In December 2013, the Second Circuit Court of Appeals held as a matter of first impression in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), that section 109(a) of the Bankruptcy Code, which requires a debtor “under this title” to have a domicile, a place of business, or property in the U.S., applies in cases under chapter 15 of the Bankruptcy Code.
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Introduction – why does this matter?
Yesterday in Canberra, a significant step forward for Australian insolvency law reform was taken: Parliament passed the much anticipated "safe harbor" for directors in relation to insolvent trading liability and moratorium on reliance by solvent counterparties on “ipso facto” clauses in voluntary administration and creditors schemes of arrangement.
Key Points
On the key points:
De pre-pack procedure is mogelijk een kort leven beschoren. Bij deze procedure wordt al vóór het uitspreken van het faillissement een doorstart voorbereid door de aanwijzing van een "beoogd curator". De wet die deze wettelijk moet verankeren in het Nederlandse insolventierecht in 2016 is aangenomen door de Tweede Kamer, maar moet nog van kracht worden.
31/10/2016 Pensions Update October 2016 http://bakerxchange.com/rv/ff002b980788f142ab3974e23146b6f2e393d02b 1/4 Pensions Update October 2016 In this issue Court of Appeal clarifies treatment of pensions on bankruptcy PPF publishes consultation on 2017/2018 levy DWP consults on valuing pensions for the advice requirement Regulator declares rule change void Next steps in leaving the European Union Committee publishes new evidence on regulation of pension schemes Regulator launches blog Government cancels plans t
Introduction
In brief
On 14 May 2021, the Supreme People's Court of the PRC (SPC) and the Government of the Hong Kong Special Administrative Region (HKSAR) signed a Record of Meeting setting out a framework to facilitate the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong ("Arrangement"). The Record of Meeting is supplemented by the SPC's Opinion and the HKSAR Government's Practical Guide, which together provide the "Framework".
In brief
Baker McKenzie recently acted for the Foreign Representatives of Thai Airways International Public Company (Thai Airways), in successfully obtaining orders recognising the business organisation proceeding commenced by Thai Airways in Thailand as a foreign main proceeding pursuant to article 17 of the UNCITRAL Model Law on Cross‑Border Insolvency (the Model Law) which is incorporated into Australian law by the Cross‑Border Insolvency Act 2008 (Cth) (the Act).
In response to the COVID-10 pandemic, the German legislator enacted a new law to suspend the mandatory obligations to file for insolvency proceedings and to mitigate liability risks for managing directors and creditors. According to the "Act to Mitigate the Consequences of the COVID-19 Pandemic in Civil, Insolvency and Criminal Procedural Law", the obligation to file for insolvency proceedings is suspended on a temporary basis for companies facing an insolvency due to the COVID-19 pandemic.