1 Comparing the corporate insolvency framework: UK, Singapore and India Anjali Sharma, Rajeswari Sengupta May 15, 2015
2 Part I What drives optimal insolvency law design
3 What is optimal design? Insolvency laws in various countries differ substantially in many respects. The variation reflects the underlying differences in: Economic and institutional conditions including legal tradition; Path dependency of economic and institutional development; and Political economy factors. While the law deals with firms that are already insolvent, it affects the behaviour of all debtors and creditors in the economy. There is no generally applicable best solution.
4 Objectives and outcomes Theoretical underpinning: Creditors wealth maximisation and the creditors bargain (Jackson) German Insolvency Law. Broad based contractarian approach (Korobkin) The US Insolvency Law. Multiple values/eclectic approach (Warren) Choice of objectives determines design and outcomes. For multiple objectives, priority of objectives needs to be stated. Measures of evaluation: efficiency, expertise, accountability and fairness.
5 Central questions in insolvency Central questions in insolvency: 1 Control who makes the critical decisions and with what level of discretion. 2 Priority order of distribution of assets as a matter of substantive law. There exists a trade off between ex post and ex ante efficiency.
6 Objectives of insolvency law (Warren, 1993) 1 To maximise return to creditor by enhancing value of failing debtor. Early recognition of distress and collective action. Value as going concern versus in liquidation. Preserving value of insolvency estate. Dealing with frivolous petitions. 2 To distribute value, as far as possible, in the pre-insolvency order of claims. Priority. Equitable treatment of similar creditors. Rights of creditors that do not have legal claims to assets. 3 To internalise the costs of the business failure to parties to the process. Minimising externalisation. Decision making by experts and concerned parties rather than courts. Costs associated with public goods, courts, regulatory and information systems. 4 Reducing strategic behaviour. Liability for frivolous/fraudulent behaviour or not taking suitable actions in discharge of duties.
7 Resolution outcomes Rescue: Methods reorganisation, restructuring, refinance, downsizing, partial sell-offs, management buy-outs, debt equity swaps, take overs. Informal vs. formal. If not initiated early, may just be a step before liquidation. Require expert judgment of viability and rescue possibility. Liquidation: Methods sale of business or assets followed by winding up. Distribution of proceeds according to a pre-defined priority. The design of the priority impacts credit markets ex-ante. Specialised skills required for valuation and realisation.
8 Part II The UK corporate insolvency code
9 Evolution of the corporate insolvency framework Joint Stock Companies Winding up Act, Amendments in 1848, 1849 and 1857 winding up jurisdiction with Chancery Court. Formal separation of the procedures for companies and individuals. Companies Act ( ) detailed provisions for winding up and pari passu distribution. Several provisions of various Bankruptcy Acts such as provable debt and fraudulent prference incorporated over time. Insolvency Act, 1986 consolidated insolvency provisions for companies and repealed repealed insolvency provisions in Companies Act. Few insolvency provisions remaining in Companies Act: Provisions for safe harbors in insolvency law for financial market contracts/arrangements (Part VII). S. 754 (priority in case debentures are secured by floating charge), Pt. 25 (registration of charges) and Pt. 26 (Scehme of Arrangements and reconstructions). Amended in 2000 new provisions for company voluntary arrangement (CVA) and moratorium. Enterprise Act, 2002 replaced Administrative Receivership with Administration. Reserved part of floating charge realisations for unsecured creditor and abolished Crown preference.
