本期通讯

  • Are gift card holders receiving better treatment in situations of insolvency?
    21 DEC 2015

    While the purchaser or holder of a gift card does not always lose out entirely in a retailer insolvency situation, high-profile retail insolvencies in the UK and the US over the last few years have put the treatment of gift card holders under the spotlight.

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  • Institutionalizing secured lending to SMEs - A key to growth of the economy in the African region
    21 DEC 2015

    Several countries in Africa have made significant progress in making their systems more efficient by revamping their system of recording security interests in movable assets and creating a meaningful non-judicial enforcement mechanism.

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  • LMA syndicated loans - Separate and independent rights for lenders
    21 DEC 2015

    In the recent Hong Kong Court of First Instance case Charmway Hong Kong Investment v Fortunesea (Cayman) Ltd & Ors [2015] HKCU 171, the court considered whether an individual lender has the right under a syndicated credit agreement to take action directly against members of the obligor group (including petitioning for winding-up) independently of the other lenders. The case and the market response is of interest to majority and minority creditors in syndicated structures in understanding the extent of their basic rights to pursue the debt owed by the obligors.

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  • Pro-business reform of Polish Bankruptcy Law – January 2016
    21 DEC 2015

    The new year will bring tremendous changes to the Polish insolvency regime as significant amendments to the Bankruptcy and Recovery Law (Journal of Laws 2015, No. 233, uniform text) come into force on 1 January 2016. The aim of the New Bankruptcy Law is to make existing legal instruments more effective and to help business entities survive financial stress or distress.

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  • The rise of the phoenix, the regulators' response and proposed reforms
    21 DEC 2015

    Illegal phoenix activity broadly involves the transfer of assets between related companies to intentionally evade creditors. In October 2015 a comprehensive report in respect of the incidence, cost and enforcement of illegal phoenix activity was released by the Melbourne Law School and Monash Business School in Australia providing lawmakers and regulators with highly sought after data to assist them tackle illegal phoenix activity across Australia.

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  • More restructurings in 2016? Absolutely
    21 DEC 2015

    Andrew J. Hinkelman, Senior Managing Director at FTI Consulting, gives his prognosis on restructurings and workouts in 2016 as a result of the challenges of slowing global growth, depressed commodity prices, disrupted business models and less accommodative credit markets.

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