The Government of Hong Kong continues its push towards favouring digitisation over using hardcopy documents. The new changes to local bankruptcy laws allows: (1) electronic service of statutory demands; (2) using electronic bundles and skeletons for winding-up and bankruptcy applications; and (3) allowing electronic submission of documents to the Official Receiver.

Electronic service of statutory demands: A game changer for creditors and debtors

The success of the recently introduced pre-pack-like rules in Hungary will help determined how the EU Directive on pre-pack sales will be implemented in this country.

Existing pre-pack-like rules

The BVI is a leading international financial centre, and BVI companies play a significant role in the flow of capital across the global economy. As global economic conditions become more challenging, lenders are increasingly reliant on formal insolvency procedures to realise value from distressed assets. As a result, the past year has seen a marked increase in the use of statutory demands against BVI companies as a precursor to an application to appoint liquidators. That trend is set to continue with the ongoing uncertainty in global markets.

Prequel

Advice that may have served House of Pain in their 1992 hit song, “Jump Around,” to “bring a shotgun” to battle likely does not translate well to plaintiffs in federal litigation contemplating bringing a “shotgun” pleading to court. In this article we explore types of shotgun pleadings identified by courts and outline potential responses to a shotgun pleading.

Shotgun Pleadings and Relationship to the Federal Rules of Civil Procedure

On 7 December 2022, the European Commission published a proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of the insolvency law. The intention of this Directive Proposal is to make insolvency proceedings more predictable and efficient within the EU.

Most importantly, the Directive Proposal introduces a mandatory inclusion of a new restructuring instrument to Slovenian insolvency law: what is known as a ‘pre-pack proceeding’, which is a fast-track liquidation proceeding that:

Duties and Implications of financial Information in s.214 claims

Introduction

This article follows Part 1 in which I set out the key issues we have recently seen and the case law arising in Misfeasance and Wrongful Trading claims. This Part 2 considers the duties and implications surrounding the financial information that is available to directors when faced with a s.214 wrongful trading claim.

From the West Coast Healthcare Desk is a new ongoing series of Holland & Knight Healthcare Blog articles and alerts focused on healthcare industry developments and points of interest in the West Coast healthcare marketplace. Holland & Knight's nationally ranked healthcare practice has been focused on healthcare compliance, transactional, reimbursement and operational trends that have often started in California before spreading nationwide – managed care and various capitated and quality-based reimbursement models being the most obvious examples.

The Federal Court of Australia recently determined an application brought by the administrators of a company in voluntary administration seeking judicial guidance on how to deal with claims for costs and interests resulting from two prior arbitrations. The key issue was whether the costs and interests awarded in the previous arbitrations were admissible to proof in the administration of the company, having regard to the fact that the relevant arbitral awards were made after the appointment of administrators.

The Court made a distinction between the two arbitrations as follows:

A 2 (two) member bench of the Hon’ble National Company Law Appellate Tribunal, Chennai (“NCLAT”) in the matter of Consortium of Prudent ARC Ltd. vs. Mr. Ravi Shankar Devarakonda & Ors has applied the ratio in the judgment of Vistra ITCL (India) Ltd. Vs. Torrent Investments Private Limited to hold that the committee of creditors of Meenakshi Energy Limited (“CoC”) in its commercial wisdom can allow resolution applicants to submit revised resolution plans through the challenge process.