Mark Fine, Usman Khan and Sunay Radia, McDermott Will & Emery
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Alexandros Kontogeorgiou and Georgia Papathanasiou, Kontogeorgiou Bakopanou & Associates Law Firm
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
A creditors' scheme of arrangement ("Scheme") can be a powerful restructuring tool implemented to achieve a variety of outcomes for a business, ranging from deleveraging or a debt-to-equity conversion to a merger and/or issue of new debt/equity instruments. When managed appropriately, a Scheme can reshape a business' debt and equity profile, setting it up for an improved go-forward operating platform. Below we set out an outline of the Scheme process in Australia and consider some key features that are unique to Australian schemes.
Reid-Roberts & Anor v Mei-Lin & Anor (Re Audun Mar Gudmundsson (a Bankrupt) [2024] EWHC 759 (Ch) was an unusual case resulting in an unusual application of the exceptional circumstances rule in the context of an application by the joint trustees in bankruptcy of Audun Mar Gudmundson for declarations as to the beneficial ownership of his and his ex-wife’s former matrimonial home and orders under s 335A Insolvency Act 1986 for possession and sale.
You don’t see this very often: a dispute over the confidentiality of mediation communications.
But such a dispute recently happened in In re Barretts Minerals, Inc., Case No. 23-90794, Southern Texas Bankruptcy Court. And the result is this: mediation confidentiality remains alive and well.
In re Barretts Minerals is a mass-tort asbestos case. And Debtor is pursuing confirmation of a bankruptcy plan under § 524(6). Mediation efforts are in progress.
La Dirección General de Seguridad Jurídica y Fe Pública ha resuelto, en Resolución de 19 de febrero de 2024, que una sociedad concursada, en fase de liquidación, no puede nombrar un administrador único. La DGSJyFP excluye, implícitamente, que subsista cualquier rango de funciones representativas que no se vea afectada por el concurso, a pesar de lo generalmente defendido por la doctrina.
Referencias Jurídicas CMS
Abril 2024
Posts Jurídicos
Corporate / M&A
In StaRUG-Verfahren gehen oftmals Gesellschafterstreitigkeiten voraus oder entstehen im Laufe der Sanierung.
The voidable transaction regime under Part 5.7B of the Corporations Act 2001 (Cth) (the Act) provides a framework for liquidators to pursue recovery action against parties who have received property or some form of benefit from an insolvent company. In turn, the mechanisms and processes under the regime often provide uncertainty in commercial dealings and other transactions of a company and provides a further layer of anxiety when navigating through cashflow problems.
一、问题的提出
破产程序中票据债权的处理具有特殊性和复杂性。现行破产法和票据法并未对票据债权给出明确定义，破产法对出票人破产情形下承担继续付款/承兑责任的付款人享有债权申报权的规定与典型的票据债权有所区别，且无法覆盖票据债权的全貌，无法解决实务中层出不穷的理论和实际问题。在无法准确界定票据债权及其表现形式、解决票据债权在破产程序中涉及的理论问题的情况下，管理人在票据债权的确认、登记、提请法院裁定确认和执行分配各环节都将遭遇实务困境，并可能引发管理人履职风险。有鉴于此，笔者基于在某大型民营集团及其下属财务公司破产程序中的有关经验，尝试对票据债权的法律界定、在破产程序中的表现形式、典型理论问题进行论述，并提出相应实务解决方案。
二、票据债权的法律界定及其在破产程序中的表现形式
Section 90-15(1) of the Insolvency Practice Schedule (Corporations) (Cth) (IPSC) provides that the court may make such orders as it thinks fit in relation to the external administration of a company. It’s well recognised the broad power under that section extends to the making of judicial directions on the application of insolvency practitioners under section 90-20(1)(d) of the IPSC.
When to seek a judicial direction