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    Cross Class Cramdown: First thoughts or last word?
    2022-12-21

    Further to sanction of the DeepOcean restructuring plans on 13 January 2021, on 28 January 2021 Mr Justice Trower (Trower, J) handed down his judgment setting out why – for the first time – the court had exercised its discretion to sanction a restructuring plan in the face of a dissenting class of creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Corporate Insolvency and Governance Act 2020
    Authors:
    Joe Bannister
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Slovak case-low qualifies banks as related parties in insolvencies
    2022-12-19

    Finance companies in Slovakia have felt endangered since 2019 when the Regional Court in Košice, acting as a second instance court confirmed a lower-court ruling that a financial party could be qualified as a related party in the eventual insolvency of the borrower as debtor.

    Filed under:
    Slovakia, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency
    Authors:
    Michal Huťan , Zuzana Nikodemova
    Location:
    Slovakia
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    The English High Court Provides Important Guidance on the Right of Appropriation
    2022-12-19

    In this client alert we set out some of the key lessons from the recent judgment in ABT Auto Investments Ltd v Aapico Investment Pte Ltd [2022] EWHC 2839 (Comm), which considers the validity of appropriation as an enforcement power pursuant to Regulation 17 of the Financial Collateral Arrangements (No. 2) Regulations 2003 (“FCARs”), the duty imposed on a collateral-taker by Regulation 18 of the FCARs in connection with the valuation of a collateral subject to appropriation, and provides useful guidance on what is “commercially reasonable” in this context.

    Filed under:
    European Union, United Kingdom, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP
    Authors:
    Polly Ehrman , Vladimir Maly , Clara Wong , Amrit S. Khosa
    Location:
    European Union, United Kingdom
    Firm:
    Morrison & Foerster LLP
    Hong Kong Court Sanctions Guarantor’s Scheme using a Deed of Assumption to Discharge Principal Obligors’ Debts
    2022-12-19

    Summary

    In the recent case of Re Unity Group Holdings International Limited [2022] HKCFI 3419, the Hong Kong Court of First Instance sanctioned a scheme of arrangement between Unity Group Holdings International Limited and its creditors. This case confirms that the guarantor’s scheme can discharge debts owed by principal obligors who are members of the same group.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Sidley Austin LLP, Sanctions, Court of First Instance (Hong Kong)
    Authors:
    Desmond Ang , Sophia Tong
    Location:
    Hong Kong
    Firm:
    Sidley Austin LLP
    Tenth Circuit BAP Holds that Section 541 of the Bankruptcy Code Doesn’t Invalidate Transfer Restrictions in LLC Operating Agreements
    2022-12-19

    In a recent decision by the Tenth Circuit Bankruptcy Appellate Panel, the court held that a chapter 7 trustee could not sell an LLC membership interest pursuant to section 363 of the Bankruptcy Code because of a transfer restriction within the LLC operating agreement. Malloy v. Trak-1 Technology Inc.(In re Kramer), No. 21-005, 2022 WL 17176411 (B.A.P. 10th Cir. Nov. 23, 2022).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, US Congress
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    No insolvency when arbitration award is in execution
    2022-12-20

    The Insolvency and Bankruptcy Code, 2016 (Code) was introduced as a one stop solution for resolving insolvencies, which previously was a long-drawn process that did not offer an economically viable arrangement. In Swiss Ribbons Pvt. Ltd. v.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Souvik Ganguly , Altamash Qureshi
    Location:
    India
    Firm:
    Acuity Law
    Can a ‘crypto-debt’ form the basis of a winding-up petition or bankruptcy petition?
    2022-12-20

    This article will discuss whether or not a winding-up petition or bankruptcy petition can be based upon a liquidated amount of crypto which is due and payable by one party to another (a crypto-debt).

    An example of such a case could be where party A agrees to transfer 100 widgets to party B in exchange for five bitcoin. Assume party A delivers the widgets, and party B accepts receipt and raises no issue with the widgets, and does not dispute their liability to transfer five bitcoin to party B.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Bankruptcy, Cryptocurrency, Winding-up
    Authors:
    John Adams
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Broad-brush approach to security for costs
    2022-12-20
    • Introduction
    • Background
    • Deci
    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, Security for costs, Companies Ordinance (2013/622) (Hong Kong)
    Authors:
    Antony Sassi
    Location:
    Hong Kong
    Firm:
    Reynolds Porter Chamberlain
    No Chapter 15 Recognition Absent Qualifying “Foreign Proceeding”
    2022-12-20

    On December 5, 2022, in In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022) (“Global Cord”), the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) denied recognition of a proceeding pending in the Grand Court of the Cayman Islands (the “Cayman Proceeding” and the court, the “Cayman Court”) because it was more like a corporate governance and fraud remediation effort than a collective proceeding for the purpose of dealing with reorganization or liquidation, as Chapter 15 of the Bankruptcy Code requires.

    Filed under:
    Global, USA, Compliance Management, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Corporate governance, Mediation, Liquidation
    Authors:
    Jacob A Adlerstein , Paul M. Basta , Brian Bolin , Robert Britton , Kelley A. Cornish , Alice Belisle Eaton , Brian S. Hermann , Christopher Hopkins , Kyle J. Kimpler , Alan W Kornberg , Elizabeth R. McColm , Andrew M. Parlen , Andrew N. Rosenberg , John Weber , Kenneth S. Ziman
    Location:
    Global, USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Between the lines- December, 2022
    2022-12-20

    December, 2022 For Private Circulation - Educational & Informational Purpose Only Between the lines... A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ NCLAT: Adjudicating authority has no jurisdiction to evaluate the decision of the committee of creditors to enquire into the justness of the rejection of a resolution plan. ⁎ NCLAT: Advance paid towards service is operational debt. ⁎ NCLAT: Provident fund dues are not assets of the Corporate Debtor; they have to be paid in full. ⁎ CCI: Google’s Play Store Payment Policies are anticompetitive and discriminatory.

    Filed under:
    India, Company & Commercial, Competition & Antitrust, Insolvency & Restructuring, Litigation, Vaish Associates Advocates, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Location:
    India
    Firm:
    Vaish Associates Advocates

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