Introduction
The High Court on 25 May 2022, allowed the judicial management order applications (“JM Applications”) filed by three wholly-owned subsidiaries of Jerasia Capital Berhad (“JCB”), namely Jerasia Apparel Sdn Bhd (“JASB”), Jerasia Fashion Sdn Bhd and Canteran Apparel Sdn Bhd (“CASB”) (collectively the “Applicants”).
INTRODUCTION
India has been grappling with an increase in non-performing assets (NPA) and defaults of loans since at least the 1990s. As per recent reports, gross NPAs of public sector banks have doubled in the last 7 (seven) years, 1 which is indicative of the issues being faced by lenders against recalcitrant borrowers.
The General Assembly of the Civil Chambers of Turkish Court of Cassation (“Court”) rendered a controversial decision on 21 December 2021 with No. K.2021/1710 (“Decision”).
Ruairi Rynn and Leanne Ennis, William Fry
This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary
To promote the finality and binding effect of confirmed chapter 11 plans, the Bankruptcy Code categorically prohibits any modification of a confirmed plan after it has been "substantially consummated." Stakeholders, however, sometimes attempt to skirt this prohibition by characterizing proposed changes to a substantially consummated chapter 11 plan as some other form of relief, such as modification of the confirmation order or a plan document, or reconsideration of the allowed amount of a claim. The U.S.
The High Court (Mr Justice Trower) today gave its judgment sanctioning Amigo’s ‘New Business Scheme’. A team of us at Freshfields were pleased to help Amigo with this. Here we outline the technical innovations that, despite significant legal and regulatory uncertainty, delivered the best available outcome for Amigo’s redress creditors and the prospect of Amigo lending again for the benefit of those creditors and future customers. We also identify two approaches that addressed the practical challenge of implementing a complex legal process with retail creditors.
In a recent decision, Judge David Novak of the US District Court for the Eastern District of Virginia vacated the Chapter 11 plan confirmation order entered by the bankruptcy court in the Mahwah Bergen Retail Group (formerly known as Ascena Retail Group) case, holding that the plan’s non-consensual third-party releases were unenforceable.1 The ruling arrived shortly after an
WHAT WE’VE BEEN UP TO
The team have been busy dealing with a wide range of instructions over the past few months.
Some of our recent highlights include:
In brief: The Supreme Court of Queensland has ordered that an objector to an external administrator's remuneration application pay the administrator's costs of responding to the objections. This decision, which will be welcomed by external administrators, appears to be the first time such an order has been made in the insolvency jurisdiction.
Disclaimer of interest: Colin Biggers & Paisley acted for the Provisional Liqudiator in Michaela Manicaros v Commercial Images (Aust) Pty Ltd [2022] QSC 83.
This is reality:
- Small businesses reorganize, all the time, under Subchapter V;
- Farmers reorganize, all the time, under Chapter 12; and
- Large businesses reorganize, all the time, under regular Chapter 11.
That’s because all of those three types of debtors have bankruptcy reorganization processes designed specifically for them.
Middle Market Debtors