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Singapore Hosts Inaugural Forum on Managing Cross-Border Insolvency Cases

The Judicial Insolvency Network (JIN) conference aims to encourage communication and cooperation amongst national courts. From 10 to 11 October, Singapore hosted the inaugural JIN conference. JIN is a network of...more

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

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

Solvency statements on a reduction of capital

A recent High Court decision includes the first reported court ruling on the factors that directors must consider when deciding whether they can make a solvency statement on a reduction of capital....more

Commercial Restructuring & Bankruptcy Alert - October 2016

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Lehman Brothers International (Europe) (In Administration) – Two Recent Judgments

Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more

Review of the Corporate Insolvency Framework consultation

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

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

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

Saudi Arabia Update - September 2016

As per the new Companies Law that came into effect on 2 May 2016 and which we have described in previous updates, single owner LLCs may be formed – whereas previously a minimum of two shareholders was required....more

Gavel to Gavel: The insolvency dilemma for directors

In light of a recent swell of bankruptcies in Oklahoma and surrounding areas – predominantly triggered by the turbulent energy market – directors should fortify their understanding of fiduciary duties owed to companies in...more

SunEdison: A Cautionary Tale?

U.S. Bankruptcy Judge Stuart Bernstein recently approved SunEdison’s proposed sale of $144 million of solar and wind assets to NRG Energy. The sale continues SunEd’s string of dispositions this year following its April...more

More obligations for companies - don't miss out

Starting October 1, 2016, new data should be entered in the Unified Federal Register of Information about Facts of Activities of Legal Entities - We remind you that Article 7.1 of Federal Law No. 129-FZ On State...more

Breaking bad: Tackling European NPLs

The latest EBA stress test results paint a broadly positive picture for Europe's banks but high levels of non-performing loans continue to weigh down heavily on Europe's banking sector....more

European Commission Calls for Acceleration of Capital Markets Union

The European Commission published a Communication calling for implementation of the Capital Markets Union to be accelerated. The CMU is part of the third pillar of the Commission Investment Plan for Europe. The CMU Action...more

Real Estate Gazette - Issue 25: Focus on distressed assets

A very warm welcome to Issue 25 of DLA Piper’s Real Estate Gazette. The global real estate market is currently operating against a backdrop of economic uncertainty. Brexit, immigration and presidential elections in the US...more

Court of Appeal Closes Door on U.S. Doctrine for Re-Ranking Creditors

The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc. (Re), the OCA clarified the scope of...more

Court of Appeal considers the treatment of contingent assets in balance sheet test

Evans v Jones [2016] EWCA Civ 660 - Executive Summary - The Court of Appeal recently considered an appeal from the liquidators of a property development company which went into creditors’ voluntary liquidation. The...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

Singapore: Asia Pacific’s Debt Restructuring Hub?

Earlier this year the Committee to Strengthen Singapore as an International Centre for Debt Restructuring (the “Committee”) published, and the Singapore Ministry of Law accepted, recommendations aimed at enhancing Singapore’s...more

Secured creditors may vote during receivership upon reduction of secured claims

On 25 July 2016, the White & Case team obtained, at the Supreme Court of the Russian Federation (the "Supreme Court"), a declaration that a secured creditor has the right to reduce, at its discretion, the amount of a secured...more

UAE Bankruptcy law

Currently in the UAE, laws related to insolvency are unclear. Companies face harsh penalties in a bankruptcy scenario, and individuals can face criminal sanctions and penal sentences. However, a new bankruptcy law drawing...more

Holiday Help for Hanjin Headaches: A Few Practical Pointers

As most readers are aware, Hanjin Shipping Co. Ltd. (“Hanjin”) commenced insolvency proceedings in South Korea on August 31, 2016. Shippers, motor carriers, transportation intermediaries, and others are scrambling to react...more

Promising Updates to Royalty Programs - Energy Industry at a Crossroad

HIGHLIGHTS: In early July the Alberta Department of Energy (Alberta Energy) announced two new royalty programs – the Emerging Resources Program and Enhanced Hydrocarbon Recovery Program– to stimulate oil & gas...more

The Impacts of South Korean Hanjin Shipping Co Ltd. Filing for Court Receivership

South Korea’s Hanjin Shipping Co Ltd. filed for court receivership on Wednesday, August 31st in South Korea after losing the support of its banks, setting the stage for its assets to be frozen as West Coast ports deny access...more

Throwback Thursday From Shumaker Manufacturing: Insolvency Laws In Canada, Mexico And The U.S.

I had an occasion recently to compare the preference laws of the US and Canada in a cross-border matter, and wanted to share the attached compendium comparing the insolvency laws of the U.S., Canada and Mexico, Insolvency...more

Recognition of foreign insolvency processes in Colombia

On the 10th of June, during the second part of a hearing with a massive attendance the Superintendence of Corporations (the "Superintendence"), such authority recognized in Colombia the process of insolvency that Pacific...more

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