By Željko Vlačić, SAJIC
Bosnia & Herzegovina is a state composed of two entities, the Republic of Srpska and the Federation of Bosnia & Herzegovina, each of which has its executive, judicial and legislative power, i.e. separate legislation and laws that are not timely synchronised in both entities, although in 95% of cases those laws provide the same legal solutions.
By Adityar Kumar, Ashwani & Associates
The right of foreign creditors to participate in the winding up of Indian companies is well recognised by the Indian Judiciary. As early as 1961, the Supreme Court of India, in Rajah of Vizianagaram (AIR 1962 SC 500), clarified that foreign creditors have the same right as Indian creditors in winding up proceedings under Indian law. However, considering the immense litigation already pending in courts, it would take almost four to five years for creditors (both domestic and foreign) to be able to recover anything from the company.
By Carrie Kennedy, Devry Smith Frank LLP
Your judgment debtor has moved to Canada and has assets there. How do you enforce your monetary judgment against them?
By Stuart A. Laven, Jr. and Yao Liu, Cavitch Familo & Durkin LPA
The continuing upward trend in US bankruptcy filings by ‘brick and mortar’ retailers has significantly impacted non-US suppliers, especially those in China and other apparel/textile manufacturing centres in Southeast Asia.
By Dr Attila Kovács, Kovács Réti Szegheõ Attorneys at Law
According to the modification of the Liquidation Act that comes into effect on 1 July, it will no longer be possible to initiate a direct condemnation procedure against the managers. As a first step, the creditor or the liquidator (in the name of the debtor company) has to ask the court to establish the liability of the managers. Bringing action for condemnation is only possible in the possession of a judgement stating the liability.
By Mario Kapp and Raffaela Lödl, KAPP & PARTNER Rechtsanwälte GmbH
On 22 November 2016, the European Commission announced as part of its single market strategy a proposal for a new directive whose main aim is to focus on effective preventive restructuring frameworks across Europe.(1) It is furthermore intended that honest entrepreneurs get a second chance and beyond to make insolvency proceedings more efficient.
By Tom Murray, Friel Stafford Chartered Accountants
Currently, insolvency proceedings amongst member states of the European Union (‘EU’) (excluding Denmark) are subject to Regulation on Insolvency Proceedings 1346/2000. The regulation imposes a regime for dealing with the insolvency of companies and individuals with assets and corporate affairs in more than one EU member country and in this respect it introduced a set of rules on the jurisdiction to open and the recognition of insolvency proceedings across the EU.
By Raffaela Lödl and Mario Kapp, KAPP & PARTNER Rechtsanwälte GmbH
Increasing the amount of successful corporate reorganisations and enabling the continuation of business operations during the financial crisis were the main reasons for reforming the insolvency law back in 2010.
By Aditya Kumar, Ashwani & Associates, Chartered Accountants
While the banking regulations in India were providing various restructuring mechanisms to address the mounting debt problem, ranging from CDR, SDR or the Scheme for Sustainable Restructuring, the Government has enacted the Insolvency & Bankruptcy Code in line with what exists in most developed countries.
By Leticia Lozano, Dr. Frühbeck Abogados, S.L.P.
Once an insolvency proceeding has been published in the Spanish State Official Gazette (Boletín Oficial del Estado), creditors are granted one month to file their respective claim.
