The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have applied for a restructuring plan under Part 26A of the Companies Act 2006 (“Restructuring Plan”) unless there are good reasons for doing so.
The English High Court has re-affirmed its jurisdiction where a disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) in favour of a foreign court.
Background
There are a few things that we can be almost certain of in 2024, and others are things to add to the watchlist, but with a potential change in government on the cards, there are likely to be a few curveballs thrown into the mix that none of us can predict.
Increasing Insolvencies
In the intricate tapestry of corporate insolvency, the year 2023 unfurled a saga of legal intricacies that left an indelible mark on the evolving insolvency landscape in India. This blog, the first of a five-part series, will be exploring the cases that not only shaped the insolvency regime but also defined pivotal aspects of the Insolvency and Bankruptcy Code (IBC). From the sectors affected to the geographical intricacies, we'll dissect the diverse facets that contributed to the evolution of insolvency laws. Additionally, we'll analyze two significant cases – RPS Infrastructure Ltd. v.
As we continue our journey through the evolving insolvency landscape of 2023, we will delve into two landmark cases that further shaped the legal framework governing insolvency proceedings in India. Building upon the foundations laid in Part 1 of this series, we now turn our attention to M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd and Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation India Ltd.
M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd.
2023 has been a good year for developing the law of Subchapter V through court rulings and opinions. Here are some of the highs and lows of that development.
Working as Intended
If 2023 shows us anything, it’s this: Subchapter V is working as intended.
Subchapter V has developed into the efficient and effective tool for business reorganization it was intended to be. That’s true, whether the reorganization is in the form of continued operations or liquidation. Such a tool did not exist before Subchapter V.
In a recent landmark case, the Court of Final Appeal in Hong Kong (CFA) clarified its approach to bankruptcy proceedings where the disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) favouring a foreign court.
Background
The bankruptcy proceedings related to a disputed debt due under a credit agreement with an EJC favouring New York. The Hong Kong Court of Appeal (CA) upheld the EJC, setting aside the bankruptcy order to allow the dispute to be determined under the agreed jurisdiction. The applicant appealed to the CFA.
This is the 1st article in a 2-part series on employment contracts vis-à-vis CIRP. The article examines whether a resolution professional can enforce an employment contract (for an employee, not a ‘workman’) during the moratorium period.
In a recent case before the Federal Court of Justice, an insolvency administrator was found to have neglected his duties of investigation in a particularly serious and reproachable manner.
Decision
The insolvency administrator had contested the offsetting of an investment subsidy by the creditor bank to balance the debtor’s accounts.
The focus of the decision was whether the insolvency administrator had made the contestation claim within the statutory limitation period. In Germany, this is usually three years and starts:
Insights