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    Former A.C. Milan Owner ordered Bankrupt by Hong Kong Court of First Instance in Re: Li Yonghong [2025] HKCFI 3307
    2025-08-01

    In the recent high-profile decision of Re: Li Yonghong[2025] HKCFI 3307, the Honourable Madam Justice Linda Chan made a bankruptcy order against Mr. Li Yonghong — a businessman best known for his prior ownership of AC Milan. The judgment offers important takeaways for bankruptcy and insolvency practitioners on, inter alia, the resolution of inaccuracies or defects in statutory demands and petitions.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Des Voeux Chambers, Bankruptcy
    Authors:
    Alexander Tang , Joshua Yeung
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    The Enforceability of Sovereign Awards from the Perspective of an Asset Tracer
    2025-07-30

    A version of this article first appeared in the May 2023 edition of "ThoughtLeaders4 FIRE (Fraud Insolvency Recovery Enforcement) Magazine,” Issue 13.

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, J.S. Held, International Centre for Settlement of Investment Disputes
    Authors:
    Michael Helvert
    Location:
    USA
    Firm:
    J.S. Held
    What remains your risk as a director in the event of director liability after bankruptcy?
    2025-07-25

    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

    Filed under:
    Netherlands, Insolvency & Restructuring, Litigation, Fruytier Lawyers in Business, Liquidation
    Authors:
    Jop Fellinger
    Location:
    Netherlands
    Firm:
    Fruytier Lawyers in Business
    Insolvency insights: related party loans and unreasonable director-related transactions
    2025-07-24

    A recent Federal Court decision has provided some useful insights on how related party loans will be considered in an insolvency context, particularly in relation to unreasonable director-related claims against directors and their relatives. For insolvency practitioners it also provides insight into how the assignment of claims might effectively be used to mitigate litigation risks.

    Introduction

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Insolvency
    Authors:
    Rocco Russo , Andrew Vella
    Location:
    Australia
    Firm:
    Cooper Grace Ward
    Spartan Delta Appeal Raises Uncertainty for Co-Lessees After Insolvency
    2025-07-16

    Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal decision to allow an appeal in Spartan Delta Corp v Alberta (Energy and Minerals), 2025 ABCA 181 [Spartan Delta], raises concerns around whether the answer to such question can be 'yes'.

    Filed under:
    Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bennett Jones LLP, Due diligence, Insolvency, Court of Appeal of Alberta
    Authors:
    Keely Cameron , Luke Morrison , Chyna Brown
    Location:
    Canada
    Firm:
    Bennett Jones LLP
    Dealing with Financial Distress in Indonesia: Guide for Foreign Creditors
    2025-07-15

    Indonesia’s vibrant business landscape offers substantial opportunities. Nevertheless, there are certain aspects that creditors must be aware of to better protect their interests when local partners or debtors face financial distress. For foreign creditors and investors, understanding the legal mechanisms available when Indonesian counterparties become insolvent or financially unstable is essential.

    Filed under:
    Indonesia, Banking, Insolvency & Restructuring, Litigation, SSEK Law Firm
    Authors:
    Mahareksha S. Dillon , Nico A. P. Mooduto
    Location:
    Indonesia
    Firm:
    SSEK Law Firm
    Role of the Resolution Professional in Insolvency Proceedings
    2025-07-14

    Introduction

    Filed under:
    India, Insolvency & Restructuring, Litigation, R&D Law Chambers, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Ravish Bhatt
    Location:
    India
    Firm:
    R&D Law Chambers
    Petrofac Restructuring Plans Overturned, but Significant Questions Left Unanswered
    2025-07-14

     

     

     

     

     

    July 2025

    Petrofac Restructuring Plans Overturned, but Significant Questions Left Unanswered

     

    Key Takeaways

     

    Provision of new money

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul Weiss Rifkind Wharton & Garrison LLP, Office of Foreign Assets Control (USA)
    Location:
    USA
    Firm:
    Paul Weiss Rifkind Wharton & Garrison LLP
    Petrofac in the Court of Appeal: ‘No worse off’ test clarified, but fairness of benefit allocation brings down restructuring plan
    <br>
    2025-07-11

    In a significant follow-on judgment the Court of Appeal has both clarified and moved beyond the High Court’s approach to the ‘no worse off’ test, but ultimately set aside the sanction of Petrofac’s proposed restructuring plans on fairness grounds.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Freshfields, Office of Foreign Assets Control (USA), Companies Act 2006 (UK)
    Authors:
    Caroline Platt , Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields
    Restructuring plans post-Petrofac: How to demonstrate that the benefits of a restructuring have been allocated fairly
    <br>
    2025-07-11

    On 1 July, the Court of Appeal overturned the High Court’s decision1 to sanction the restructuring plans proposed by two Petrofac group companies as they did not consider that the benefits of the restructuring had been fairly allocated. 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Macfarlanes LLP
    Authors:
    Jatinder Bains , Paul Keddie , Lois Horne
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP

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