It has been another great year for the International Committee. As co-chairs, we would like to thank all the members of the ABI International Committee for their support and continued participation on the committee for 2019. The committee’s success reflects the hard work of its members each year.
This article addresses the legal issues arising from the cross-border insolvency proceedings for Jet Airways Ltd., India’s largest private airline, which maintained flight routes around the world but stopped flying on April 17, 2019.
The United Nations Commission on International Trade Law promulgated the Model Law on Cross-Border Insolvency (Model Law) as “a uniform approach” to having one proceeding — a foreign main proceeding — be principally responsible for managing a debtor’s insolvency regardless of the number of jurisdictions in which the debtor has assets or creditors.
Not all governmental units within a jurisdiction change their laws in concert with each other, nor should they: They may have different roles, functions, populations and constituencies, and financial profiles.
As Canada moves toward marijuana legalization in 2018, the cannabis industry is quickly emerging as one of the most promising Canadian markets. Early estimates predict that the medical/recreational cannabis industry will reach $10 billion by 2020, offering exciting opportunities for astute entrepreneurs.
The new safe harbour from insolvent trading is the most significant change to corporate insolvency law in Australia since the introduction of voluntary administration in 1993. Before the reform was enacted, directors of insolvent companies were effectively mandated to appoint a voluntary administrator.
The collapse of the Urbancorp group of companies has provided an opportunity for an unusual interplay of bankruptcy proceedings between Canada and Israel. The courts in both countries have had to address issues and demonstrate significant judicial cooperation between two countries with vastly different legal systems.
The recent decision by the Federal Court of Appeal (FCA) in Canada v Callidus Capital Corporation has turned on its head the commonly understood ordering of priorities amongst secured creditors and the Canada Revenue Agency’s (CRA) “deemed trust” claims in and out of bankruptcy proceedings.
The Brazilian Bankruptcy Law — enacted in February 2005 — has not adopted the UNCITRAL Model Law regarding transnational insolvency.
For the Cayman Islands insolvency community, 2017 could fairly be called the Year of the Redeeming Shareholder. The Judicial Committee of the Privy Council, the ultimate appeal court for Cayman and several other important offshore jurisdictions, delivered two judgments originating from the Cayman Islands this past year.
Togut, Segal & Segal LLP
New York, NY
Santa Clara, CA
Mayer Brown LLP
Membership Relations Director
Dentons Canada LLP
Baker & Partners
George Town, Grand Cayman
Sewell & Kettle Lawyers
Special Projects Leader
Reid Collins & Tsai LLP