In In re Smith, (B.A.P. 10th Cir., Aug. 18, 2020), the U.S. Bankruptcy Appellate Panel for the U.S. Court of Appeals for the Tenth Circuit recently joined the majority of circuit courts of appeals in finding that a creditor seeking a judgment of nondischargeability must demonstrate that the injury caused by the prepetition debtor was both willful and malicious under Section 523(a)(6) of the Bankruptcy Code.

Factual Background

The Federal Government has announced its largest insolvency reform package in over 30 years, which includes a simplified formal debt restructuring process for eligible small businesses.

The centerpiece of the reforms is the adoption of a US-style "debtor in possession" restructuring model, which closely mirrors the recently enacted small business restructuring provisions of subchapter V of the US Bankruptcy Code.

On Monday 14th September 2020, Mrs Justice Falk issued her reasoned judgment, in respect of the application by Codere Finance 2 (UK) Limited (the "Company") to convene a single class of its creditors to consider and vote on a proposed scheme of arrangement under Part 26 of the Companies Act 2006 ( the "Scheme").

In a hearing spanning three days, the High Court of England and Wales addressed multiple grounds of challenge from a dissenting noteholder but nonetheless granted the Company's request to convene a single meeting of its scheme creditors.

Background

第一 前言

可能有些人对于“动产买卖先取特权”这个名词已很熟悉，但出乎意料的是只有少数人真正运用 过动产买卖先取特权。近日笔者便负责了一起运用动产买卖先取特权实现债权回收的案件（以下简 称“本案”），以下将对本案进行介绍。

另外，本文着重以通俗易懂的方式对动产买卖先取特权进行解说，并不涉及详细内容。因此在讨 论具体案情时，请您咨询律师。

第二 动产买卖先取特权为何 

动产买卖先取特权是指有关买卖货款及其利息，就作为买卖标的物的动产，卖方债权优先于其他 债权人受偿的权利（《日本民法》第303条、第311条第5款、第321条）。

动产买卖先取特权并不需要在合同上明确规定卖方享有该权利。如果您是动产的卖方，基于民法 您便享有先取特权。

On Friday 18 September 2020 the German Federal Ministry of Justice published draft legislation which has the potential of fundamentally changing the restructuring landscape in Germany.

An essential part of the law is the introduction of a corporate stabilisation and restructuring regime, which establishes a comprehensive legal framework for out-of-court restructurings in Germany on the basis of the EU Restructuring Directive of 20 June 2019 (Directive (EU) 2019/1023) (the Preventive Restructuring Framework).

The Corporate Insolvency and Governance Act, which received Royal Assent on 25 June 2020, contains a range of significant reforms, not least of which is the introduction of a new Restructuring Plan process dubbed the Super Scheme. The first such Restructuring Plan, used in the financial restructuring of Virgin Atlantic Airways (VAA), was sanctioned by the High Court on 2 September 2020 representing a new landmark in the UK restructuring landscape.

The economic hardships brought about by the COVID-19 pandemic have impacted companies globally, leading many to consider both in-court and out-of-court restructurings. Because this trend will likely continue as the long-term effects of COVID-19 play out, companies with arbitration clauses in their commercial agreements may wish to consider the impact of insolvency on their options for pursuing pending or future arbitrations.

On 12 August 2020, we wrote about three important judicial decisions of the courts in England and Singapore relating to the enforcement of arbitration agreements over claims arising under insolvency laws.

With narrow exceptions, when a bankruptcy petition is filed, an “automatic stay” comes into effect which prevents the commencement or continuation of any litigation or proceeding against the debtor or property of the bankruptcy estate. Bankruptcy courts may grant “relief” from the automatic stay to allow a creditor to continue litigation filed against the debtor in a non-bankruptcy forum before the bankruptcy case was filed.

The Corporate Insolvency and Governance Act, which received Royal Assent on 25 June 2020, contains a range of significant reforms, not least of which is the introduction of a new Restructuring Plan process dubbed the Super Scheme. The first such Restructuring Plan, used in the financial restructuring of Virgin Atlantic Airways (VAA), was sanctioned by the High Court on 2 September 2020 representing a new landmark in the UK restructuring landscape.