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Insolvency

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In Insolvency

Subordination of claims filed by affiliates/owners against a debtor as an instrument to prevent controlled insolvencies in Russia

by and 8 Mins Read

1. Introduction As in other jurisdictions, Russia’s insolvency legislation is based on the pari passu principle. However, this principle is subject to certain exceptions, specifically with respect to shareholders and other non-arm’s length creditors, such as the controlling persons of an insolvent company (“Affiliated Creditors”). In practice, Affiliated Creditors use other instruments (e.g. loans, intergroup supplies etc.) to have their claims listed in the creditors’ register of an insolvent company. First, this enables such creditors…

In Insolvency

China and Hong Kong: Mainland and Hong Kong agree framework for mutual judicial recognition and assistance in corporate insolvency and debt restructuring

by and 7 Mins Read

In brief On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring. Under the Framework: A Mainland bankruptcy administrator may apply to the Hong Kong High Court for recognition of and assistance to Mainland bankruptcy proceedings.A Hong Kong liquidator or provisional liquidator may apply to the Intermediate People’s Court at a designated pilot area for recognition of and…

In Europe

The new Consolidated Insolvency Act and its Impact on D&O and PI Policies

by 1 Min Read

D&O and PI policies will have to account for the increased level of liabilities, which the new Consolidated Insolvency Act – entering into force on 15 August 2020 – will create for company directors and for statutory auditors. Taking into account the creation of new liabilities upon the directors and the role and duties of statutory auditors under the law, including ensuring compliance by managers with the law and the company’s article of association,  it…