10 The framework and institutional setting Legal Regulatory Professional Judicial Information Insolvency Act, 1986 Insolvency Rules, 1986 Companies Act, 2006 Banking Act, 2009 Department of Business Innovation and Skills Insolvency Service IPs R3 IP Association INSOL Bankruptcy and Companies Court Chancery Division of High Court Credit Bureaus CRAs Companies House Register Ancillary laws: - Directors Disqualification Act, Financial Services and Markets Act, Employee legislation - Pensions legislation - Human Rights Act, 1998 Advisory Insolvency Rules Committee Seven IP licensing bodies Insolvency Practices Council Joint Insolvency Committee London Gazette Insolvency Service Website Private monitoring
11 Insolvency procedures Financial distress/ Insolvency event Voluntary restructuring. No moratorium. BoD in control. Administration. Moratorium. IP appointed to manage business. Liquidation (compulsory or company voluntary) Receivership (creditors enforce security) Negotiated scheme (London Approach. No court involvement) Scheme of Arrangement (Court must agree that scheme meets minimum standard threshold) CVA (Court must agree that scheme meets minimum standard threshold) Sale of assets or sale of business Sale of assets and distribution to secured creditors Restructuring/rescue. Company continues as going concern. Company liquidated and wound up.
12 Details of procedure Objective Trigger Who can trigger Administration CVA Scheme CVL CL To hold a company CVA can be for Used by companies Winding up of an Winding up of an together while reorganising or liquidating with complex insolvent company company by order plans are made for a company capital structures through a special of the Court follow- its rescue, sale or and can be stand to reach a compromise resolution by shareing a petition. liquidation. alone or within an on debts. holders and a vote Administration or They are useful as by creditors to appoint Liquidation. Most they are binding a Liquidator. CVAs involve sale even on secured of business of the creditors. company, followed by winding up. For a QFC holder No default or insolvency No default or insol- Voluntary winding no requirement for trigger. vency trigger. actual or impending insolvency. In all other cases, court requires actual or impending insolvency to be established. Holder of a QFC or the company or its BoD by filing a notice and other prescribed documents at court. Court can also order an Administration in some cases. BoD for a stand alone CVA, Administrator or Liquidator in case CVA in within an Administration or a Liquidation. Members and creditors cannot propose a CVA. BoD in consultation with major creditors or creditors or members. up without declaration of solvency by Directors. CVA - Company voluntary arrangement; CVL - Creditor voluntary liquidation; CL - Compulsory liquidation BoD Default on an undisputed debt of GBP 750, inability to pay debts as they fall due, assets less than liabilities, application that voluntary winding up not being properly conducted. Any creditor, company, Directors, members and Administrator. All or any of these parties can petition separately or together.
13 Details of procedure Control Administration CVA Scheme CVL CL Administrator BoD. Creditors through manages the company and the Liquidator. the process. Company s BoD lose control. If Administration results in a CVA or a Scheme, the BoD is likely to regain control. If it results in a liquidation, Liquidator gets control. Role of IP As Administrator has full management powers and is required to take any actions to (1) rescue as a going concern, or (2) achieve better value than in winding up, or (3) realise property for distribution to secured and preferential creditors. Usually appointed by the BoD but responsible to creditors as a whole. BoD in case of stand alone CVA. If CVA is an outcome of Administration or Liquidation, the Administrator or Liquidator is in control. Drafting of the CVA proposal, as an intended nominee for recommending the CVA for voting, as a supervisor of the debtor s compliance with CVA terms. No requirement of an IP, unless Scheme precedes a Liquidation or is part of an Administration. In such cases IP acts as Administrator/Liquidator. As Liquidator collect and realise assets for distribution as per statutory priority. Responsible for running the company in winding up. Required to investigate causes of failure and bring to book delinquent Directors. Appointed by the company or by creditors and responsible to creditors as a whole. Court and Liquidation committee. Same as in voluntary liquidation. Initially court appointed but creditors can later appoint a private Liquidator.
14 Details of procedure Role of Court Moratorium Cram down Administration CVA Scheme CVL CL Administration application by BoD or involved apart from insolvency and Court generally not Court adjudicates a QFC holder can its supervisory role. makes an order be by filing forms for a compulsory and documents at liquidation. court. Only where unsecured creditor or company itself apply, court may consider appropriateness. Court has oversight through the Administrator. Administration can conclude without any involvement by a judge. Interim moratorium on filing of an Administration application. Moratorium continues through the process, covers all creditors and lasts for 1 year + 6 months with court approval. Company BoD apply to court for permission to propose CVA to creditors. Court cannot vary the terms of a validly approved CVA. No moratorium except for small eligible companies. Possible on dissenting creditors and members except on secured and preferential creditors. Court involvement at each stage of the approval process to ensure that procedure is complied with and is without prejudice to any stakeholder. No moratorium. Scheme binding on all creditors, including secured creditors. No automatic stay on proceedings against the company. Liquidator can apply to Court for a stay. Automatic stay on proceedings against the company except by secured creditors.
