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    New developments regarding Spanish pre-insolvency restructuring tools
    2022-09-05

    ...

    New developments regarding Spanish pre-insolvency restructuring tools

    6 September 2022

    The Law 16/2022, of 5 September for the amendment of the Spanish Insolvency Law that transposes Directive 2019/1023 (Directive on restructuring and insolvency) (the Law) has been published today in the Spanish Official Gazette. The Law will enter into force on 26 September 2022 (excluding some articles).

    The Law sets out structural reforms in pre-insolvency and insolvency regulations to achieve the following goals:

    Filed under:
    Spain, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Insolvency
    Location:
    Spain
    Firm:
    Freshfields Bruckhaus Deringer
    New proposals to improve cooperation and efficiency of cross-border insolvencies
    2022-09-05

    In July, the Government published its report on The United Nations Commission on International Trade Law (UNCITRAL) introducing two new Model Laws with the aim of improving harmonisation of international trade and insolvency procedures: the Model Law on Enterprise Group Insolvency (MLEG) and the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ).The Insolvency Service is proposing to adopt the new measures contained in the MLEG and MLIJ as set out below.

    Filed under:
    Global, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Insolvency, UNCITRAL
    Authors:
    Tim Carter , Lucy Trott
    Location:
    Global
    Firm:
    Stevens & Bolton LLP
    Supreme Court: Once moratorium is in effect, the IBC will prevail over the Customs Act
    2022-09-05

    The Supreme Court of India (“Supreme Court”) in Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs has held that the Customs Act, 1962 (“Customs Act”) and the Insolvency and Bankruptcy Code, 2016 (“IBC”) act in their own spheres. In case of any conflict, the IBC would override the Customs Act.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Trade & Customs, JSA, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Dheeraj Nair , Anjali Anchayil , Aishna Jain
    Location:
    India
    Firm:
    JSA
    Sanctions Risk and Preserving Distressed Assets in the United Kingdom
    2022-09-06

    In Short

    The Situation: As businesses continue to grapple with realising the value of business and assets which are potentially impacted by sanctions related to Russia's war in Ukraine, an English company recently utilised an insolvency process to seek court approval for a proposed divestment.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Jones Day, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Philip J. Devenish , Giles P. Elliott , David Harding , Vica Irani , Ben Larkin , Nadiya Nychay
    Location:
    United Kingdom
    Firm:
    Jones Day
    Guatemala - Entry into force of the new Insolvency law
    2022-09-06

    The entry into force of the Insolvency Law, Decree 8-2022 of the Congress of Guatemala, on September 6, 2022, implies a total change in the regulations related to insolvency and bankruptcy of individual and legal persons, for both merchants and non-merchants.

    Filed under:
    Guatemala, Insolvency & Restructuring, Arias, Insolvency
    Authors:
    Cindy Arrivillaga
    Location:
    Guatemala
    Firm:
    Arias
    Spain: The amendment of the recast Insolvency Act has now been passed and published
    2022-09-06

    The Spanish Parliament's extraordinary plenary session of August 25, 2022, has passed a law amending the recast Insolvency Act, which amendment will enter into force 20 days after it is published in Spain's Official State Gazette, the "BOE".

    This new law, after suffering numerous amendments as a bill, establishes major changes in the area of insolvency, and it incorporates into the Spanish legal system the guidelines established by Directive (EU) 2019/1023 of the European Parliament and of the Council, dated June 20, 2019, on preventive restructuring frameworks.

    Filed under:
    Spain, Insolvency & Restructuring, Baker McKenzie, Insolvency
    Authors:
    José Luis Yus , Laura Camarero , Rocío Gonzalez
    Location:
    Spain
    Firm:
    Baker McKenzie
    Insolvency and Bankruptcy Law Journal
    2022-09-05

    The Insolvency and Bankruptcy Code 2016 has been evolving immensely since its inception. Through this Quarterly Journal the firm aims to share recent updates and landmark Judgements pertaining to the Code.

    Recovery Certificate Holder Can Initiate CIRP As Financial Creditor Under IBC: Supreme Court

    Filed under:
    India, Insolvency & Restructuring, Anand and Anand, Insolvency, Recovery of Debts and Bankruptcy Act 1993 (India), Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Safir Anand , Esha Mehta
    Location:
    India
    Firm:
    Anand and Anand
    NCLAT holds that moratorium under Section 14 of the IBC does not bar proceedings against the resolution professional for defrauding the creditors of its Corporate Debtor
    2022-09-05

    The Principal Bench of National Company Law Appellate Tribunal (“NCLAT”) in its recent order, Rakesh Kumar Jain v. Jagdish Singh Nain & Ors., has inter alia held that Section 14(1)(a) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) does not bar passing of any orders under Section 66 of the IBC against the resolution professional during operation of the moratorium imposed under Section 14 of the IBC.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Farhad Sorabjee , Pratik Pawar , Ananya Verma
    Location:
    India
    Firm:
    JSA
    Preventive Restructuring Regulations 2022
    2022-09-01

    The EU Directive on Preventive Restructuring Frameworks (the“Directive”) precipitated a pan-European review by Member States of their corporate restructuring statutes. Several Member States (including Germany and the Netherlands), as well as the United Kingdom, made sweeping changes to their insolvency processes, in some cases introducing entirely new restructuring mechanisms. By contrast, Ireland preserved its examinership regime, introduced over 30 years ago.

    Filed under:
    Ireland, USA, Insolvency & Restructuring, McCann FitzGerald LLP, Insolvency
    Authors:
    Michael Murphy , Lisa Smyth , David O'Dea , Judith Lawless
    Location:
    Ireland, USA
    Firm:
    McCann FitzGerald LLP
    The carnival is over - directors face cost consequences of opposing winding up
    2022-09-02

    Directors who oppose company windings up with little more than a hope that a restructuring proposal may bear fruit may have to weigh their actions carefully going forward, following a recent decision by the Hong Kong Companies Court.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells, Liquidation, Insolvency
    Authors:
    Jonathan Leitch , Nigel Sharman
    Location:
    Hong Kong
    Firm:
    Hogan Lovells

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