In Re PT MNC Investama TBK [2020] SGHC 149 (“Re PT MNC”), the Singapore High Court (per Justice Aedit Abdullah) addressed, for the first time in a written grounds of decision (“GD”), the question of whether a foreign company has the requisite standing to apply for a Section 211B moratorium under the Companies Act (the “Act”).
Since PROMESA was enacted in 2016 to pave the way for a comprehensive restructuring of Puerto Rico’s mounting municipal debt obligations, the U.S. District Court for the District of Puerto Rico (District Court) has become a haven for litigious groups of creditors and other constituencies. Undoubtedly frustrated with the progress and trajectory of the cases of the commonwealth and its subsidiaries, these groups have mounted a number of complex legal attacks to the efficacy and validity of PROMESA. However, the debtors recently secured a significant win in Fin. Oversight & Mgmt. Bd.
The Small Business Reorganization Act, which came into effect in February 2020, significantly changes the bankruptcy process for small businesses.
Before the SBRA
概要
新型コロナウイルス感染症（COVID-19）パンデミックが、引き続き世界経済に多大な被害を及ぼしています。そのような状況で、破産手続の申請により債務救済措置を講じる米国会社の数が増えていることにお気づきかもしれません。この数カ月のうちに破産手続の申請をした企業には、J.C. Penney、Hertz、Gold’s Gymをはじめとして、最近ではChesapeake EnergyやBriggs & Strattonなど、多種の産業セクターに属する会社が含まれています。米国では、2020年後半に、COVID-19による倒産・破産件数が急増する傾向があり、そのような傾向は2021年に入ってもさらに続くことを予測しているビジネス・アナリストもいます。 |
Administrators unsuccessfully argued that rent incurred during the administrators’ statutory “no personal liability” period was an unsecured debt which would not enjoy priority in the event the relevant companies went into liquidation.
Key takeaways
The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-1
Introduction
In the current COVID-19 environment it is likely that there will be more businesses becoming insolvent. Some of those businesses will have an interest in Jersey property. For example as owners of Jersey property or holders of a lease of retail premises situated in the Island. The business may also have locally employed employees to consider.
The receivership debtors ran a Ponzi scheme. Acting under the state Uniform Fraudulent Transfer Act, the receiver sued the debtors’ bank to avoid bank deposits as transfers made with actual intent to hinder, delay, or defraud creditors. The UFTA defines “transfer” as any mode, direct or in
GOVERNANCE & SECURITIES LAW FOCUS
JULY 2020/LATIN AMERICA EDITION
Below is a summary of the main developments in U.S., EU, and U.K. corporate governance and securities law since our last update in May 2020.
See our page dedicated to the latest financial regulatory developments.
IN THIS ISSUE
Caron and Seidlitz v Jahani and McInerney in their capacity as liquidators of Courtenay House Pty Ltd (in liq) and Courtenay House Capital Trading Group Pty Ltd (in liq) (No 2) [2020] NSWCA 117