15 Creditor waterfall or priority Statutory order of priority or creditors waterfall. Applicable to both Administration and Liquidation. Proceeds from fixed charge assets net of costs of realisation to fixed charge holders. Liquidation/administration expense, including contracts entered into by them as agents, to the counterparty. Preferential debts, primarily employee dues, subject to statutory maximums. Prescribed part, up to a maximum of GBP 600,000 set aside from proceeds of floating charge assets, for unsecured creditors. Proceeds of floating charge assets net of costs of realisations to floating charge holders. Unsecured creditors. Deferred creditors pari passu. Any surplus to company/shareholders in accordance with Articles.
17 Part III The Singapore corporate insolvency framework
18 Overview The Singapore Bankruptcy Act deals with individual insolvency. Statutory provisions for insolvency of companies is in the Companies Act The provisions for companies are largely modeled on the legislative provisions of UK and Australia. The Singapore Companies Act was enacted in It was modeled on Companies Act, 1961 of Victoria, Australia. While the law is based on principles established in UK, it differs in the detail.
19 Insolvency procedures
20 Details of procedure Judicial Management Scheme Compulsory Liquidation Receivership To rehabilitate debtors Winding up of company by through a compromise order of the Court following with creditors a petition. Objective To give viable companies in financial distress a chance to rehabilitate themselves. Likely to achieve: (1) survival of company or part of it as a going concern, (2) implementation of a scheme of arrangement, or (3) a more advantageous realization of company s assets than in liquidation Trigger Company is unable to pay its debts. Who can trigger The company, its directors or its creditors. If Receiver/Manager is appointed, no order can be made. No requirement of default or insolvency. Company prepares a sample scheme and makes an application to court for a meeting ( Scheme Meeting ) of the creditors. Company is unable to pay its debts either on the basis of cash-flow test or the balance sheet test. Petitioner may also show company has failed to pay a dues in excess of SGD 10,000 on demand within 3 weeks after demand. Creditors, the company and judicial manager can petition. Discharge of debts secured by floating charge. Actual or impending insolvency. The right to appoint a receiver and manager included in security documents. A secured creditor appoints a receiver in circumstances where a company is already insolvent or nearing insolvency.
21 Details of procedure Judicial Management Scheme Compulsory Liquidation Receivership Management retains Liquidator nominated by control of business creditor, appointed by while restructuring. court has responsibility to Control Judicial Manager takes over running of company and management is displaced. JM responsible for managing business and property of company. Creditors may establish committee to monitor the process. Any revisions require approval of majority of creditors. Role of IP Preserve part or all of business as going concern. Present rescue plan to creditors, takes into custody all property and manage company s affairs according to plan. No requirement of an IP. wind up affairs of company. From time to time he needs to report to the official receiver. Creditors may form a committee of inspection. Collect assets and creditors claims. Carry on business during the proceedings. Post assessment, adjudicate claims lodged against company, realise company s assets and distribute proceeds in order of statutory priority. Receiver controls running of business. Take control of all or most of company s assets. Cannot be displaced even if company is placed under liquidation. Liquidator has to wait until receiver has completed his task.
