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Enforcement of Judgments: Charging orders over shares in Cayman companies
2015-12-14

In Vento and Others v Westminster Hope & Turnberry, Ltd (unreported, 25 November 2015) The Honourable Anthony Smellie, C.J., sitting in the Financial Services Division of the Grand Court clarified the grounds on which judgment creditors may seek to use charging orders to enforce judgment debts. Readers will note that typically charging orders are made in respect of immoveable property (eg.

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Loeb Smith Attorneys, Share (finance)
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
Cayman Islands companies - a guide to the enforcement of security – receivership
2015-01-29

When a corporate borrower faces financial difficulties, there are a variety of enforcement, restructuring and insolvency options available to creditors. From a creditor’s perspective, the choice of procedure will depend on whether the borrower has granted security. If security has been granted over the shares or the assets and undertakings of a Cayman Islands incorporated company pursuant to a Cayman Islands law governed security document, the most appropriate enforcement choice for any secured creditor may be receivership.

Filed under:
Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Walkers, Share (finance), Debtor, Secured creditor
Location:
Cayman Islands
Firm:
Walkers
View Original Article
The projected insolvency law reform
2011-05-20

On 23 February 2011, the Federal Government (Bundeskabinett) adopted the government draft (Regierungsentwurf) of an act (Entwurf eines Gesetzes zur weiteren Erleichterung der Sanierung von Unternehmen) that proposes material changes to the German Insolvency Act (Insolvenzordnung). The government's aim is to modify the economic terms for the restructuring of distressed companies .

Filed under:
Germany, Insolvency & Restructuring, Public, Squire Patton Boggs, Share (finance), Shareholder, Debtor, Market liquidity, Swap (finance), Debt, Economy
Authors:
Dr Andreas Fillmann , Andreas Lehmann , Jörg Uhlmann
Location:
Germany
Firm:
Squire Patton Boggs
View Original Article
Proposed reform of the Insolvency Code creates a favourable environment for turnaround investments in Germany
2011-04-19

Recently the German Federal Government introduced a reform of the German Insolvency Code by adopting a draft bill of an Act to Further Facilitate the Restructuring of Businesses (the “Bill”). The Bill primarily focuses on the facilitation of insolvency plans as a tool for restructurings and to eliminate certain obstacles of the German insolvency law. If enacted as proposed, the Bill would simplify the purchase of shares of an insolvent company and would give investors more influence and flexibility in in-solvency plan proceedings.

INSOLVENCY PLANS

Filed under:
Germany, Insolvency & Restructuring, Squire Patton Boggs, Share (finance), Bankruptcy, Legal personality, Shareholder, Debtor, Debt, Bundestag, Trustee
Location:
Germany
Firm:
Squire Sanders Hammonds
View Original Article
How rights of preferred stockholders are affected by insolvency plan proceedings – Garant
2010-07-09

The German Federal Civil Court (BGH) in its decision of 15 April 2010 (IX ZR 188/09) clarified the legal position of holders of preferred stock in insolvency plan proceedings.

Filed under:
Germany, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Share (finance), Legal personality, Shareholder, Debtor, Dividends, Waiver, Liability (financial accounting), Liquidation, Joint-stock company, Preferred stock
Authors:
Andreas Lehmann
Location:
Germany
Firm:
Squire Patton Boggs
View Original Article
Prescribed part and security holders
2008-07-25

One of the significant changes to distributions in insolvency made by the Enterprise Act 2002 was the abolition of the preferential status of debts owed to the Crown and the introduction of a provision for the creation of a ‘ring-fenced fund’ (also known as the “prescribed part”, an amount currently capped at £600,000) from the proceeds of floating charges created after 15 September 2003 to be applied in distribution to unsecured creditors.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Share (finance), Unsecured debt, Debt, Liquidation, Secured creditor, Liquidator (law), Unsecured creditor, Insolvency Act 1986 (UK), Enterprise Act 2002 (UK), High Court of Justice
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Court considers corporate insolvency provision in the context of a share redemption
2014-11-10

This article has been contributed to the blog by Joshua Hurwitz and Waleed Malik.

Filed under:
Canada, British Columbia, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Share (finance), Shareholder, Articles of incorporation
Location:
Canada
Firm:
Weil Gotshal & Manges LLP
View Original Article
Coeur défense: the application of the safeguard procedure
2011-05-17

The recent Cour de Cassation ruling in respect of the safeguard proceedings opened by Heart of La Défense SAS ("SAS Holdco") and its parent company, Sarl Dame Luxembourg ("Dame"), overturned the earlier decision of the Paris Court of Appeal in February 2010. The decision reinstated the safeguard proceedings of the two companies that were initiated in November 2008.

Filed under:
France, Insolvency & Restructuring, Litigation, Jones Day, Share (finance), Shareholder, Debtor, Debt, Due process, Default (finance), Credit rating, Lehman Brothers, Court of Appeal of Paris
Authors:
Laurent Assaya
Location:
France
Firm:
Jones Day
View Original Article
Distressed M&A: swap of debt for equity in an insolvent company to be simplified by a new law on the facilitation of the reorganization of enterprises
2010-11-08

As part of an intended comprehensive amendment of German insolvency law, the German Federal Ministry of Justice has prepared a draft of a new law to facilitate the reorganization of enterprises (“Reorganization Facilitation Act”). The new law will curtail the rights of shareholders of insolvent companies and allow capital measures and other corporate measures to be taken in the insolvency of a company without the participation of the shareholders. The new regulation is of interest to investors because it will significantly simplify the purchase of the shares of an insolvent company.

Filed under:
Germany, Corporate Finance/M&A, Insolvency & Restructuring, Jones Day, Share (finance), Shareholder, Fiduciary, Swap (finance), Consideration, Debt, Liability (financial accounting), Subscription business model, Balance sheet
Authors:
Dr. Volker Kammel
Location:
Germany
Firm:
Jones Day
View Original Article
China clarifies tax rules for enterprise reorganizations
2010-08-12

On April 30, 2009, the Ministry of Finance and the State Administration of Taxation (the "SAT") jointly issued the Notice on Certain Issues of Corporate Income Tax Treatment of Enterprise Reorganizations (the "Notice"), Cai Shui (2009) No. 59. The Notice provides corporate income tax treatment of various types of reorganizations including debt restructurings, acquisitions of equity, acquisitions of assets, mergers, and de-mergers.

Filed under:
USA, Insolvency & Restructuring, Tax, Jones Day, Share (finance), Income tax, Debt, Economy, Fair market value, Good faith, Valuation (finance), Debt restructuring, State Administration of Taxation
Location:
USA
Firm:
Jones Day
View Original Article

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