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One of the most polemic, intricate, worst and largest cases of corporate distress in Brazilian history, the Varig Airlines case came to an end last week. The first case resolved under Brazil’s new bankruptcy law has left numerous lessons for its stakeholders as well as billions of dollars of destruction in its wake. It also leaves many questions regarding (i) acts of management and decision-making, (ii) the question of substance vs. form, (iii) concrete effects and results, and (iv) responsibilities.
Report on the One-Day Workshop on ADR and Panel Presentation on the Efficacy of ADR as a Tool to Resolve Financial Disputes in ASEAN Member Countries Conducted During the 2nd Annual ASEAN Legal Forum, Bangkok, Thailand, July 26-28, 2005
The Singapore Mediation Centre (SMC) is a nonprofit organisation established in 1997 to provide commercial mediation services. It is structured as a company limited by guarantee of the Singapore Academy of Law (SAL). The SMC was launched by the Honourable Chief Justice Yong Pung How on 16 August 1997.
Cross-border insolvencies are perhaps one of the numerous consequences of the increased globalization of and recent downturns in the economy.
As we all know there is no comprehensive international law on insolvency although numerous trends and efforts push towards building adequate legal frameworks to deal with certain effects entailed by the financial distress of multinational companies: among those, the UNCITRAL model and the recent EC Regulation n° 1346 of May 2002.
Can a court ordered stay of proceedings under the Canadian restructuring statute, the Companies’ Creditors Arrangement Act (the “CCAA”) apply to a contract for the supply of natural gas? This depends in part on whether the contracts fall within the definition of “eligible financial contracts” under the CCAA, and, in part, on the terms of the contracts.
What constitutes an eligible financial contract for the purposes of §11.1 of the CCAA was recently reconsidered in insolvency proceedings in respect of Androscoggin Energy LLC.
Two recent appellate decisions of the U.S. District Court for the Southern District of New York (the “district court”) have the potential for altering the jurisdictional landscape of bankruptcy courts in the United States. In In re Globo Comunicacoes e Participacoes S.A., 317 B.R. 235 (S.D.N.Y.
On June 2004, the Kingdom of Thailand enacted amendments to the Thai Bankruptcy Act2. The new amendments to the Act (the Amendments), which are codified in Bankruptcy Act (No. 7), B. E. 2547 (2004), came into effect on July 16, 2004—one day after publication in the Thai Government Gazette.
In the recent decision, In re Petition of Dr. Eberhard Braun, in his Capacity as Insolvency Administrator for Fairchild Dornier GmbH, Case No. 02-52351-LMC, the bankruptcy court denied a motion to reconsider a motion seeking relief from an 11 U.S.C. §304 injunction. The court denied the motion to reconsider because the motion presented evidence – for the first time – that could have and should have been presented at the initial hearing, but was not (a valuable lesson for all practitioners).
Introduction
The proposed Brazilian Bankruptcy law as proposed by the House of Representatives was extensively amended by the Senate. The Senate revisions are currently being considered in the House of Representatives, which has appointed a commission to recommend changes to the Senate version.
The following comments are based on some of the more important provisions that appear likely to be included in the final law. However, it is impossible to determine which provisions will actually be included in the law as ultimately adopted.
The EC Regulation1 on insolvency (Regulation) went into effect in May 2002 in all E.U. member states except for Denmark. The rules contained in the Regulation will have a significant impact on French practice in cross-border insolvency cases, especially in that the courts may have jurisdiction to open a main insolvency proceeding against a legal entity domiciled in the European Union.