22 Details of procedure Role of Court Moratorium Judicial Management Scheme Compulsory Liquidation Receivership Application for procedure Two fold function Court involvement in initial is presented to court which of court: ensuring stage of petition and appoints the JM if it statutory procedure order. Any disposition of is satisfied that company has been complied company s property made is unable to pay debts. with, resolutions are after commencement of Court has power to adjourn passed by requisite winding up is void without creditors meeting, majority of creditors court s sanction. allow amendments to rescue at scheme meetings plan and make interim as well as determining orders. It also extend duration that scheme is fair and of the procedure at reasonable. JM s request. Automatic and immediate moratorium. No automatic moratorium while Scheme is being proposed. Application may be made to court for stay of proceedings pending against the company. Cram down A validly approved Scheme is binding on all creditors (if requisite majority of each creditor class (simple majority in number and 75% in value) approves scheme and court confirms it). Post winding up order, automatic stay on proceedings against company unless court permits proceedings to continue. No moratorium.
23 Creditor waterfall or priority Secured creditors have priority over all other claims. Claims of creditors secured by floating charge rank behind liquidator s fees and expenses and preferential claims. The general order of payment priority: Receivers expenses. Claims secured by fixed charges. Costs and expenses of winding up. Employees remuneration and other payments due to employees. All taxes assessed before date of commencement of winding up or assessed at any time before expiration of time fixed for proving of debts. Claims secured by a floating charge. Unsecured creditors. Any surplus to company/shareholders.
24 Insolvency statistics Since its introduction in 1987, Judicial Management has not been used very successfully. From 2001 to 2010, only 124 cases were filed. A review of 105 of these cases fund that only 26% of them were successful. 48% were unsuccessful and 26% were dismissed or withdrawn. Scheme of Arrangement has emerged as the favored corporate rescue regime in Singapore. Of the cases filed between 2002 and 2009, 77% of companies for which a Scheme had been sanctioned by the court continue as going concerns.
25 Part IV World Bank indicators
26 World Bank indicators (I) Indicator India UK Singapore Time (years) Cost (% of estate) Outcome (0-sale; 1-going concern) Recovery rate (cents on dollar) Strength of insolvency framework ( ) Commencement of proceedings (0-3) Procedures available to debtor Liquidation only (0.5) Liquidation & reorganization Liquidation & reorganization (1.0) (1.0) Creditor filing for debtor s insolvency Yes, liquidation only (0.5) Yes, liquidation & reorganization (1.0) Yes, liquidation & reorganization (1.0) Basis for insolvency commencement Inability to pay debts (1.0) Inability to pay debts or financial Inability to pay debts (1.0) distress (1.0) Management of debtor s assets (0-6) Continuation of contracts supplying No (0.0) No (0.0) Yes (1.0) essential goods & services Debtor s rejection of burdensome Yes (1.0) Yes (1.0) Yes (1.0) contracts Avoidance of preferential transactions Yes (1.0) Yes (1.0) Yes (1.0) Avoidance of undervalued transactions Yes (1.0) Yes (1.0) Yes (1.0) Debtor obtaining credit post commencement No (0.0) Yes (1.0) No (0.0) Priority to post commencement No (0.0) Yes, over unsecured creditors No (0.0) credit (1.0)
27 World Bank indicators (II) Indicator India UK Singapore Reorganization proceedings (0-3) Creditors voting on plan N/A Only creditors whose rights are All creditors (0.5) affected by proposed plan (1.0) Dissenting creditors receive at least No (0.0) No (0.0) No (0.0) as much as in liquidation Creditor class-based voting and equal No (0.0) No (0.0) No (0.0) treatment Creditor Participation (0-4) Creditor approval for selection/appointment of IP Creditor approval for sale of debtor s assets Creditor right to request information from IP Creditor right to object to decisions accepting/rejecting claims No (0.0) Yes (1.0) No (0.0) No (0.0) No (0.0) No (0.0) Yes (1.0) No (0.0) Yes (1.0) No (0.0) Yes (1.0) Yes (1.0)
28 World Bank indicators (III) India U.K. Singapore Getting Credit (Rank) Index of legal rights strength (1...10) Private bureau coverage (%) Enforcing Contracts (Rank) Time (Days) Procedures (No.) Resolving Insolvency (Rank) Time (Years) Recovery rate (cents per $) Domestic Credit by financial sector (% of GDP) Source: World Bank Doing Business Report, 2014 World Bank World Development Indicators, 2014
Insolvency and enforcement procedures in England & Wales Contents Introduction...01 Company Voluntary Arrangement (CVA)...02 Scheme of Arrangement (Scheme)...05 Administration / Pre-pack Administration...08
INTRODUCTION This note is intended to act as an introduction to corporate insolvency procedures under the Insolvency Act 1986 (the Act ) (as amended by The Enterprise Act 2002) and otherwise together with
Judicial Management, Scheme of Arrangement and Winding Up in Singapore Copyright Colin Ng & Partners LLP 1 Introduction Economic crisis many companies hit by cash flow problems and financial difficulties.
