Tag Archives: bankruptcy law

ILN Today Post

INSIGHT INTO THE BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN INDIA

INTRODUCTION

The Insolvency and Bankruptcy Code, 2016 (“Code”), ever since its introduction, has replaced India’s archaic bankruptcy laws and has paved way for a much speedier resolution of insolvency proceedings and debt restructuring, benefiting operational and financial creditors, both onshore and offshore in India. The code is still in its initial years and dynamic in nature, as the Government of India keeps introducing new amendments as per the evolving and challenging circumstances of the nation.

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Changes in IBC under Economic Package announced by Union FM

Prime Minister Shri Narendra Modi announced Rs 20 lakh crore fiscal stimulus equivalent to 10 per cent of India’s GDP to deal with COVID-19 situation in the country, the Union Finance Minister Nirmala Sitharaman announced the following changes in the Insolvency Bankruptcy Code (“IBC”) sector to promote the motto of Self Reliant India and boost the economic status of the Country.

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Amendment in CIRP Regulations amid Covid-19 lockdown

In a move aimed at smooth resolution of insolvent firms, the Insolvency and Bankruptcy Board of India (“IBBI”) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) on March 29, 2020.

Due to the declaration of 21 days lockdown by the Government of India with effect from 25th March, 2020 as a measure to contain the spread of Covid-19, it has become extremely hard for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of nationwide lockdown.

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ITALY MOVES FORWARD AMENDING BANKRUPTCY LAW

Since 2005, the focus of the Italian Bankruptcy Law has moved from liquidation to reorganization of distressed companies through the introduction of new insolvency proceedings, among which reorganization plans and debt restructuring agreements have to be mentioned, with a view to preserving the value of the business and allowing it to possibly make a fresh new start.

Most recently, in August 2012, Law no. 134, conversion of the Law Decree No. 83/2012 so called “ Decree on Development” has been deeply impacted the existing system introducing  several new rules aimed at simplifying the access to proceedings alternative to bankruptcy with an appreciable attempt to fill the regulatory gaps. More…

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The Bankruptcy of Wärtsilä Marine Industries Inc. finally settled

Wärtsilä Marine Industries Inc. is one of the largest and most longstanding bankruptcies in the Nordic countries. The company was declared bankrupt in 1989. The last meeting of creditors was held on 27 November 2013.

Peltonen LMR’s Partner Jukka Peltonen acted as trustee of the bankruptcy estate of Wärtsilä Marine Industries Inc. More…

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Michael L. Gesas quoted in The Deal’s Bankruptcy Insider article on secured lenders and debtor sales

Arnstein & Lehr Attorney Michael L. Gesas

Michael L. Gesas

Arnstein & Lehr Chicago Partner Michael L. Gesas was quoted in the August 2 weekly issue of The Deal’s Bankruptcy Insider titled “Taking the wheel: Secured lenders can control debtors’ sales efforts in several ways.” The article discusses the common occurrence in Chapter 11 bankruptcies where secured lenders and creditors spearhead sales for debtors in one form or another. Mr. Gesas, who is quoted throughout the article, comments that the process of a lender controlling a sale is normally generated when a debtor is not presenting a feasible plan of reorganization or a debtor is not presenting an acceptable sale process to give a lender comfort that they’re protected.

To read the article in full, click here.

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Samuel H. Levine appointed secretary of ISBA Section Council

Arnstein & Lehr Attorney Samuel H. Levine

Samuel H. Levine

Arnstein & Lehr Chicago Partner Samuel H. Levine has been appointed secretary of the Illinois State Bar Association Commercial Banking, Collections & Bankruptcy Law Section Council for the 2012/2013 year.

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Phillip M. Hudson III addresses developer’s “inappropriate” fee deal, other issues in Chapter 11 bankruptcy plan for Twon Center at Doral

Arnstein & Lehr Attorney Phillip M. Hudson III

Phillip M. Hudson, III

Arnstein & Lehr Miami Partner Phillip M. Hudson, III provided comments in a February 2 article in South Florida’s Daily Business Review on the Town Center of Doral LLC which is facing a motion to dismiss or convert its Chapter 11 case into a Chapter 7 in order to sell 120 acres in Doral. The case is one of South Florida’s largest recent real estate bankruptcies.

To read the article and Mr. Hudson’s comments, please click here.

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Robin S. Trupp featured in Q&A article in Tampa Bay Business Journal on Chapter 11 bankruptcy

Arnstein & Lehr Attorney Robin S. Trupp

Robin S. Trupp

Arnstein & Lehr Tampa Partner Robin S. Trupp responded to questions regarding Chapter 11 bankruptcy in a Question and Answer section of the January 6 issue of the Tampa Bay Business Journal. Mr. Trupp discusses the difficulties that a Chapter 11 faces. In a special report of the same issue, Arnstein & Lehr was listed among the top ranked Tampa Bay bankruptcy lawyers; the report lists Mr. Trupp’s name as the Local Senior Executive for the Tampa office.

To view the article in full, click here.

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Barry Katz successfully closes 11 property finance portfolio worth more than $10 million

Barry R. Katz

Chicago Partner Barry Katz recently closed the refinance of an 11 property portfolio worth more than $10 million with a major Chicago bank. The refinance was the culmination of more than two years of work in which Barry first negotiated the forbearance by the bank of foreclosure on the properties and second negotiated a refinance of the loans so that the cash flow from the properties was able to support the debt service to keep the loans current.

 

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