Introduction

The Corporate Insolvency and Governance Act 2020 (the “Act”) came into force in June 2020. It introduced a number of temporary and permanent measures to restructuring and insolvency law which will affect creditors’ rights in the UK. The overarching objective of the Act is to promote the rescue of companies in financial difficulties by introducing a new “moratorium” procedure, a new “restructuring plan” procedure and new rules prohibiting the termination of contracts for the supply of goods and services by reason of insolvency (so called “ipso facto” clauses). The Act represents the biggest change to insolvency legislation in 20 years and has implications for:

• Supply chains
• Construction…

German insurers are bracing themselves for significantly more payment defaults in the economic downturn and expect a noticeable increase in company insolvencies in 2024 and 2025.

Trade credit and surety insurers will have to cover losses of almost one…

(Bloomberg) — Thailand unveiled a fresh set of debt-relief measures to cover millions of retail borrowers and small businesses struggling to repay loans, the latest bid by authorities to tackle the highest level of household debt in Southeast Asia.

An estimated 1.9 million debtors with about 890 billion baht of sticky loans ($26 billion) taken to purchase houses and automobiles and finance small and medium businesses from commercial banks and state financial institutions will be eligible for interest suspension for three years, Finance Ministry and Bank of Thailand officials said at a briefing Wednesday. They will also be offered a reduction in instalments of principal to ease the overall debt burden, they said.

The reprieve for…

Elon Musk, world’s richest man, wrote on X that Microsoft co-founder Bill Gates might face bankruptcy if Tesla becomes “the world’s most valuable company by far,” escalating their long-running dispute over Gates’ short position in the electric vehicle maker. The statement by Musk came as Tesla’s market capitalization stands at $1.251 trillion, still significantly behind Apple In at $3.729 trillion. To achieve the top position, Tesla would need to grow by nearly 200%.

In the post on X, formerly known as Twitter, Musk wrote “If Tesla does become the world’s most valuable company by far, that short position will bankrupt even Bill Gates”.

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MUMBAI: The Bombay High Court quashed an Enforcement Directorate (ED) case under the Prevention of Money Laundering Act (PMLA) filed against V Hotels, owner of Tulip Star, formerly the iconic Centaur Hotel in Juhu, and its April attachment of the hotel’s 12 properties across Juhu and Malad, Mumbai. A day before a bankruptcy court approved a builder’s acquisition of the debtor, V Hotels Ltd, the ED sought to provisionally attach the properties.
The High Court, in a recent judgment, held that once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC) and a change in the company’s management is effective, the property of the corporate debtor would also get immunity from further prosecution of proceedings. Once…