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    Spain Has Finally Passed Its New Insolvency Law
    2022-09-08

    On 6 September 2022, the new Spanish Law on Insolvency was finally passed, after individual amendments by the upper house of the Spanish parliament had still been discussed and rejected during the summer recess. The main part of the new regulations will come into force on 26 September 2022.

    Filed under:
    Spain, Insolvency & Restructuring, Monereo Meyer Abogados, Insolvency
    Authors:
    Michael Fries
    Location:
    Spain
    Firm:
    Monereo Meyer Abogados
    Spanish Insolvency Reform
    2022-09-08

    Introduction

    Filed under:
    Spain, Insolvency & Restructuring, DLA Piper, Digital transformation, Insolvency
    Authors:
    Borja de Obeso , José María Gil-Robles , César Herrero , Karolina Lyczkowska
    Location:
    Spain
    Firm:
    DLA Piper
    Ergo Analysing Developments Impacting Business: Moratorium Prohibits Recovery Proceedings of Customs Duty Against Corporate Debtor: Supreme Court
    2022-09-06

    INTRODUCTION

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, Bankruptcy, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Prateek Kumar , Rohit Ghosh
    Location:
    India
    Firm:
    Khaitan & Co
    Main new features that the reform of the Recast Insolvency Act has brought to the Spanish Restructuring and Insolvency rules
    2022-09-07

    The Act n 16/2022, dated September 5, on the reform of the Recast Insolvency Act, published on September 6, 2022, brings deep and major changes to the existing legislation.

    The amendment will come into force on September 26, 2022, twenty days after its publication, and affect both proceedings commencing after entry into force of the legislation and a few parts of proceedings that had commenced earlier.

    The differences between the original bill and the approved insolvency reform are shown in the compared version available here.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Garrigues, Insolvency
    Location:
    Spain
    Firm:
    Garrigues
    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
    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

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