In insolvency and liquidation proceedings, the question regularly arises of how competing creditor claims should be satisfied. Of particular importance is the treatment of employee claims, as legislators typically seek to ensure their special protection. Hungarian insolvency law addresses this concern by granting certain employee claims a privileged ranking.

When do employee claims take precedence over other creditors?

Introduction

Voluntary liquidation is the mechanism available to solvent limited liability companies in the United Arab Emirates (“UAE”) where the shareholders decide to bring the company’s operations to an orderly end. Unlike compulsory liquidation, which is triggered by insolvency or court order, voluntary liquidation reflects a decision of the shareholders to dissolve the company while it remains able to discharge its obligations in full.

In a groundbreaking decision of particular importance to participants in Chapter 15 proceedings, the United States Court of Appeals for the Second Circuit issued an opinion making clear that defendants in Chapter 15 proceedings may have Safe Harbor defenses even when a liquidator brings non-U.S. common law claims. This decision, issued on August 5, 2025 in Fairfield Sentry, holds that when a liquidator uses a US Bankruptcy Court to pursue non-U.S. common law claims, it must abide by the safe harbor afforded by Section 546(e) of the U.S.

After a bankruptcy is declared, the director does not disappear from the picture. Although the trustee takes over the liquidation, the former director may be personally liable for the deficit in the estate or for damages suffered by individual creditors. This article clearly explains when liability is imminent and what measures you can take in advance.

Trustee versus director

Under Turkish law, a joint-stock company’s liquidation follows its termination and ends with its deregistration. If the process is found incomplete—due to overlooked assets or ongoing disputes—supplementary liquidation allows temporary reinstatement of the company’s legal personality to finalize unresolved matters.

Introduction

The Supreme Court has handed down a decision in Bilta (UK) Ltd (in liquidation) and othersv Tradition Financial Services Ltd [2025] UKSC 18, which clarifies the parties who ar

On 21 March 2025, the Dutch Supreme Court ruled that a taxpayer is allowed to deduct a liquidation loss on its participation in a liquidated subsidiary that transferred losses to group companies under the Irish group relief regime in the years prior to the liquidation. This Supreme Court judgment provides a favorable outcome for taxpayers.

Background

Set-off is simply put a reduction or discharge of a debt by setting against it a claim in favour of the debtor (or the person otherwise having to pay).

The applicability of the principle of set-off under the Insolvency and Bankruptcy Code, 2016 (IB Code) is no longer res integra and the draconian view of the inapplicability of set-off under insolvency proceedings has not found Thankfully, judicial favour.

介绍

英属维尔京群岛（“BVI”）的清算可以是：

1)   破产清算，因此受《2003年破产法》（经修订）（「破产法」）管辖；或者

2)   有偿付能力的清算，因此受英属维尔京群岛商业公司法（经修订）（「公司法」）管辖。

《公司法》经《2022 年英属维尔京群岛商业公司（修订）法》及《2022 年英属维尔京群岛商业公司（修订）条例》修订。

本简报列出了与英属维尔京群岛破产清算相关的一些要点。另一份简报涵盖了与英属维尔京群岛自愿（有偿付能力）清算相关的问题。

无力偿债清算的目的