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…
Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Ireland’s insolvency and restructuring regime is generally regarded to be creditor-friendly with well-established and flexible remedies available to pursue delinquent debtors through enforcement of security, judgment proceedings and/or a petition to wind-up. However, the Irish Courts seek to protect…
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…
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? 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? 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? 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…
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An Irish couple is facing the loss of €26,000 after a wedding planner in the Canary Islands closed her business amid claims of insolvency. Sorcha McManigan and Alan Kent were due to marry in Tenerife in September, after planning their wedding for nearly two years. The Dublin couple had taken multiple trips to meet the…