Verona, Italy

New Restructuring EU Directive

By Dr Claudio Ceradini, SLT Strategy Legal Tax

Something new is on the horizon from the European Commission concerning restructuring plans. One of the most interesting pieces of news, but not the only one, from EU Directive 2019/1023 published in the Offcial Journal of the European Union on 26 June 2019, is that absolute priority rule does not seem to be an unbreakable taboo any longer.

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main building of Beverly Hills city hall

Substantive Consolidation, its Application, and the Authority

By Byron Moldo, Ervin Cohen & Jessup LLP

The administration of a receivership or bankruptcy case in the US may include one or more entities. While there may only be one company that is the subject of the case at the inception, a body of law has developed which permits courts, in appropriate circumstances, to include other entities in the case administration for the benefit of creditors. The balance of this article summarises the concept of substantive consolidation, its application, and the authority.

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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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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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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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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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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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