In the case of Shiv Charan and Ors. v Adjudicating Authority and Anr.1, the Division Bench of the Hon’ble High Court of Bombay (“Bombay HC”) inter alia upheld the powers of the National Company Law Tribunal, Mumbai (“NCLT”) to direct the Enforcement Directorate (“ED”) to release attached properties of a corporate debtor, after the approval of a resolution plan by the NCLT, in light of Section 32A of the Insolvency & Bankruptcy Code, 20162 (“IBC”).
Alexander Vogel and Marc Baumberger, MLL Legal
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Communicating with Scheme Creditors: Beware of Zealous Advocacy
A-Cap Energy Limited [2023] FCA 1356 ("A-Cap") and Symbio Holdings Limited [2024] FCA 40 ("Symbio")
The main communication with scheme creditors is the explanatory statement approved at the first court hearing.
However, there can be other communications which are proposed to be sent to creditors.
In the case of other communications which are known at the time of the first hearing, they can include:
自改革开放以来，我国经济经历了四十余年的高速增长，目前已由高速增长阶段转向高质量发展阶段。在高速增长阶段积累的债务风险近年来不断显现，金融机构的不良资产不断增加。现阶段为深化供给侧结构性改革，推动经济高质量发展，对我国经济社会发展过程中存在债务风险的重点领域实施系统性、高质量的债务重组是重要的着力点之一。
自上世纪九十年代以来，金杜开始参与我国一些大型企业集团的债务重组工作；2007年《企业破产法》实施后，金杜更是一直活跃在债务重组市场的一线，既承办和参与了包括海航集团、紫光集团、渤海钢铁、永泰能源、盐湖股份、雨润集团、包商银行、新华信托等在内的一大批大型企业债务重组案件，也承办了大量的“三无”、中小型的企业破产清算案件。金杜债务重组部三十多年来一直专注债务重组领域，积累了丰富的债务重组实践经验。为对我国的债务重组实践提供有益借鉴，同时也为金杜能够更好地服务于债务重组市场，结合过往承办的债务重组具体案例，我们对债务重组市场进行2023年度回顾和观察分析，以期对相关法治建设、营商环境改善以及提高债务重组质量建言献策。
目录
一、2023年我国宏观债务形势整体观察
（一）2023年度宏观经济形势
（二）我国目前存在债务问题的重点领域
Matthew Czyzyk, Natalie Blanc, Natalie Raine and Emily Ma, Ropes & Gray
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
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.