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
Comparison of Corporate Insolvency Procedures There are five categories of insolvency procedure for companies in England, Wales and Northern Ireland. These are: Company Voluntary Arrangement (CVA) Administration
Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation;
DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation...
Insolvency and Liquidation There are many different ways of dealing with company debt. In most cases, an authorised insolvency practitioner will be appointed to manage a company s affairs once insolvency
Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency
An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent,
slaughter and may Common issues in corporate recovery and insolvency in England and Wales july 2011 Sarah Paterson, partner and Thomas Vickers, associate 1. Issues Arising When a Company is in Financial
Brief guide to English Corporate Insolvency Law The main English Insolvency Procedures. This guide deals with the main insolvency procedures in England and Wales, namely: > Administration, which is primarily
INSOLVENCY LAW DIFC LAW No. 3 of 2009 CONTENTS PART 1: GENERAL...4 1. Title...4 2. Legislative Authority...4 3. Application of the Law...4 4. Date of enactment...4 5. Commencement...4 6. Interpretation...4
A guide to compulsory liquidations Introduction A compulsory liquidation is one instituted by the Courts as a result of a petition to the court by an interested party. The appropriate Courts for such actions
BRIEFING PAPER Number CPB06944, 10 December 2015 Company Voluntary Arrangements By Lorraine Conway Inside: 1. Introduction 2. CVA procedure 3. The advantages of a CVA 4. The disadvantages of a CVA 5. Past
Corporate Insolvency in Ireland 0 CORPORATE INSOLVENCY IN IRELAND Introduction The collapse of the celtic tiger in Ireland has triggered a significant increase in the number of corporate entities incorporated
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency
Australia Texas New York Washington, DC Connecticut Dubai Kazakhstan London I. Generally Australian bankruptcy procedure is regulated by its Corporations Law, which is a single statute that governs almost
An Introduction to English Insolvency Law slaughter and may April 2013 Contents 1. Formal Procedures 01 1.1. Overview 01 1.2. Administration 02 1.3. Company Voluntary Arrangement ( CVA ) 04 1.4. Creditors
Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after
July 2011 Restructuring & insolvency law in the DIFC. The Dubai International Financial Centre ("DIFC") The DIFC is a financial free zone in the Emirate of Dubai which was established in 2004. The DIFC
LAWCASTLES TECHNICAL PAPERS PAPER NO. 1 OF 2006 Statutory Corporate Insolvency Procedures in Tanzania Introduction This paper reviews statutory corporate insolvency procedures in Tanzania. The paper discusses
Dealing with Debt How to wind up your own company Contents About this booklet 1 General information What is liquidation? What types of liquidation are there? Where can I get advice about liquidation? What
Bermuda Kehinde AL George, partner Attride-Stirling & Woloniecki Peter CB Mitchell, senior partner PricewaterhouseCoopers Bermuda is a major offshore business jurisdiction with more than 13,500 registered
The Creditors Guide to Insolvency Kindly Provided by During the recent worldwide financial instability a number of our customers have found themselves to be a creditor of an insolvent entity, i.e. owed
Simple Guide to Corporate Insolvency Stephen Grant, Keith Stevens & Vee Bharakda 17 February 2013 Background Wilkins Kennedy LLP is a top 20 accountancy firm with offices throughout the South East Amersham,
DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration
Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter
Jamaica Myers, Fletcher & Gordon and PricewaterhouseCoopers Jamaica Peter Goldson, partner Gina Phillipps-Black, partner Shuana-Kaye A Hanson, associate Myers, Fletcher & Gordon John Wesley Lee, partner
Changes in insolvency law Introduction of corporate rescue mechanisms: Judicial management Corporate voluntary arrangements Overall winding up process enhancement Qualification of insolvency practitioners
