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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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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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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Effects on Spanish insolvency proceedings

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.

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Toronto, Canada

The Plight of Creditors: A Step in the Right Direction

By Carrie Kennedy, Devry Smith Frank LLP

The Supreme Court of Canada (SCC) recently overturned the Ontario Court of Appeal’s decision which ranked individual privacy rights over judgment creditors’ rights relating to sheriff sales of a debtor’s property. A sheriff needs a current mortgage statement before conducting a sheriff sale. Mortgagees, believing mortgage statements were protected by privacy legislation, refused to produce them.

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