Zone of Insolvency

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Category Archives: Latin America

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2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US

This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group).

COVID-19 continues to present a variety of unique challenges for insolvency regulators and lawmakers worldwide. In March 2020, closing borders and widespread uncertainty underscored a crisis, prompting authorities around the world to devise and rapidly roll out measures designed to shield businesses, financial institutions and individuals against … Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q3 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.

In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia.

Also, we are pleased to announce the appointment of our partner, Scott Atkins, to the role of President of INSOL International.

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Scott Atkins appointed President of INSOL International

Posted in Australia, Canada, Europe, Latin America, Singapore, UK

INSOL International is delighted to announce that Norton Rose Fulbright’s Scott Atkins has been appointed INSOL President, succeeding Julie Hertzberg.

An INSOL Fellow, having been part of the inaugural class in 2008, Scott has been heavily involved with INSOL for almost 15 years, and a Board member since 2014. Scott was a driving force behind INSOL’s Taskforce 2021 and its initiatives which included the establishment of a physical presence in the Asia Pacific region; the launch of an on-line qualification; and the development of a forum for legislators and regulators to consider restructuring and insolvency matters.

Read more on Scott Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q2 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

This issue of the International Restructuring Newswire surveys recent developments in no fewer than five countries.

In the United States, on the 15th anniversary of the enactment of the Model Law on Cross-Border Insolvency as Chapter 15, we present our annual survey of new case law in the US. These decisions have far-reaching influence in the more than 50 countries that have enacted the Model Law.

In Canada, we look at developments in the use of a corporate “arrangement ” as an alternative to the CCAA insolvency regime.

Recent developments in new restructuring laws are examined in … Continue Reading

Norton Rose Fulbright’s global insolvency chair is conference chair of INSOL International’s Latin America Virtual Seminar

Posted in Latin America, US

Latin America Virtual Seminar

Global Head of Financial Restructuring and Insolvency Howard Seife is conference chair of INSOL International’s Latin America Virtual Seminar, which will cover the latest news and developments in cross-border restructurings in Latin America.

The seminar will run over three different dates—March 4, March 11 and March 18.

INSOL International is a global federation of lawyer and accountant national associations who focus on turnaround and insolvency. With over 40 member associations with over 9,000 professionals, the organization involves over 100 countries.

Please visit the INSOL International site for more information and to register.… Continue Reading

Scheme update: fees, class composition and forum shopping in Re Codere Finance

Posted in Europe, Latin America, UK

Introduction

Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees and benefits were not so material as to fracture the single voting class of noteholders. Re Codere Finance 2 (UK) Limited) [2020] EWHC 2441 (Ch) and [2020] EWHC 2683 (Ch).

The court also considered Codere’s incorporation of a new English subsidiary and the assumption by … Continue Reading

Chapter 15 does not provide back door for appeals of confirmed foreign restructuring plans

Posted in Latin America, US

It is common for a foreign debtor with assets or other connections to the U.S. to request an order enforcing its restructuring plan in the U.S. under Chapter 15 of the Bankruptcy Code. U.S. courts will generally grant comity to a foreign plan if it has been confirmed by a foreign court with jurisdiction and enforcement of that plan in the U.S. would not prejudice the rights of U.S. citizens or otherwise violate domestic public policy. Resolution of all appeals in the foreign jurisdiction is not a pre-requisite to enforcement of that plan by  the U.S. court under Chapter 15. … Continue Reading

Lenders Beware: Diligence Needed to Protect that Guarantee Claim From Substantive Consolidation in Bankruptcy

Posted in Latin America, US

Last month, the Bankruptcy Court for the Southern District Of New York overruled an objection to proposed substantive consolidation provisions included in the plan of reorganization for Republic Airways Holdings Inc. See In re Republic Airways Holdings Inc., 565 B.R. 710 (Bankr S.D.N.Y. 2017). The bankruptcy court’s ruling provides a good refresher on the requirements of substantive consolidation in the Second Circuit. More importantly, the decision shows the importance that diligence plays not only at the time a lender/creditor enters into a transaction with its borrower, but also later on if both the borrower and the borrower’s guarantor end … Continue Reading