code, 2016 was enacted to facilitate insolvency resolution in a timebound manner, and maximise value realisation for stakeholders. Although it has been amended 6 times since its notification, issues remain. As the Legislature appears set to amend the Code once again, this article examines stakeholders’ issues and explores the issues the amendments may address.

    Filed under:
    India, Insolvency & Restructuring, Bharucha & Partners, Insolvency, UNCITRAL, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Sudeshna Guha Roy , Ayesha Bharucha
    Location:
    India
    Firm:
    Bharucha & Partners
    Recognition of Foreign Insolvencies in Guernsey
    2022-09-27

    Foreign insolvency proceedings (including those ordered by the UK courts) have no direct operation in Guernsey. Therefore foreign insolvency office holders looking to take steps in Guernsey, such a collecting in assets or compelling the production of information from third parties, will need to first be recognised under Guernsey law before steps can be taken in this jurisdiction.

    Guernsey has not introduced legislation based on the UNCITRAL model law on cross-border insolvency. It is also not (and was not prior to Brexit) subject to the Recast Insolvency Regulations.

    Filed under:
    Guernsey, Insolvency & Restructuring, Litigation, Mourant, Insolvency
    Authors:
    Abel Lyall , Christa Feltham
    Location:
    Guernsey
    Firm:
    Mourant
    Court asked to consider the impact of Sanctions on a Scheme of Arrangement and an Administration
    2022-09-27

    On 24 February 2022, Russia invaded Ukraine in a major escalation of the conflict between the countries that began in 2014. The invasion by Russia was swiftly followed by international condemnation and a raft of sanctions which imposed financial, trade and other restrictions on Russia.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Trade & Customs, Brodies LLP, Sanctions, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Lisa Kinroy , Andrew Scott
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    The importance of a well-drafted security agreement in liquidation
    2022-09-27

    The effect of a liquidation order is to crystallise an insolvent company’s position in time and to ensure that no further transactions can be concluded by that entity. In other words, once a company is in liquidation and the concursus has occurred, no creditor may exercise its rights against that company in a manner prejudicial to other creditors.

    This is a well-established principle of South African law, but what does it mean for a security taker wishing to, by agreement with the insolvent company, rectify a written agreement concluded prior to liquidation?

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, ENS, Insolvency
    Authors:
    Jessica Blumenthal , Lisa Melis
    Location:
    South Africa
    Firm:
    ENS
    Court orders costs against funder of liquidator’s failed defence
    2022-09-23

    This week’s TGIF examines Sentinel Orange Homemaker Pty Ltd v Davis Investment Group Holdings Pty Ltd (in liquidation) (No 2) [2022] NSWSC 1171 where a court considered an application for non-party costs orders against a litigation funder and the liquidator of an insolvent defendant.

    Key takeaways

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Insolvency, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Gunning for it: Peak Indebtedness in the spotlight
    2022-09-23

    In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October 2022.

    Johnson Winter & Slattery act for PwC, the appellant liquidators of the Gunns group, in the proceeding.

    Briefly stated, the grounds for the appeal are:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Insolvency
    Authors:
    Pravin Aathreya , Paul Buitendag
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Kazakhstan: Legislation amended to protect close-out netting
    2022-09-23

    In brief

    This summer Kazakhstan has passed the latest set of amendments1 to certain laws on netting for derivative contracts and other qualified financial contracts ("Netting Amendments"), including the following:

    Filed under:
    Kazakhstan, Derivatives, Insolvency & Restructuring, Baker McKenzie, Insolvency, International Swaps and Derivatives Association
    Authors:
    Azamat A. Kuatbekov , Alexander Korchagin , Dina Bayadilova
    Location:
    Kazakhstan
    Firm:
    Baker McKenzie
    Featherweight securities to mitigate administration risk
    2022-09-23

    When a borrowing company goes into administration, lenders will want to enforce their security immediately. However, administration risk delays lenders from enforcing their security during the moratorium period without leave from the court or consent from the administrator.

    This article provides an insight into administration risk, explains ways to mitigate administration risk and how featherweight securities can be effectively used.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Piper Alderman, Insolvency, Corporations Act 2001 (Australia), Personal Property Securities Act 2009 (Australia)
    Authors:
    Angelina Kozary , Greg Conomos , Melinda Patroulias
    Location:
    Australia
    Firm:
    Piper Alderman

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