how to wind up your own company aug 2008.qxp:how to wind up your own company July 2008.qxd 26/03/2009 07:12 Dealing With Debt How to wind up your own company Page 1 Contents Page About this booklet....................................................3
Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter
Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but
Restructuring and Insolvency 2007/08 South Africa South Africa Leonard Katz, Edward Nathan Sonnenbergs www.practicallaw.com/0-234-3973 SECURITY AND PRIORITIES Formalities 1. What are the most common forms
Glossary of Terms: Insolvency and Restructuring Administration Administration is the court supervised process by which a Licensed Insolvency Practitioner called an administrator takes control of an insolvent
focus insolvency group A Guide to Creditor s Voluntary Liquidation Licensed Insolvency Practitioners & Business Recovery Professionals Call: 0800 157 7330 or 01257 251319 www.focusinsolvencygroup.co.uk
Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency
Institutional framework for insolvency resolution: role of insolvency professionals Finance Research Group, IGIDR March 23, 2015 Professional services in insolvency proceedings Resolution of insolvency
Top ten questions from creditors of troubled companies A Guest Article by Julian Charles January 2010 What creditors want to know Below are the ten questions most frequently asked by creditors of companies
Bill [AS INTRODUCED] CONTENTS Provisions relating to communication 1. Attendance at meetings and use of websites 2. References to things in writing Requirements relating to meetings 3. Removal of requirement
doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government
BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com November 2010 Creditors Rights in Insolvency Proceedings: A Practical Guide
GUIDE Scheme of Arrangement Guidance tes Cork Gully LLP February 2013 Contents What is a Scheme of Arrangement? 1 Scheme Procedure 2 Advantages of a Scheme 6 Disadvantages of a Scheme 7 Based on a solid
INSOLVENT TENANTS OPTIONS FOR LANDLORDS Contents 1 Tenant in Liquidation... 2 2 Tenant in Administration... 3 3 Tenant in Receivership... 3 4 Tenant in Company Voluntary Arrangement... 5 5 Tenant in Bankruptcy...
GLOBAL GUIDE 2015/16 RESTRUCTURING AND INSOLVENCY Country Q&A Restructuring and insolvency in the UK (England & Wales): overview James Roome, Tom Bannister and Emma Simmonds Akin Gump LLP global.practicallaw.com/9-501-6812
November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee
GUIDANCE NOTES FOR DIRECTORS OF COMPANIES WHICH MAY BE MADE SUBJECT TO A FORMAL INSOLVENCY PROCEDURE These notes are set out as follows: Page Introduction 1 Insolvency 1 The period up to the start of the
Distressed companies Issues and opportunities The current economic climate creates hazards and opportunities for those involved with or interested in companies in distress. This short booklet will help
Insolvency & Debt Recovery Glossary of Terms Administration An insolvency procedure in which an Administrator is appointed to attempt to rescue an insolvent company. It s designed to protect the company
Higher National Unit specification General information Unit code: H49N 35 Superclass: EC Publication date: June 2013 Source: Scottish Qualifications Authority Version: 01 Unit purpose This Unit is designed
ICAEW CERTIFICATE IN INSOLVENCY SYLLABUS JULY 2013 LEARNING OUTCOMES Module aim To ensure that students have a good grounding in the fundamentals of insolvency work to enable them to work effectively in
Cayman Islands Insolvency Law Foreword This memorandum has been prepared for the assistance of those who are considering issues pertaining to the insolvency of companies in the Cayman Islands. It deals
Understanding Insolvency October 2008 Introduction This guide has been prepared by R3 The Association of Business Recovery Professionals. It defines and explains most insolvency procedures and terms, but
SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915
This is a brief explanation of some of the terms you may come across in debt and insolvency proceedings. Please note that this glossary is for general guidance only. Many of the terms have a specific technical
Restructuring and Insolvency Handbook 2011/12 Bermuda Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited www.practicallaw.com/9-505-8289 FORMS OF SECURITY 1. What are the most common forms
