KENYA
Economic overview
We have published a series of articles dealing with directors’ duties in the zone of insolvency.
On April 3, 2024, the Eleventh Circuit Court of Appeals (comprised of Federal Courts in Alabama, Florida and Georgia), affirmed the decision of the District Court for the Middle District of Florida in Al Zawawi v. Diss (In re Al Zawawi). The Court held that eligibility requirements for a “debtor” contained in section 109(a) of the Bankruptcy Code do not apply to foreign recognition proceedings under chapter 15 of the Bankruptcy Code.
On 17 April 2024 the UK Jurisdiction Taskforce (theUKJT), chaired by Sir Geoffrey Vos published its Legal Statement on Digital Assets and English Insolvency Law.
Our prediction
With New Zealand’s economy in recession, we predict an increase in insolvency-related disputes and litigation over next 12-months.
Why?
A variety of factors combine to give rise to the expected uptick in insolvency-related claims:
Following are this week’s summaries of the Court of Appeal for Ontario for the week of April 15, 2024.
In brief
When would the directors of a company be bound to consider the interest of the company's creditors? This was the issue at the heart of the Singapore Court of Appeal's (SGCA) watershed decision in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10, which comes hot on the heels of the UK Supreme Court's pronouncements on the same issue in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25.
Digital assets may be new, but existing English insolvency laws and principles can deal with them. So finds the UK Jurisdiction Taskforce (UKJT) in its ‘Legal Statement on Digital Assets and English Insolvency Law’, published this week.
Key takeaways include:
April, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Bombay High Court: NCLT has jurisdiction to direct Directorate of Enforcement to release attached properties of a corporate debtor. ⁎ Delhi High Court: Designation of seat of arbitration is similar to an exclusive jurisdiction clause. ⁎ Bombay High Court: Orders issued by banks and financial institutions while declaring a wilful defaulter must be reasoned orders.
1. Introducción
En la edición de este mes de abril destacamos la ya famosa sentencia de la Audiencia Provincial de Valencia del 27 de marzo que declara la ineficacia total del plan de restructuración de Das Photonic, S.L.
Sobre esta sentencia se ha hablado mucho porque es la primera declaración de ineficacia de un plan de restructuración.
La sentencia tiene casi 150 páginas pero reseñamos abajo los puntos clave de su contenido que hemos extractado porque creemos pueden servir de lección para casos futuros.