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    Latin America Year in Review 2016 and Year to Come 2017
    2017-01-05

    Year in Review – Latin America in 2016

    Argentina

    Sovereign debt restructuring: On April 22, 2016, after Congress approved a settlement proposal, Argentina issued US$16.5bn of new debt securities in the international capital markets, and applied US$9.3bn of these proceeds to satisfy settlement payments on agreements with holders.          

    Filed under:
    Argentina, Brazil, Chile, Colombia, Mexico, Peru, Banking, Capital Markets, Company & Commercial, Corporate Finance/M&A, Employment & Labor, Energy & Natural Resources, Insolvency & Restructuring, Projects & Procurement, Public, Tax, Trade & Customs, Linklaters LLP
    Location:
    Argentina, Brazil, Chile, Colombia, Mexico, Peru
    Firm:
    Linklaters LLP
    Ambiente Ufficio S.p.A. and others v Argentine Republic (ICSID Case No ARB/08/9)
    2013-02-20

    In Ambiente Ufficio S.p.A. and others v Argentine Republic, an ICSID tribunal held that it had general jurisdiction over a multi-party claim commenced by 90 distinct Italian nationals against Argentina in respect of harm said to result from Argentina’s default and later partial restructuring of its sovereign debt. It might at first blush appear that the tribunal’s willingness to admit a 90-party claim is an affirmation of the favourable approach to so-called “mass claims” taken by its “sister tribunal” in Abaclat (and others) v The Argentine Republic.

    Filed under:
    Argentina, Global, Arbitration & ADR, Insolvency & Restructuring, Public, Trade & Customs, Herbert Smith Freehills LLP, Default (finance), International Centre for Settlement of Investment Disputes
    Authors:
    Charles Kaplan , Peter Godwin
    Location:
    Argentina, Global
    Firm:
    Herbert Smith Freehills LLP
    Australia: Overview of the Australian insolvent trading prohibition and the safe harbour protections
    2020-04-08

    Directors of Australian companies face significant personal monetary – and potential criminal and adverse professional – consequences if they allow the company to trade whilst insolvent.

    Australian insolvent trading laws are harsher, and more frequently utilised to prosecute directors personally, than in many other jurisdictions including in the US and the UK.

    Accordingly, frequent assessment of a company’s solvency by its directors is crucial, particularly in financially difficult times, as are active steps to address any potential insolvency.

     

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Trade & Customs, Baker McKenzie
    Location:
    Australia
    Firm:
    Baker McKenzie
    Overview of the Australian Insolvent Trading Prohibition
    2020-03-20

    Directors of Australian companies face significant personal monetary − and potential criminal and adverse professional - consequences if they allow the company to trade whilst insolvent.

    Australian insolvent trading laws are harsher, and more frequently utilised to prosecute directors personally, than in many other jurisdictions including in the US and the UK.

    Accordingly, frequent assessment of a company's solvency by its directors is crucial, particularly in financially difficult times, as are active steps to address any potential insolvency.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Trade & Customs, Baker McKenzie, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Baker McKenzie
    A safe harbour from the challenges of COVID-19
    2020-03-13

    The COVID-19 outbreak, this week declared a pandemic by the World Health Organization, is presenting new and unprecedented challenges for businesses across the globe, including in Australia. Challenging trading conditions are bringing into sharp relief the duty of directors to avoid trading whilst the company is insolvent. The safe harbour provisions in the Corporations Act 2001 (Cth) provide an opportunity for directors to weather the storm, whilst avoiding personal liability for insolvent trading.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Trade & Customs, Macpherson Kelley, Coronavirus
    Authors:
    Jeffrey Siddle
    Location:
    Australia
    Firm:
    Macpherson Kelley
    Spotlight on: Safe Harbour
    2019-12-17

    The perception of Australia as being a relatively “risky” place to sit on a Board has generally focused on the insolvent trading prohibition in section 588G of the Corporations Act 2001 (Cth) and how it interacts with general directors’ duties.[1]

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Trade & Customs, King & Wood Mallesons, Board of directors
    Authors:
    Tim Klineberg , Paul Schroder
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Cross border insolvency - The Court of Appeal's judgment on the three core requirements
    2020-08-20

    Shandong Chenming Paper Holdings Limited v Arjowiggins HKK 2 Limited CACV 158/2017 (date of judgment 5 August 2020)1

    Introduction

    Filed under:
    China, Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Trade & Customs, Stephenson Harwood LLP
    Authors:
    Alexander Tang
    Location:
    China, Hong Kong
    Firm:
    Stephenson Harwood LLP
    3 Steps International Suppliers Should Take Now Before Their Key U.S. Customer Files for Bankruptcy
    2020-08-05

    As U.S.-based companies file for bankruptcy at record rates, international suppliers of products to those companies are feeling the pinch. Payments for past due invoices often are not paid promptly unless the supplier is a “critical vendor” to the filing entity. The financial impact to suppliers, however, may go far beyond mere non-payment. Suppliers may actually find themselves facing lawsuits seeking the return of payments they’ve already received. Fortunately, three steps suppliers can take now can help should they find themselves facing such a suit and needing legal assistance.

    Filed under:
    USA, Insolvency & Restructuring, Trade & Customs, Procopio Cory Hargreaves & Savitch LLP, Title 11 of the US Code
    Authors:
    William Smelko
    Location:
    USA
    Firm:
    Procopio Cory Hargreaves & Savitch LLP
    UK Government introduces “suspension” of wrongful trading provisions
    2020-07-31

    In March 2020, Business Secretary Alok Sharma announced that provisions on wrongful trading would be suspended. The move came as part of a wider package of measures that sought to provide assistance to businesses – and their beleaguered boards – experiencing financial distress due to Covid-19.

    Now set out in the Corporate Insolvency and Governance Act 2020 (CIGA), which was passed on 26 June 2020, the provisions adapt the wrongful trading regime making directors’ liability for the “relevant period” unlikely.

    Why does it matter?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Trade & Customs, RPC, Coronavirus, Companies Act 2006 (UK)
    Authors:
    Tim Moynihan
    Location:
    United Kingdom
    Firm:
    RPC
    Cross border insolvency in Hong Kong - second recognition of PRC winding up
    2020-06-11

    Shenzhen Everich Supply Chain Co, Ltd (in Liquidation in the Mainland of the People's Republic of China) [2020] HKCFI 965 (date of judgment: 4 June 2020)

    For the second time the Hong Kong Court has recognised a PRC winding-up proceeding and granted assistance to the administrator of a PRC company appointed by a PRC Court. The Hong Kong Court also granted the administrator an express right to take control of the company's subsidiaries in Hong Kong.

    Background

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Trade & Customs, Stephenson Harwood LLP
    Authors:
    Eloise Matsui , Alexander Tang , Jeannie Liu
    Location:
    China, Hong Kong
    Firm:
    Stephenson Harwood LLP

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