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Keeping pace with global trends in debt restructuring: Indonesia must act

by DLA Piper on

In the past year, the global corporate default rate reached its highest level since the 2008 financial crisis, and continues to climb. In response, both Singapore and the European Union are exploring new approaches to debt...more

Hong Kong: Financial Restructuring and Insolvency Update

by White & Case LLP on

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (the "Amendment Ordinance") came into effect on 13 February 2017 seeking to revamp and modernize the winding-up regime in Hong Kong, but does...more

Upside Down in Chapter 15

by WilmerHale on

Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more

Chapter 15 and Cross-Border Insolvency

One by-product of the “globalization” of business is the homogenization of business practices. Businesses naturally seek and promote an environment and “rules” that are predictable, which allow for effective risk management....more

Coming Soon To A Jurisdiction Near You: Streamlined Cross-Border Insolvency Proceedings

by Cole Schotz on

Globalization has led to a marked increase in international components to insolvency proceedings. Cross-border issues add a new layer of complexity to what is often a situation already fraught with obstacles....more

Coming to America? Applying Bankruptcy Code Section 109( a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15

by WilmerHale on

Chapter 15 of the US Bankruptcy Code provides a doorway for non-US companies to obtain creditor protection and other benefits of a US bankruptcy in support of insolvency proceedings for those companies in their “home”...more

Not Chapter 11 but Chapter 11-ish

by Morrison & Foerster LLP on

Parents, headmasters, hoteliers, restauranteurs, insurers and countries love them or hate them, depending on how their school or restaurant, company or nation is ranked. I’m referring to the World Bank’s annual Doing...more

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

Singapore: Debt Restructuring Hub Ready For Business

by White & Case LLP on

After months of public consultations and revision, the Singapore parliament passed the Companies (Amendment) Bill (the "Bill") on 10 March 2017 amending the Singapore Companies Act (the "Companies Act"). The Bill contains,...more

EuroResource—Deals & Debt - March 2017

by Jones Day on

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more

What 2017 May Bring for the Restructuring Community

We asked some of our financial advisor colleagues to give us brief read outs on what they felt 2017 has in store for us now that we have gotten beyond the inauguration and into the first weeks of the Trump administration. ...more

The Precarious Nature of Trust Assets at Home and Abroad

by Latham & Watkins LLP on

In Akers (and others) v. Samba Financial Group [2007] UKSC 6, the UK Supreme Court has confirmed the limited nature of British insolvency officer-holders’ ability to void dispositions of a company’s assets held on trust. The...more

Delaware Bankruptcy Court Amends Local Rules

by Morris James LLP on

The Delaware Bankruptcy Court amended its local rules effective February 1, 2017. A copy of the latest version of the rules may be found on the Bankruptcy Court's website. The red-line version to the 2016 version shows...more

New German Insolvency Code Amends Legal Basis for Contractual Close-out Netting

by White & Case LLP on

The German legislature has passed an amendment to the German Insolvency Code providing clarity on the status of netting arrangements in financial transactions which was cast into doubt by the German Federal Court of Justice...more

New UAE Insolvency Law

by K&L Gates LLP on

Executive Summary - The new UAE bankruptcy law was published in the Official Gazette dated 29 September 2016 following the issuance of Federal Decree Law No.9 of 2016 on Bankruptcy (the “Bankruptcy Law”) and became...more

Second Circuit Refuses to Expand Scope of Chapter 15 of the Bankruptcy Code

by Cole Schotz on

On January 18, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in the case of Trikona Advisers Limited v. Chugh, No. 14-975-cv, 2017 WL 191936 (2d Cir. Jan. 18, 2017), thwarting an attempt to expand...more

Amendment of Core Payment Terms Only: Second Circuit Court of Appeals Reverses the Marblegate Challenge to Section 316(b) of Trust...

by Reed Smith on

Restructuring lawyers and distressed companies alike were granted welcome relief by the US Second Circuit Court of Appeals when it overturned the decision of the District Court in the case of Marblegate Asset Management, LLC...more

Financial Services Quarterly Report - Fourth Quarter 2016: European Commission Proposes to Harmonise Insolvency Laws across Member...

by Dechert LLP on

The European Commission (EC) announced proposals on 22 November 2016, which are intended to harmonise national insolvency laws across the EU through a proposed directive “on preventative restructuring frameworks, second...more

Long Anticipated Bankruptcy Law Goes Into Effect

by King & Spalding on

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

New Delaware Chapter 15 Filing – Abengoa Concessions Investments Limited

by Cole Schotz on

Anders Christian Digemose, the foreign representative of Abengoa Concessions Investments Limited (“ACIL”) in a proceeding under Part I of the United Kingdom’s Insolvency Act of 1986, has filed a petition for recognition of a...more

New Delaware Chapter 15 Filing – Catalyst Paper Corporation

by Cole Schotz on

Catalyst Paper Corporation and thirteen of its affiliates and subsidiaries filed petitions for relief this morning under Chapter 15 of the Bankruptcy Code (Case No. 16-12419). The Debtors are seeking recognition of a foreign...more

Recognising foreign insolvency proceedings arising in jurisdictions other than the place of incorporation - A case study of Re...

by Dentons on

The central question in the case of Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108 (Opti-Medix) was whether insolvency proceedings in a jurisdiction other than the place of incorporation could be...more

Review of the Corporate Insolvency Framework consultation

by Dentons on

Insolvency Service receives a mixed response to its Review of the Corporate Insolvency Framework consultation. The Insolvency Service has now published a summary of responses to its May-July 2016 consultation on reform...more

Make Your Hanjin Bankruptcy Claims Now!

There is a lot of press coverage about the Hanjin bankruptcy, but very little of it provides tangible facts for traders to rely on. One thing we know for sure is Hanjin filed a Chapter 15 bankruptcy in the U.S. What that...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

by White & Case LLP on

This is the Hong Kong chapter of the second edition of the White & Case Asia Pacific Restructuring and Insolvency Guide... ..Introduction - On 1 July 1997, Hong Kong became a Special Administrative Region of the...more

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