The recent High Court decisions in Boughey & Anor v Toogood International Transport and Agricultural Services Ltd and Re Pindar Scarborough Ltd (in administration) have helpfully provided clarity on the extent to which secured creditors that have been paid in full are required to consent to proposed administration extensions. Unhelpfully, however, the court’s approach is fundamentally at odds with the position of the Insolvency Service.
Introduction
An assignment for the benefit of creditors (ABC) is a process by which a financially distressed company (referred to as the assignor) transfers its assets to a third-party fiduciary (referred to as the assignee). The assignee is responsible for liquidating those assets and distributing the proceeds to the assignor's creditors, pursuant to the priorities established under applicable law. From the perspective of a creditor, there are many important distinctions between an ABC and a bankruptcy case.
Key Issues
Hajime Ueno, Masaru Shibahara and Kotaro Fuji, Nishimura & Asahi
This is an extract from the 2025 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
BACKGROUND
Question: Can a retirement fund organized under Canadian law qualify for a state law exemption requiring that it “qualify as a retirement plan” under the Internal Revenue Code?
This question gets all the way to the U.S. Seventh Circuit Court of appeals, which issues a “No” answer, in Green v. Leibowitz, Case No. 23-2841 (decided 7/16/2024).
Manoj Pillay Sandrasegara, Smitha Menon, Lionel Leo and Stephanie Yeo, WongPartnership LLP
This is an extract from the 2025 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
L’un des principaux avantages pour un débiteur de se placer sous la protection de la Loi sur les arrangements avec les créanciers des compagnies (« LACC ») ou de la Loi sur la faillite et l’insolvabilité (« LFI ») consiste en la suspension des procédures pouvant être intentées par un créancier faisant face à un défaut de paiement. Cette suspension des procédures permet notamment à la débitrice de se réorganiser ou de disposer de certains ou de l’ensemble de ses actifs sous la supervision du tribunal. Or, certaines exceptions existent.
※ 本ニューズレターは、2024 年 8 月 19 日現在の情報に基づいています。
2024 年 8 月 9 日に、The Supreme Court of the Union（ミャンマーの最高裁判所）から、insolvency practitioner（「倒産実務家」）の登録フォーム及び費用に関する告示（Notification No.998/2024、「本倒産告示」）が公布されました。また、同日、National Committee for Setting Minimum Wage（国家委員会）から、最低賃金の実質的な引き上げに関する告示（Notification No.1/2024、「本賃金告示」）が交付されましたので、その概要をお伝えします。
1. 倒産実務家の登録フォーム及び費用に関する告示
2020 年に施行された倒産法上、会社の清算手続は清算人により遂行される必要がありますが、かかる清算人は、倒産法に従って登録され、所定の資格を有する倒産実務家である必要があるとされていましたが、倒産実務家の具体的選任は進んでおりませんでした。
The High Court has directed the trustees in a UK bankruptcy case to treat certain Russian bank creditors as not being subject to UK sanctions, unless new evidence suggests otherwise.