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    Mastering Insolvency Proceedings for Individuals and Partnership Firms
    2025-02-25

    The Insolvency and Bankruptcy Code, 2016 (IBC) governs insolvency proceedings for individuals and partnership firms in India. This comprehensive legislation consolidates and amends laws pertaining to the reorganization and insolvency resolution of corporate persons, partnership firms, and individuals.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Maheshwari & Co., Insolvency, Bank of India, State Bank of India, Insolvency and Bankruptcy Code (India), Banks, Financial services corporate
    Location:
    India
    Firm:
    Maheshwari & Co.
    1, 2, 3 reasons for landlords to be cautious when negotiating forfeiture provisions
    <br>
    2025-02-25

    Of particular interest to commercial landlords, the recent decision of the court in SBP 2 SARL v 2 Southbank Tenant Ltd [2025]EWHC 16 (Ch) illustrates the risks to a landlord of simply cross-referring to Section 123 of the Insolvency Act 1986 (respectively, Section 123 and the 1986 Act) in the forfeiture provisions of a lease without specifying any amendments to the statutory language and thereby provides a reminder of the importance of careful and accurate drafting.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Macfarlanes LLP, Due diligence
    Authors:
    Simon Beale , Clare Breeze , Jatinder Bains
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    High Court finds mere recognition of foreign insolvency under Cross-Border Insolvency Regulations 2006 not sufficient to disapply "immovables rule"
    <br>
    2025-02-25

    The High Court has held that the recognition of foreign insolvency proceedings under the Cross-Border Insolvency Regulations 2006 (the "CBIR") did not, in itself, vest rights or interests in English land in the foreign representative.

    Filed under:
    Saudi Arabia, United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Anti-bribery and corruption, Cross-Border Insolvency Regulations 2006 (UK), UK Supreme Court
    Authors:
    Andrew Cooke , Maura McIntosh , Owen Roberts , Joe Butler
    Location:
    Saudi Arabia, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Three’s a Crowd? The Thames Water Restructuring Plan(s)
    2025-02-25
    • In one of the most high-profile and hotly-watched cases in the London restructuring market, on 18 February 2025, the English High Court approved the restructuring plan proposed by Thames Water.
    • The Court gave permission to appeal the Court’s order to a group of challenging junior creditors, a subordinated creditor and Liberal Democrat MP Charlie Maynard, with the Court of Appeal due to sit from 11 to 13 March 2025.
    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul Weiss Rifkind Wharton & Garrison LLP, Companies Act 2006 (UK)
    Authors:
    Jacob A Adlerstein , Paul M. Basta , Lauren Bilzin , Brian Bolin , Robert Britton , William A. Clareman , Alice Belisle Eaton , Andrew J. Ehrlich , Joe Graham , Brian S. Hermann , Christopher Hopkins , Kyle J. Kimpler
    Location:
    USA
    Firm:
    Paul Weiss Rifkind Wharton & Garrison LLP
    부동산 담보신탁계약에서 후순위 우선수익자와 압류채권자들 사이 배당 순위 (대법원 2024. 6. 27. 선고 2021다261704 판결)
    2025-02-25

    1. 들어가며

    부동산PF에서 담보제공방식으로 저당권을 설정하지 않고 담보신탁을 활용하는 경우가 많습니다. 담보신탁을 하게 되면 담보물의 대내외적인 소유권이 수탁자에게 완전하게 이전되므로, 담보물에 대한 예상치 못한 집행을 방지할 수 있고, 채무자에 대한 회생절차가 개시되더라도 우선수익권을 회생절차에 의하지 않고 행사할 수 있는, 소위 '도산절연 효과'가 인정됩니다. 즉, 부동산 담보신탁 계약에서 우선수익자로 지정된 자는 통상 저당권과 유사한 담보권자의 지위를 확보하게 됩니다.

    대상 판결(대법원 2024. 6. 27. 선고 2021다261704 판결)은 담보신탁에 따라 위탁자가 가지는 잔여대금 채권이 압류된 후 위탁자가 2순위 우선수익자를 지정하고, 다시 후순위 압류명령이 이루어진 사안에서, 공매에 따른 매각대금이 누구에게 귀속되는지에 대하여 판단하였습니다.

    2. 사안의 개요

    Filed under:
    South Korea, Insolvency & Restructuring, Litigation, Real Estate, Yulchon LLC
    Authors:
    Sung Sik Ahn
    Location:
    South Korea
    Firm:
    Yulchon LLC
    CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests
    2025-02-25

    As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases.[1] The high volume of insolvencies in the real estate sector, the imperative to protect homebuyer interests and specific challenges faced by this sector have resulted in several amendments focused specifically on the insolvency process for real

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, S&R Associates, Insolvency, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India), Real Estate
    Authors:
    Aparna Ravi , Manan Sheth
    Location:
    India
    Firm:
    S&R Associates
    Hong Kong: Debtors of an insolvent company - Who should you pay?
    2025-02-25

    Section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (“CWUMPO”) renders the disposition of a company’s property after the presentation of a winding-up petition against it void, subject to any validation order granted by the court. This provision serves to preserve the company’s assets at the date of the winding-up petition for the general benefit of creditors, and to ensure that the statutory scheme of pari passu distribution can be implemented.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Bird & Bird
    Authors:
    May Leung
    Location:
    Hong Kong
    Firm:
    Bird & Bird
    Protection of the Debtor’s Assets during the Bankruptcy and Pre-Bankruptcy Proceedings in Greece
    2025-02-25

    Introduction

    Filed under:
    Greece, Insolvency & Restructuring, Litigation, A & K Metaxopoulos & Partners Law Firm, Bankruptcy, Liquidation
    Authors:
    Achilleas Christodoulou
    Location:
    Greece
    Firm:
    A & K Metaxopoulos & Partners Law Firm
    Western Texas Judge: Land Covenants Not Immune from Rejection
    2025-02-24

    Judge Parker of the U.S. Bankruptcy Court for the Western District of Texas recently issued an order in the case of Hilltop SPV, LLC, granting debtor Hilltop SPV LLC’s (“Hilltop”) motion to reject a Gas Gathering Agreement (“GGA”) with counter-party Monarch Midstream, LLC (“Monarch”).[1] This decision allows Hilltop to reject the GGA while allowing Monarch to retain the covenants that run with the land post-rejection.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, United States bankruptcy court, US District Court for Southern District of Texas
    Authors:
    Mark A. Platt , Rebecca L. Matthews , Heather Pieper McMutry
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Go Air Insolvency in India: A Comprehensive Examination
    2025-02-24

    Introduction

    Established in 2005 by the Wadia Group, Go Air, later rebranded as Go First, entered the Indian aviation sector as a low-cost carrier, aiming to provide affordable air travel to the rapidly expanding middle class. The airline was built on a business model that focused on operational efficiency, a streamlined fleet, and competitive pricing. However, despite its early success, Go Air faced mounting financial difficulties that ultimately led to its insolvency.

    Filed under:
    India, Arbitration & ADR, Aviation, Insolvency & Restructuring, Litigation, PSL Advocates & Solicitors, Insolvency, Singapore International Arbitration Centre, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Himesh Thakur , Fazl Askari , Vaibhav Mishra
    Location:
    India
    Firm:
    PSL Advocates & Solicitors

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