※    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.

It is essential that any UK individual or entity doing business, managing funds/other economic resources, or providing financing or professional services, keeps abreast of the current UK Russian sanctions regime, which is chiefly set out in the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations"). The question of how the Regulations might apply to those with fiduciary duties – either as trustees or as directors – has been considered in two recent High Court cases.

After years of hard-fought litigation, most claimants are thrilled to obtain a final and enforceable judgment or arbitration award. However, more often than one thinks, this excitement is followed by the disappointing realization that the defendant has little interest in voluntarily satisfying the award.

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")