Insights
As 2024 gets underway, 2023 will be remembered as the year that King Charles III’s coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of the Irish singer and poet Shane MacGowan.1 Turmoil in the European banking sector early in the year set the tone for a challenging year, while across the Atlantic, a number of regional US banks had their
SUMMARY
Insolvency litigation witnessed intriguing developments across multiple aspects in Hong Kong in 2023, ranging from the court’s updated Practice Direction on Bankruptcy and Winding-Up Proceedings to on-going debate surrounding the interplay between insolvency proceedings and arbitration clauses. In this Legal Update, we examine major developments that unfolded. The key takeaways are: 1.
Under the Polish Restructuring Law, in principle an arrangement covers all claims against the debtor except for those expressly identified in the law as outside the arrangement. But sometimes it is not necessary to reach an agreement on all the debtor’s obligations in order to carry out an effective restructuring. This happens when the debtor only has difficulty servicing selected obligations that are otherwise essential to operation of its business. For such situations, parliament introduced the institution of a partial arrangement.
Following the entry into force of the law of 7 August 2023 (the New Insolvency Law), the Luxembourg district court sitting in commercial matters (the Court) issued on 22 November 2023 the first decision opening judicial reorganisation proceedings (JRP) (Numéro du rôle: TALCH02/01416).
By Order no. 35527 of 19 December 2023, the Italian Court of Cassation ruled on the dismissal of a working mother ordered as a result of the cessation of the employer’s business activity following a declaration of bankruptcy, holding it to be void and ordering the employer to reinstate the employee and pay financial compensation.
The facts of the case
HFW DISPUTES DIGEST 2023
Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.
This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.
As we turn to a new year, my wife and I like to reminisce about our best days and milestones of the prior year (for 2023, it was a huge celebration with our best friends for my wife’s birthday, an epic bike ride with our kids on a beautiful day in Kiawah, and seeing “the Boss” in concert in Greensboro). Professionally, I find myself thinking about my friend and mentor, George Cauthen, who reached a milestone and retired from the active practice of law in 2023.
Written by- Kyle Broadhurst, BROADHURST LLC
While the Cayman Court has not yet had the opportunity to rule on the matter, it is highly likely that cryptocurrencies will be treated as property of the company which the liquidators are empowered to collect and which is to be applied in satisfaction of the company’s liabilities.