India’s insolvency framework has undergone a major transformation over the past decade through the Insolvency and Bankruptcy Code (IBC), 2016, which replaced a fragmented and delay-ridden system with a unified, creditor-driven and time-bound mechanism for resolving financial distress. The reform, considered one of India’s most significant financial sector overhauls, was introduced at a time when…
British used car dealership collapses into liquidation owing over £60k in debt The Sun Read the original article here
Each stage of the CIRP is strategically utilised by the accused to avoid the consequences of law and to frustrate statutory proceedings. The primary object of attachment under Section 5 of the PMLA, 2002 is to preserve and protect tainted properties from being transferred, concealed, or alienated during investigation and adjudication. However, insolvency proceedings are…
The Supreme Court has upheld an order of the National Company Law Appellate Tribunal (NCLAT) setting aside insolvency proceedings initiated against KLSR Infratech Limited by operational creditor A.S. Met Corp Pvt. Ltd., while also endorsing observations that the insolvency framework appeared to have been used as a “pressure tactic” against the infrastructure company. A Bench…
The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed. Judicial…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Canada is a relatively debtor-friendly jurisdiction. Canadian insolvency legislation provides creditors and other stakeholders with broad rights, remedies and protections within a framework that enables financially distressed debtors to remain in possession of their assets and restructure their affairs…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Austria is generally considered a creditor-friendly jurisdiction and strikes a relatively balanced position on the debtor-creditor spectrum. On the one hand, creditors benefit from a well-structured and predictable insolvency framework, strong enforcement rights, and a high degree of transparency.…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Law No. 37 of 2004 on Bankruptcy and Delay of Payments (“Law 37/2004”) emphasises creditors’ rights over debtors and demonstrates that Indonesia can be seen as a creditor-friendly jurisdiction. While there are some limitations on the options that might…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Traditionally, the Dutch jurisdiction was predominantly creditor friendly. The Dutch Bankruptcy Act (“DBA”) primarily aimed to satisfy creditors, rather than providing debtors with a reorganisation mechanism. However, the introduction of the Act on confirmation of private restructuring plans (Wet…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Having undergone a severe economic crisis during the decade 2010–2020, Greece can now be said to possess a mature and practically tested framework for dealing with insolvency situations. Greek law, through Law 4738/2020 “Debt Settlement and Provision of a…