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Clasis Law | India | 6 Jul 2021

Balance and security confirmation letters sufficient acknowledgement of debt

An appeals tribunal in Chennai recently ruled that balance and security confirmation letters amount to a valid acknowledgement of debt under section 18 of the Limitation Act 1963 for initiating insolvency proceedings. The acknowledgement of debt by and on behalf of the corporate debtor extended the period of limitation for filing a section 7 application under the Insolvency and Bankruptcy......
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Cliffe Dekker Hofmeyr | South Africa | 29 Mar 2019

Deducting interest for debt incurred during acquisition of shares

It has always been a contentious issue whether a purchaser of shares can claim a deduction for the interest that it incurs on monies borrowed to acquire the shares. The legislature intervened by introducing Section 240 of the Income Tax Act, which allows purchasers to deduct interest for a debt that is used to fund the acquisition of shares in certain circumstances. However, the target must......
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ABNR | Indonesia | 22 Mar 2019

New Bank Indonesia regulation on prudential rules for offshore debt and FX-denominated liabilities

Bank Indonesia recently issued an umbrella regulation on the application of prudential norms. As with the now revoked Regulation on Offshore Loans in the Banking Sector (as amended), Regulation 21 stresses the importance of compliance with prudential norms for maintaining macroeconomic and financial system stability. However, while the previous regulation's scope was confined to offshore bank......
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Freshfields Bruckhaus Deringer | France, USA | 31 Jan 2019

Paris Court of Appeal may revisit definition of 'investment' under Energy Charter Treaty

The US District Court for the District of Columbia recently lifted a stay of proceedings to confirm an award issued by an ad hoc tribunal in Paris under the Energy Charter Treaty. The district court noted that the French Court of Cassation had overturned a decision of the Paris Court of Appeal setting aside the award. This article revisits the relevant facts and issues that gave rise to the......
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AG Erotocritou LLC | Cyprus | 4 Jan 2019

Schemes of arrangement and recent statutory amendments

Schemes of arrangement have advantages over other insolvency procedures. For example, they offer a flexible, operational, creative and simple mechanism for restructuring debt and allow companies in financial distress to continue as going concerns. Recent statutory amendments have reduced the required statutory threshold for approving a scheme of arrangement and eliminated the requirement to......
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Pitkowitz & Partners | Austria | 21 Dec 2018

Avoidance of overdraft payments due to preferential treatment

The Insolvency Act provides insolvency administrators with an abundance of tools to challenge any actions committed by a debtor during a crucial period prior to the opening of insolvency proceedings. Two recent Supreme Court decisions summarise the existing judicature and further clarify the elements of avoidance due to preferential treatment.
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Cliffe Dekker Hofmeyr | South Africa | 14 Dec 2018

Good news for lenders? Further proposed amendments to doubtful debt provisions

The National Treasury and the South African Revenue Service recently appeared before Parliament's Standing Committee on Finance to provide it with a further update regarding some of the proposals contained in the draft Taxation Laws Amendment Bill published earlier in 2018. These amendments will come into force once the bill has been passed by Parliament, signed by the president and published......
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ALTIUS | Belgium | 7 Dec 2018

Effects of bankruptcy on spouses' personal debts

The former Bankruptcy Statute of 1997 included a principle that a natural person could be discharged of their remaining and outstanding debts – a so-called 'waiver' – at the moment of a bankruptcy's closure. The discharge's beneficial effects were extended to the bankrupt person's spouse. However, for bankruptcies that have happened since 1 May 2018, and so fall under the new legal framework,......
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HPP Attorneys Ltd | Finland | 30 Nov 2018

Security value of floating charge in restructuring – latest precedent

In January 2015 two Supreme Court precedents indicated that assets subject to floating charges should be valued at their feasible liquidation value; however, under these precedents, the valuation terms were somewhat ambiguous and certain liquidation costs remained undetermined. The court's latest precedent addresses the equal treatment of creditors in both restructuring and bankruptcy......
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Advokatfirmaet Grette AS | Norway | 2 Nov 2018

FSAN publishes draft regulation on prudent consumer lending practices

In 2017 the Financial Supervisory Authority of Norway (FSAN) published guidelines on prudent consumer lending practices. However, in order to strengthen the FSAN's ability to ensure that the 2017 guidelines are actually implemented, it has now proposed that they be converted into a regulation. This would make it easier for the FSAN to impose penalties on institutions that fail to comply with......
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