Mexico adopted the UNCITRAL Model Law on Cross-Border Insolvency (MLCBI) in May 2000, when the current Business Reorganizations Law (Ley de Concursos Mercantiles) (LCM) was enacted. It was incorporated in Title XII of the LCM, which contains essentially the same provisions as the MLCBI, with a few additions.
Welcome to the ABI International Committee’s Spring 2022 Newsletter. We thank all the members of the committee for their continued support, and we encourage you to get involved with the committee over the coming year. Please reach out to us if you are interested in contributing to a future newsletter, have an idea for a conference panel, or just want to get more involved.
The Singapore-based Asian Business Law Institute (ABLI) recently released its Guide on the Treatment of Insolvent Micro and Small Enterprises in Asia in conjunction with the International Insolvency Institute.
As co-chairs, we thank all of the members of ABI’s International Committee for their continued support and involvement with the committee during this pandemic-dominated year.
On Jan. 1, 2021, the Dutch Act on the Confirmation of Private Plans (hereafter referred to by its Dutch acronym, “WHOA,” or the “Dutch Scheme”) entered into force. It represents a robust and flexible restructuring framework. This brief article provides a summary of the Dutch Scheme and an update about the first published cases involving the scheme.
The COVID-19 crisis has encouraged many countries to amend their bankruptcy laws. In many cases, these amendments took place temporarily — especially during the hibernation phase of the pandemic. In other countries, however, the pandemic has led to permanent changes in their insolvency legislations.
In recent times, global businesses based all over the world have often turned to chapter 11 or the English scheme of arrangement to implement their debt restructurings, often due to the failure of local restructuring and insolvency laws to provide an adequate or optimal restructuring solution.
Author’s Note: Australia has a debtor-in-possession insolvency system administered by insolvency practitioners.
The term “silver lining” comes from Milton’s Comus, in which the silver lining is the light of the moon shining behind a cloud. It is very difficult to find a silver lining in the COVID-19 pandemic, which has caused more than 500,000 deaths in the U.S.
In Canadian proceedings, it had previously been common for assets of the debtor to be conveyed to a purchaser through the granting of a vesting order. Normally, the court supervising the relevant insolvency proceeding in approving the transaction would issue an order that title to the purchased assets would vest in the purchaser “free and clear” of the claims of the vendors’ creditors.
Troutman Pepper Hamilton Sanders LLP
Togut, Segal & Segal LLP
New York, NY
British Virgin Islands,
Sewell & Kettle Lawyers
Membership Relations Director
Baker & Partners
George Town, Grand Cayman
Blank Rome LLP
New York, NY
Special Projects Leader
Dentons Canada LLP