The promulgation of the Insolvency and Bankruptcy Code, 2016 (IBC) introduced the categorization of creditors as either “financial” or “operational”. The rights and powers of creditors as either financial or operational creditors though treated equally at the stage of initiation of proceedings under IBC, undergo a sea change once proceedings under IBC stands initiated.

The judgment of Chief ICC Judge Briggs in Becker (A Bankrupt) v Ford & Ors [2024] EWHC 1001 (Ch) provides a useful summary of the matters to which the court should have regard when considering an application to lift the suspension of a bankrupt’s discharge.

The New Bankruptcy Law (Federal Law Decree No 51 of 2023) came into effect in UAE on 1 May 2024, replacing the previous law (Federal Decree-Law No 9 of 2016). While maintaining much of the old law's structure, it introduces significant changes for creditors and debtors, including the recognition of both natural and legal persons as 'debtors'. The law retains emergency financial crisis provisions from the old law and is expected to impact restructuring and insolvency cases in the UAE.

Introduction

In In re New Dragon Toy Wholesale, Inc., Chief Bankruptcy Judge Martin Glenn denied a debtor/tenant’s motion for a temporary restraining order to enjoin a landlord and the New York City marshal from evicting the debtor from a commercial property, holding that the eviction was excepted from the automatic stay since the commercial lease terminated pre-bankruptcy.

Background

The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.

DoCA's: What Claims can be Released?

PK Riddell Investments Pty Ltd v Upwards Up And Gone Pty Ltd [2024] VSC 159 ("Riddell Investments")

In the decision in Woodhouse, in the matter of Panoramic Resources Limited [2024] FCA 449, handed down this week (1 May 2024) by Feutrill J, the Federal Court of Australia considered the meaning of ‘Secured Property ‘as defined in a specific security deed and the extent to which phrases such as ‘…in respect of’ could expand the types of collateral the subject of that defined term (and hence the collateral the subject of the specific security d

Given Hong Kong’s status as an international financial hub and the fact that more than 75% of the companies listed on the main board of the Hong Kong Stock Exchange are incorporated in either the Cayman Islands or in Bermuda (only around 11 percent are incorporated in Hong Kong), it is common for foreign liquidators to conduct investigations in Hong Kong.

As a general recap (following recent developments in the jurisprudence) [1], in order to seek recognition and assistance from the Hong Kong Court, a foreign liquidator would have to establish the following:

Overview

March, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * NCLT: Corporate insolvency resolution process cannot be initiated under Section 7 of IBC based on transfer agreement for purchase of debentures from financial creditors. ⁎ NCLAT: Security for refund of advance amount cannot change the nature of transaction for supply of goods into financial debt.