It’s no secret that the Government is looking for the UK to become a leader in the crypto market while increasing its regulation. This balancing act will become even more prevalent in the English courts over the next couple of years when it comes to restructuring and insolvency.

Introduction

In the course of bankruptcy proceedings, the disposition of property by the bankrupt is subject to a degree of control and restriction, requiring the consent or ratification of the Court. This protects the creditors from the unfair removal of property from the bankrupt's pool of assets.

Die Restrukturierung nach dem StaRUG kann unter den richtigen Voraussetzungen für Unternehmen eine sinnvolle Alternative zur außergerichtlichen Sanierung bzw. zum Insolvenzverfahren sein.

Con sentenza n. 4168 del 15 febbraio 2024, la Corte di Cassazione ha affermato che appare senz’altro idonea a giustificare l’eccezione di inadempimento e a paralizzare il diritto al compenso del professionista la condotta  antigiuridica  dell’organo  sindacale che, in un’operazione di fusione societaria che ha prodotto un rilevante danno per la società incorporante, abbia omesso di verificare la situazione patrimoniale ed economica della società che si andava ad incorporare, anche mediante richiesta di documentazione.

With the increase in global trade and business, often involving complex corporate structures in multiple jurisdictions, we expect to see a significant increase in cross-border insolvency and restructuring matters in coming years. This is especially the case with rapid advancements in technology and digital change driving “borderless” transactions and investments in every industry.

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")).

The background to this case stems from a High Court judgment in 2022, where exemplary damages were awarded against a receiver in the sum of €550,000. The damages were awarded after a receiver had taken possession of and sold certain properties without first obtaining a court order under the Land and Conveyancing Law Reform Act 2009 (the “2009 Act”).

Is an administrator of a company an "officer" of that company? The Supreme Court's answer in a recent employment judgment (with potentially broad application) was a resounding "no," which will undoubtedly reassure insolvency practitioners faced with potential criminal liability for carrying out duties conferred on an "officer" of the company.

According to Section 1445 of the Belgian Judicial Code (JC), any creditor can, on the basis of authentic or private documents, levy a (conservatory) garnishment on the sums or goods a third party owes to its debtor. After notification of the garnishment order, the third-party garnishee can no longer hand over these sums and/or goods to the debtor (Section 1451 JC).

Conservatory garnishments are typically used by creditors to put pressure on their debtor (eg notifying a garnishee order to a debtor’s bank, which then freezes the debtor’s accounts).

Key Takeaways