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Debt Restructuring Cross-Border Commercial Bankruptcy

Jones Day

New York Bankruptcy Court Recognizes English Scheme of Arrangement Proceeding Under Chapter 15 Despite Concerns of Improper COMI...

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Approaching its 20-year anniversary, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool for facilitating cross-border bankruptcy and insolvency cases. As foreign debtors have increasingly relied on chapter...more

Pillsbury Winthrop Shaw Pittman LLP

Recent Decision Holds Bankruptcy Courts May Independently Grant Nonconsensual Third-Party Releases to Enforce Foreign...

On April 21, 2025, Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in In re Odebrecht Engenharia e Construção S.A., Case No. 25-10482 (MG), addressing...more

Hogan Lovells

Restructuring & Special Situations 2022 Year in Review Key insolvency decisions in Hong Kong and the People’s Republic of China

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2022 has been a year which has seen significant developments in court-led corporate rescue and insolvency law reform in Hong Kong. In light of the lingering COVID19 pandemic, it was all the more important that the Hong Kong...more

Latham & Watkins LLP

Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt

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Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has highlighted an important...more

Hogan Lovells

PRC court makes first recognition order under new Hong Kong – PRC insolvency arrangement

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In a significant decision, the Shenzhen Intermediate People's Court (Shenzhen court) has ordered formal recognition in the mainland for Hong Kong appointed liquidators. This is the first occasion on which a mainland court has...more

Latham & Watkins LLP

Restructuring and Insolvency in Hong Kong

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In Hong Kong, the statutory framework for regulating the affairs of insolvent companies is found in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the “C(WUMP)O”) and the Companies (Winding Up)...more

Akin Gump Strauss Hauer & Feld LLP

Recognition of Hong Kong Insolvency Proceedings in Mainland China – A Test Case in the Making?

In Re Ando Credit Limited [2020] HKCFI 2775 (“Re Ando”), the Hong Kong Companies Court recently appointed provisional liquidators over a Hong Kong company, Ando Credit Limited, in novel circumstances with potentially...more

Jackson Walker

Chapter 15 Bankruptcy Issues, Venue, and Jurisdiction by Kristhy Peguero and Jennifer Wertz

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Many of us have a basic understanding of U.S. bankruptcy filings under chapters 7, 11, and 13, but we may not know very much about chapter 15. Jackson Walker Bankruptcy, Restructuring, & Recovery attorneys Kristhy Peguero and...more

Jones Day

Business Restructuring Review - September 2019

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Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision - In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of...more

Patterson Belknap Webb & Tyler LLP

SDNY Bankruptcy Court Reaffirms the Low Bar of the Property Requirement for Filing a Chapter 15 Case

Last year, we discussed a decision by Judge Sean Lane of the United States Bankruptcy Court for the Southern District of New York concerning section 109(a) of the Bankruptcy Code. In a recent cross-border case, In re PT...more

White & Case LLP

Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium

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A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia...more

Katten Muchin Rosenman LLP

The Rule in Gibbs – An End to Creditor Protection? - Bakhshiyeva v Sberbank of Russia [2018] EWHC 59 (Ch)

What Is the "Rule in Gibbs"? The rule in Gibbs is a long-established common law principle in which the Court of Appeal determined that a debt governed by English law cannot be discharged or compromised by a foreign...more

Hogan Lovells

Adoption of new Annexes A and B to the Recast Insolvency Regulation

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Substantial reforms to Regulation (EC) 1346/2000 on insolvency proceedings were made under Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Recast Insolvency Regulation“).  The Recast...more

Jones Day

The Year in Bankruptcy: 2017

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The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

Jones Day

Cross-Border Bankruptcy Update: COMI Migration and Illegitimate COMI Manipulation Distinguished

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With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more

Hogan Lovells

Court permits strategic transfer of Center of Main Interests (COMI) in Chapter 15 Case

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The bankruptcy court in In re Ocean Rig UDW Inc., 17-10736 (Bankr. S.D.N.Y. Aug. 24, 2017) determined that a decision by an offshore drilling company from the Republic of the Marshall Islands (RMI) to shift its Center of...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

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On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

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