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 rescue of a company in business rescue ultimately depends on the implementation of a viable business rescue plan which has received the support of 75% of the creditors of the company. A recent business rescue case of Wescoal Mining (Pty) Ltd Another v Mkhombo NO1 and Other has potentially wide-ranging implications for creditors after business rescue has commenced.
B&D is pleased to present the next installment of our 2024 Litigation Look Ahead series. (Read part four covering Fifth Amendment takings cases here).
In a move that facilitates the seamless integration of cross-border insolvency proceedings between Singapore and Indonesia, Singapore’s International Commercial Court has for the first time granted recognition of Indonesian PKPU proceedings in Re PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) 1.
Breathing Spaces and Mental Health Crisis Moratoriums (MHCM) were introduced by the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the "2020 Regulations").
Whilst most people would hope it could never happen to them, in our experience it often can. As such it pays to be prepared.
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.
In brief
On 18 January 2024, the Singapore International Commercial Court (SICC) issued its decision in Re PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) (“Re Garuda Indonesia“), which was the SICC’s first decision on an application under the UNCITRAL Model Law on Cross-Border Insolvency (as enacted in Singapore in the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed) (“Singapore Model Law“)).
Introduction
Two shareholders of KBBO have obtained recognition in the English High Court of their Abu Dhabi bankruptcy process.