Creditors voluntary liquidation a guide for unsecured creditors Association of Business Recovery Professionals Creditors voluntary liquidation occurs where the shareholders, usually at the directors request,
Liquidation of Companies Meaning: Liquidation is the legal procedure by which a company comes to an end. The term Liquidation mean The process of law where by a company is wound up to terminate its corporate
The interpretations, opinions, and conclusions expressed in this presentation are entirely those of the author. They do not necessarily represent the views of the Turnaround Management Association or the
A Brief Guide to Corporate Insolvency in England and Wales International Investor Series No. 8 AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE) ITALY JAPAN PAPUA NEW GUINEA
GUIDE Guide to Winding Up of Solvent and Insolvent Jersey Companies TABLE OF CONTENTS PREFACE...2 1. Summary Winding Up...3 2. Creditor s Winding Up...3 3. Bankruptcy...4 4. End of Period of Duration...5
Limited liability partnership liquidation and insolvency (Scotland) GPLLP5s August 2014 Insolvency Act 1986 This guidance is available in alternative formats which include Braille, large print and audio
INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and
Introduction The last twelve months have seen a marked growth in the use of Company Voluntary Arrangements (CVAs) as an increasing number of corporates (including, for the first time, listed companies)
Liquidation and insolvency GPO8 July 2013 Companies Act 2006 This guidance is available in alternative formats which include Braille, large print and audio tape. For further details please email our enquiries
THE DRAFT INSOLVENCY AND BANKRUPTCY BILL, 2015 KEY ISSUES AND SUGGESTIONS The Insolvency and Bankruptcy Bill, 2015 Key Issues and suggestions For ease of reference, the comments / suggestions have been
INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general
BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 DEALING WITH DEBTS OF A LIMITED COMPANY FACT SHEET NO. 5 NORTHERN IRELAND This fact sheet gives information about private limited
A guide to creditors voluntary liquidations Introduction A company can be put into liquidation voluntarily, at the instigation of its directors, or compulsorily, by order of the Court. The effect, in either
GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY CONTENTS PREFACE 1 1. Summary Winding up 2 2. Creditors Winding up 2 3. Bankruptcy 3 4. End of Period of Duration 4 5. Orders of the Court
Compulsory a guide for unsecured creditors Association of Business Recovery Professionals Compulsory occurs when a company is wound up by an order of the court. A licensed insolvency practitioner has given
1. Accounting standard 14 is related with - a) amalgamation, b) valuation of stock, c) depreciation accounting, d) valuation of assets. 2. Accounting standard 14 is a nature of - a) mandatory, b) compulsory,
Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt
A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other
A Creditor s Guide to Voluntary Liquidation in Hong Kong Creditors Voluntary Liquidation Creditors voluntary liquidation occurs when shareholders put a company into liquidation because it is insolvent,
Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many
Corporate restructuring guidelines Insolvency Prepared by: 1 Whitney Moore Published by: Irish Business and Employers Confederation 84-86 Lower Baggot Street Dublin 2 Date of publication: April 2010 Author:
www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore Jersey corporate insolvency - the two regimes Bedell Cristin Jersey briefing briefing Introduction There are two principal regimes
DIFC Insolvency Regulations (IR) 74085-00002 BK:9905372.1 1 1 October 2008 Contents The contents of this module are divided into the following Chapters, Sections and Annexes. 1. Introduction... 5 1.1 Application
A guide to Liquidation Liquidation Regrettably, it is often not possible to sell a business, perhaps because the type of business is no longer viable or because the economic climate makes trading too difficult.
立 法 會 Legislative Council Paper for the House Committee Meeting on 16 October 2015 Legal Service Division Report on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 LC Paper No.