Law

Brooklyn Bridge, New York City

Chapter 15: Court Permits Foreign Debtors to Access and Transfer Funds in a US Account

By Leslie A. Berkoff, Moritt Hock & Hamroff LLP

On 29 January 2019, Judge Martin Glenn, of the Southern District of New York (SDNY) Bankruptcy Court, in the case of ENNIA Caribe Holding, NY, issued a decision regarding a case pending in Curaçao involving the largest insurance company in Curaçao and St. Maarten. The underlying case was originally filed in 2018 by the Central Bank of Curaçao and St. Marten in Curaçao.

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Law

New Bankruptcy Law in Bosnia & Herzegovina

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.

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Law

Insolvency & Bankruptcy Code – Doing Business in India for Foreign Trade Creditors

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.

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Law

Budapest

Liability of the Managers and the Members in the Liquidation Procedure

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.

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Law

Entrepreneurs

EU Proposal for a new Preventive Restructuring Framework (‘Restructuring Directive’)

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.

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Law

Limerick city Ireland

Ireland as a Gateway to European Insolvency post Brexit

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.

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Law

New Delhi, India

The Insolvency Code is Reformed in India

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.

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