The Times reported yesterday on the continued promotion of an “insolvency avoidance” scheme, despite efforts by the Insolvency Service to close it down. The scheme claims to offer directors of distressed companies a means of avoiding formal liquidation – with the associated scrutiny of their actions and risk of personal liability.

مقدمة

إسقاط الديون هو موضوع ذو أهمية كبيرة، خاصة للأفراد والشركات الذين يواجهون صعوبات مالية قد تؤثر على استقرارهم. وقد أتاحت قوانين دولة الإمارات العربية المتحدة الحديثة، وكذلك بعض القوانين الدولية، إطارًا قانونيًا واضحًا لإسقاط الديون أو تخفيفها. تتناول هذه المقالة الإجراءات القانونية المتاحة، مع التركيز على التشريعات الإماراتية والتشريعات الدولية، إضافة إلى عرض بعض الحالات القانونية والأمثلة العملية.

أولاً: إسقاط الديون وفقًا لقانون الإمارات العربية المتحدة

قانون الإفلاس في الإمارات (القانون الاتحادي رقم 9 لسنة 2016)

The Delaware Chancery Court placed Arrowood Indemnity Company in liquidation on November 8, 2023, by a liquidation order. The court found Arrowood to be insolvent by the court, and appointed a receiver to liquidate Arrowood’s assets, evaluate any claims made against Arrowood and evaluate the payment of claims made against it.

Background

A distressed merger and acquisition (“M&A”) is essentially a sub-category of a conventional M&A, which involves sales of shares or assets of companies that are in financial turmoil and these companies are being placed under administration, receivership and/or liquidation. Due to the unprecedented Covid-19 pandemic, distressed M&A transactions have become more common in recent years with companies in financial and operational distress looking to dispose of their assets to better manage high illiquidity as well as reducing over-indebtedness risk.

On 15 May 2024, the Bermuda Court granted an order striking out a winding-up petition (the “Petition”), setting aside an earlier order appointing joint provisional liquidators (“JPLs”), and discharging the JPLs appointed over New Sparkle Roll International Group Limited (the “Company”), a Bermuda company listed on the Hong Kong Stock Exchange. The Company’s new board of directors (the “New Board”) was represented by Conyers.

Background

Il nuovo articolo di Angelo Zambelli pubblicato oggi nel supplemento: “Crisi d’Impresa, il correttivo” de Il Sole 24 Ore

Inter-Pacific Petroleum Pte Ltd (in liquidation) v Goh Jin Hian [2024] SGHC 178

In what could be seen as a wake-up call, the High Court of Singapore clarified the scope of director’s duties in Singapore, emphasizing the minimum standard of care required.

Background

In this article, James Hyne and Nicola Jackson, Partners in Charles Russell Speechlys’ Corporate Restructuring and Insolvency team, based in the

We recently blogged (here) about the Privy Council decision of Sian Participation Corporation (In Liquidation) v Halimeda InternationalLtd [2024] UKPC 16 (

If the agreement between a creditor and debtor refers disputes to arbitration, what limits should be placed on the creditor to pursue winding-up proceedings based on an unpaid debt under that agreement? Should a court simply stay the winding-up proceedings to allow the debt to be disputed in arbitration?