What are the options for companies in financial difficulty in Taiwan?
If the company is listed on the Taiwan stock exchange, then the company may pursue a formal reorganisation as set forth under Article 282 of the Company Act.
If a listed company (as referred to above) is unable to pursue reorganisation, and in respect of all other companies, a company will enter into a formal bankruptcy procedure under the Bankruptcy Act in order to implement an equitable and orderly repayment scheme amongst its creditors.
Thailand introduced reforms to its bankruptcy laws in 1998 in the aftermath of the 1997 Asian financial crisis. Those reforms introduced business reorganisation provisions similar to the Chapter 11 provisions of the US Bankruptcy Code. Further amendments have been made to the Thai bankruptcy laws, which are now governed by the Bankruptcy Act BE 2483 (1940) as amended by the Bankruptcy Act (No. 7) BE 2547 (2004).
The recent years’ crisis and economic sanctions have led many foreign companies to consider winding down their operations in Ukraine, including through liquidation of their businesses. Those who are familiar with the legislative nuances of closing down a business in Ukraine understand that the principle of “one dollar in – two dollars out” is very appropriate to describe the balance of efforts and costs for opening a business and winding it down (the proper and legal liquidation of a company).
On 29 December 2012, pursuant to the order of the Commercial Court of the Kyiv Region, the bankruptcy proceedings in respect of Aerosvit were initiated based on the application of the debtor. Pursuant to the said order the court introduced the procedure of administration of debtor's assets, appointed the administrator of assets and imposed moratorium on satisfaction of creditors' claims.
Insolvency and Restructuring International Vol 10 No 1 March 2016 23 Karyn Heavenrich Alexander is an associate in King & Spalding’s financial restructuring practice. Karyn’s practice focuses on the areas of bankruptcy law and corporate restructuring matters, with a particular focus on international insolvency proceedings. individuals, non-individuals and foreign proceedings. The new bankruptcy petition incorporates many of the ancillary filings into the petition itself.
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation.
Introduction:
The new United Arab Emirates (UAE) Insolvency Law (Federal Law No.9 of 2016) (Insolvency Law) was published in the UAE Gazette on 29 September 2016 and came in to force three months later on 29 December 2016. The Insolvency Law is a federal law that applies to all seven emirates comprising the UAE. The initial view from market participants is that by replacing the old insolvency law, which placed a greater emphasis on creditor protections and formal bankruptcy proceedings alongside criminal penalties, the Insolvency Law is an overdue but welcome development.