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Ogier | Cayman Islands | 23 Sep 2021

Grand Court confirms test for liquidator independence

The Grand Court has recently provided helpful clarification as to the appropriate test to be applied when a dispute arises over the identity of the insolvency practitioners proposed to be appointed by a creditor or the company. The Court confirmed the three-stage test for determining independence and that when applying the test, significant weight should be afforded to the creditors' views....
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Shardul Amarchand Mangaldas & Co | India | 10 Sep 2021

Five-year journey of IBC

In 2015 the Bankruptcy Law Reform Committee proposed an overhaul and streamlining of insolvency law, which led to the enactment of the Insolvency and Bankruptcy Code 2016, with the twofold objective of time-bound insolvency resolution and value maximisation. However, the past five years have not been easy for stakeholders – huge haircuts for lenders and severely prolonged corporate insolvency......
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Clasis Law | India | 7 Sep 2021

Supreme Court holds that "financial debt" under IBC includes an interest-free loan

In a recent judgment, the Supreme Court clarified that a "financial debt" would include an interest-free loan advanced to finance the business operations of a corporate body. The Court held that having regards to the aims, objects and scheme of the Insolvency and Bankruptcy Code, there is no discernible reason why a term loan to meet the financial requirements of a corporate debtor for its......
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AKD | Netherlands | 30 Jul 2021

Facing predicted flow of bankruptcies

Although it has been reported that the number of bankruptcies in the Netherlands continues to decline, some experts predict a wave of bankruptcies once the covid-19 pandemic comes to an end and state aid is withdrawn. When faced with the bankruptcy of a company it can be important to act quickly and appropriately to safeguard the affected party's interests. This article describes a number of......
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Ogier | Guernsey | 16 Jul 2021

Guernsey cross-border insolvency: assisting foreign insolvency office holders

Guernsey is a jurisdiction that is used to dealing with cross-border issues and has developed practical tools to assist foreign office holders in collecting in assets located in Guernsey or interviewing former directors of companies in an insolvency process. Guernsey can help these foreign office holders using section 426 of the Insolvency Act 1986 or the common law.
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Ogier | Cayman Islands | 10 Jun 2021

Grand Court strikes out creditor's winding-up petition and comments on relationship with arbitration clauses

The Grand Court recently struck out a winding-up petition presented against Grand State Investments Limited by a shareholder claiming a debt on the ground that the alleged debt was disputed on bona fide and substantial grounds. In addition, the court went on to hold that, had the petition not been struck out, it would have been stayed anyway in favour of arbitration.
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Ogier | Cayman Islands | 3 Jun 2021

Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?

Previously, it was generally understood that the Cayman approach to claims against companies in liquidation followed the English position on the issue of limitation – that is, the limitation period ceased to run once the company went into liquidation, with some exceptions. However, the Grand Court recently challenged this assumption and reinterpreted the principles from the English......
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Augusta Abogados | Spain | 21 May 2021

Composition of active mass: practical guidance on inventory of good and rights

Under Article 198 et seq of the Consolidated Text of the Bankruptcy Law, the bankruptcy administration must prepare an inventory of the insolvent party's assets and rights, including their value, by the end of the day immediately preceding the day on which it presents its report. This article provides practical guidance on the inventory of goods and rights, including with respect to expert......
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Augusta Abogados | Spain | 14 May 2021

Composition of active mass: valuation of goods and rights

Under the Consolidated Text of the Bankruptcy Law, the bankruptcy administration must prepare an inventory of an insolvent party's assets and rights, including their value, by the end of the day immediately preceding the day on which it presents its report. This article discusses the valuation of goods and rights included in the inventory.
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Luther Rechtsanwaltsgesellschaft | Luxembourg | 7 May 2021

Insolvency proceedings: what are the options?

The Supreme Court recently reconfirmed that a liquidated company is deemed to survive passively for a period of five years further to the publication of the closure of the liquidation in the Luxembourg Trade and Companies Register. This allows the company's creditors to introduce a legal action against it. In the current COVID-19 context, this decision highlights that a liquidation does not......
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