On 11 November 2021, the CJEU (C-340/20) ruled that the freezing of assets and economic resources under the EU restrictive measures (economic sanctions) precludes protective measures by creditors. Therefore, creditors should proactively seek protective measures or rely on a sanctions regime’s exception.
Restrictive measures
On December 14, 2021, All Year Holdings Limited, a Brooklyn-based real estate development, construction, acquisition, leasing and management firm, owned by Yoel Goldman, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-12051).
The National Debtors Register (Krajowy Rejestr Zadłużonych “KRZ”) began operating in Poland in July 2021.
The KRZ is a new valuable tool providing, among other things, information on debtors. It is a statewide, public register and can be accessed by any person who has the debtor's PESEL (Polish national identification number) or NIP (Polish taxpayer's identification number) or the file reference number of the debtor's case.
Introduction
The Insolvency & Bankruptcy Code, 2016 (“IBC”) has been one of the most talked about debated, evolving legislations of recent times. It has brought with itself, a sea change in the manner that debt is resolved in India. From its very advent in late 2016, IBC has been embroiled in long fought interpretational tussles which have resulted in various gaps being filled in by the Supreme Court of India. In fact, the legislation itself has undergone several and frequent amendments.
ABOUT THE AUTHORS
Kumar Kanagasingam Senior Partner
Banking & Insolvency E: [email protected]
Sean Yeow Huang-Meng Partner
Banking & Insolvency E: [email protected]
Andrew Chiew Ean Vooi Partner
Liquidity issues within the construction industry have only been exacerbated by the COVID-19 pandemic. Faced with the high-profile collapse of major contractors in the region, the UAE has taken strides to improve upon its existing Bankruptcy Law (Law 9 of 2016) to ensure that it remains capable of facing the very modern challenges presented by the current climate. This includes the introduction of provisions which give debtors limited reprieve in circumstances of “Emergency Financial Crisis” under Law 9 of 2019 amending the Bankruptcy Law.
The existence of a personal guarantee over a debt may affect the enforceability of that debt after a company has gone through an examinership process.
A creditor’s ability to enforce a debt subject to a guarantee after a period of examinership is dependent upon that guarantor having been granted a right to vote at the creditors’ meeting approving the scheme of arrangement.
INTRODUCTION
The Apex Court on May 21,2021 in Lalit Kumar Jain V. Union of India &Ors[1] recognized and upheld the Rules on Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) 2019, as notified by the Central Government on November 15, 2019.
Article 9 of the Uniform Commercial Code, adopted in all fifty states plus the District of Columbia with relatively few variations, sets out, among other things, the rules to be followed when obtaining a security interest in personal property collateral to secure a loan. The basic premise of Article 9 is that if the lender follows the rules, it should be protected against third parties, including other creditors or a bankruptcy trustee, who would seek to challenge the lender’s security interest or the priority of the security interest.
連載の4回目（最後）の今回は近時の会社更生の動向等を 紹介したいと思います1 。
１ 近年の会社更生の利用状況
会社更生手続は、裁判所により選任される管財人の下、会社 の事業再建を図る手続です。旧会社更生法は1952年に制定 され、その後、1967年、2002年等の改正を経て、現在の会社更 生法に至っています
かつては、会社更生は大会社向けの重厚な手続、民事再生 は中小企業向けの簡易時速な手続、といった切り分けのイメー ジもありましたが、負債総額1兆円を超える案件（リーマンブラ ザーズ日本法人やタカタ等）でも民事再生が活用されることがある一方、小規模会社の会社更生の申立の割合が増加してい る2 ことなどからすると、かつての会社更生＝大会社、民事再生 ＝中小企業 というイメージは当てはまらなくなっており、事案 に適した手続選択がなされています。
会社更生は、長年にわたって、窮境に陥った株式会社の事 業再生に活用されてきましたが、下表のとおり、この10年弱の 間、利用件数が低迷しており、特に平成25年以降は実質的な 案件数で5件以内（全国）という状況が続いています