Zone of Insolvency

Zone of Insolvency

Tag Archives: Limited Liability Company

Will Singapore become an international center of debt restructuring?

Posted in Australia

Singapore has set its sights on becoming an “International Center for Debt Restructuring”, approaching the status of London and New York.

Key to achieving that goal, in 2017 Singapore enacted the Companies (Amendment) Act 2017 which effected major legislative changes to restructuring provisions of the Singapore Companies Act (Cap 50) 2006 (referred to hereafter as the “Companies Act”). That legislation has been followed by further reforms with the passage of the Insolvency, Restructuring and Dissolution Act 2018 (which passed parliament on 1 October 2018).… Continue Reading

Only Authorized Debtors Allowed

Posted in US

On September 30, 2013, the Bankruptcy Court for the Eastern District of North Carolina provided a succinct reminder of how important it is to carefully draft, and then comply with, the terms of a limited liability company’s operating agreement.  In a short decision, the court dismissed the bankruptcy filing of a limited liability company because the LLC’s management failed to comply with the LLC’s operating agreement’s terms in seeking bankruptcy relief. The court held that the bankruptcy filing was not properly authorized by the operating agreement and therefore invalid.

While the Bankruptcy Code identifies which entities are eligible to file … Continue Reading