Restructuring Plans and Chapter 11: A Transatlantic Perspective

Key Takeaways

1

The restructuring plan regime - including, for the first time under English law, cross-class cram down - was introduced in June 2020. Our experience with restructuring plans proposed to-date has been that the English courts have (for the most part) implemented this new tool flexibly, pragmatically and commercially.

2

2022 has been a bad year for the Carolina Panthers of the National Football League:

In an interesting case involving intersection of insolvency laws with a tax settlement scheme, the Supreme Court of India has on 5 January 2023 allowed assessee’s appeal against the High Court decision dismissing assessee’s writ petition which had sought direction to the Revenue department for consideration of the case of the assessee under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (‘Scheme’).

Recently, the Hon'ble High Court of Delhi (“High Court”) caused yet another bend in the meandering interplay between the Insolvency and Bankruptcy Code, 2016 (“IBC”) and the Prevention of Money Laundering Act, 2002 (“PMLA”). The High Court held that a moratorium imposed under Section 14 of the IBC (“Section 14”) will not preclude the Enforcement Directorate (“ED”) from attaching properties under Sections 5 and 8 of the PMLA.

FACTS

Amendments to Guernsey's corporate insolvency legislation give liquidators more investigative powers and permit liquidators and administrators to set aside transactions at undervalue.

One of the most powerful investigative weapons in any liquidator's armoury is the ability to compel the production from third parties of information and documents regarding the affairs of the company. Until recently, the precise scope of the liquidator's ability to seek production of such information or documents in Guernsey has been uncertain, relying on ill-defined common law powers.

The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies. The FTX debacle is described herein is an introduction to a series of four articles on the potential liability exposure and coverage: Silent Crypto for D&O and Corporate Liability Insurance (Part I), Silent Crypto Exposure for Accountants (Part II), Silent Crypto Exposure for Lawyers (Part III), and Crime and Custody Coverage for Crypto Assets (Part IV).

Introduction for Insolvency & Restructuring Case Summaries 2021-2022 It gives us great pleasure to introduce our Insolvency & Restructuring Case Summaries 2021-2022.

This is the first year that we have published a collated version of the Case Summaries in addition to our regular insolvency InFocus updates. The Case Summaries have been produced in response to feedback that this would be a useful resource.

Over the past year, the ebb and flow of bankruptcy filings has been an interesting one. Through 11 months, the number of bankruptcy filings has decreased from 2021, which was already at its lowest level since the 1980s.

The total number of bankruptcy filings through November stands at 346,760. Based on a recent monthly uptick in both consumer and commercial filings, we should expect the year to end with approximately 385,000, a 4% decrease from the 401,291 filings in 2021.

El Tribunal Supremo establece que la nulidad de un acuerdo de la junta de no repartir dividendos puede ser abusivo y condena a la sociedad a pagar a los socios un dividendo del 75 por ciento de las ganancias del ejercicio.

Referencias Jurídicas CMS

Post jurídicos

Corporate / M&A

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Procesal y Arbitraje

Introduction