Recognition

A balancing Act: the UK’s new corporate insolvency and governance law

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

English court clarifies recognition application powers

An English court has refused to set aside the recognition of a Hong Kong bankruptcy, finding for the first time that it could retroactively sanction the service of a recognition application in another jurisdiction.

11 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Thai Airways’ bankruptcy recognised in Australia

An Australian court has recognised Thai Airways’ rehabilitation proceedings – the first Thai bankruptcy to be recognised in the jurisdiction – while another recognition application is also pending in Japan.

09 September 2020

Europe Column: the future of cross-border insolvency protocols

Bob Wessels and Ilya Kokorin discuss their recent detailed study on the role of insolvency protocols in restructuring and insolvency law.

09 September 2020

Hong Kong court urges consistency in recognition requests

A Hong Kong court has recognised the Bermudian “soft-touch” provisional liquidations of a metals company and a commodities trader, but has asked for consistency from foreign officeholders and courts seeking assistance.

08 September 2020

IWG’s Canadian arms win creditor protection

The Canadian arms of Swiss-headquartered office space provider International Workplace Group (IWG) have won interim CCAA protection, after concerns that Chapter 11 proceedings filed by the group last month may have led to a technical default on several of its Canadian leases.

08 September 2020

First times for Virgin in courts

In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.

04 September 2020

Singapore appeal court reverses Indonesian recognition

Singapore’s Court of Appeal has set aside the recognition of four Indonesian personal bankruptcies, finding the bankruptcy orders were made in “breach of natural justice”.

28 August 2020

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