International law firm Addleshaw Goddard has recruited insolvency litigation specialist Sophia Harrison as a Partner in Restructuring, focusing on its insolvency dispute resolution (IDR) practice. Sophia is dual qualified in England & Wales as a barrister and in Scotland as a solicitor. She has a UK-wide practice focusing on corporate insolvency litigation, asset recovery and…
Construction Contracts and the Corporate Insolvency and Governance Act 2020 Herbert Smith Freehills Read the original article here
On August 31, 2022, Part V of the Cayman Islands Companies Act (the “Companies Act”) was amended to introduce the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition” (the “RO Regime”). The RO Regime was largely intended to replace the pre-existing restructuring framework by way of ‘light touch’ provisional liquidation (the…
In a significant relief for distressed homebuyers, resolution professionals can now hand over possession of plots, apartments, or buildings during the insolvency process, provided all obligations are met and the committee of creditors (CoC) approves. This will prevent prolonged delays in property handovers. This was part of several key amendments introduced by the Insolvency and…
Germany records highest company insolvencies since financial crisis Reuters.com Read the original article here
In a major step toward improving the insolvency resolution framework, the Insolvency and Bankruptcy Board of India (IBBI) has proposed a mechanism for better coordination of the Corporate Insolvency Resolution Process (CIRP) for interconnected entities. A discussion paper released by the regulator highlights the inefficiencies, escalated costs and conflicts arising from the absence of a…
A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the…
The Delhi High Court recently quashed criminal proceedings against Bhushan Power & Steel Limited (BPSL) in relation to a complaint filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002 (PMLA) in view of Section 32A of the Insolvency and Bankruptcy Code (IBC). Noting that BPSL underwent a successful resolution under…
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NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing. The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing…