News & Analysis as of

Insolvency Foreign Jurisdictions

Mayer Brown

To Be Or Not To Be (Solvent) - A Comparative Analysis Of Singapore, UK, US, And Australia On Recognising Foreign Proceedings...

Mayer Brown on

The recent case of Ascentra Holdings, Inc v. SPGK Pte Ltd [2023] SGCA 32 (Ascentra) has drawn a line in the sand in the Singapore court's interpretation of the UNCITRAL Model Law on Cross-Border Insolvency (UNCITRAL Model...more

Goodwin

A Brief Defense of COMI

Goodwin on

For a foreign proceeding to be recognized under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”) and its offspring, chapter 15 of the Bankruptcy Code, the foreign proceeding must be either a foreign main...more

Latham & Watkins LLP

UK Government to Implement UNCITRAL Model Law on Enterprise Group Insolvency

Latham & Watkins LLP on

The model law aims to maximise group-wide recoveries in an insolvency through cooperation and efficient administration. The UK government has announced its intention to legislate to implement the UNCITRAL Model Law on...more

Hogan Lovells

Hong Kong and mainland China agree new co-operation mechanism for cross-border insolvency

Hogan Lovells on

Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency. Under the agreement, liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong...more

Hogan Lovells

Landmark order recognizes Hong Kong insolvency proceedings in Singapore

Hogan Lovells on

The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model...more

Hogan Lovells

A welcome red packet – Hong Kong court recognises mainland Chinese administrators for first time

Hogan Lovells on

Just in time for Chinese New Year, a Hong Kong court has taken a major step forward in the developing law on cross-border insolvency by recognising a mainland Chinese liquidation for the first time. ...more

Hogan Lovells

First English Scheme of Arrangement Recognised in Canada under the CCAA

Hogan Lovells on

In a recent decision, the Ontario Superior Court of Justice recognised the English law schemes of arrangement of the Syncreon group under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA“). ...more

Jones Day

Delaware Bankruptcy Court Adopts Interim Modalities for Court Communication in Cross-Border Bankruptcies

Jones Day on

After discussions among judges from several jurisdictions, including Argentina, Australia, Bermuda, the British Virgin Islands, Canada, the Cayman Islands, England and Wales, Singapore, and the United States, at the initial...more

Shumaker, Loop & Kendrick, LLP

Cross-Border Insolvency: English High Court ruling impacts Delaware Chapter 11 case

David Conaway reports on a ruling by the English High Court in late 2018 that impacted the US Chapter 11 proceedings in Delaware. Originally published in Eurofenix, Spring 2019. ...more

White & Case LLP

Africa Focus: Spring 2019 - World Bank report highlights successes in Africa

White & Case LLP on

Countries make strides by streamlining regulations across 11 key areas - The World Bank's annual Ease of Doing Business report assesses countries' regulatory environments and includes an "ease of doing business" ranking that...more

Jones Day

English Court of Appeal Upholds "The Gibbs Rule"

Jones Day on

The Situation: In Bakhshiyeva v Sberbank of Russia, a debtor sought to restructure English law-governed debts pursuant to an Azerbaijani restructuring proceeding. In order to prevent certain dissenting creditors from...more

Jones Day

New UNCITRAL Model Law on the Recognition and Enforcement of Insolvency-Related Judgments

Jones Day on

On September 18, 2018, the United Nations Commission on International Trade Law ("UNCITRAL") published its final version of the new Model Law on the Recognition and Enforcement of Insolvency-Related Judgments (the "IRJ Model...more

Jones Day

Chapter 15 Update: U.S. Venue Selection Clause Does Not Trump Distribution Scheme in Italian Restructuring Plan

Jones Day on

In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more

Jones Day

Singapore, Delaware, and New York Courts Adopt Cross-Border Insolvency Cooperation Guidelines

Jones Day on

The Action: Courts in Singapore and the states of New York and Delaware have formally implemented Guidelines for Communication and Cooperation between Courts in Cross-border Insolvency Matters....more

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