{"title":"A commentary on the European Insolvency Regulation, Edited by Reinhard Bork and Kristin Zwieten (eds) ( 2nd edition) (2022, OUP, Oxford), lxxxiv and 1052 pp, GBP 275, ISBN 978-0-19-885211-7","authors":"Paul Omar","doi":"10.1002/iir.1459","DOIUrl":"https://doi.org/10.1002/iir.1459","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"31 2","pages":"331-333"},"PeriodicalIF":0.6,"publicationDate":"2022-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71937363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cross‐border insolvency in Hong Kong: Developments and updates","authors":"Patrick Yung","doi":"10.1002/iir.1455","DOIUrl":"https://doi.org/10.1002/iir.1455","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"1 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85517440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent years, particularly in 2020 and 2021, the Hong Kong High Court has been actively developing its common law framework in relation to the recognition of and assistance to foreign insolvency representatives. This article aims to provide an update to the common law recognition framework in Hong Kong and argues that the recent developments are intended to achieve two objectives, namely harmonizing the Hong Kong common law position with the relevant principles under the UNCITRAL Model Law on Cross-border Insolvency; and strengthening the implementation of the mutual recognition framework on corporate insolvency proceedings between Mainland China and Hong Kong. This article also discusses how some of the unresolved issues in the Hong Kong common law recognition framework may be approached in light of these two objectives.
{"title":"Cross-border insolvency in Hong Kong: Developments and updates","authors":"Patrick Yung","doi":"10.1002/iir.1455","DOIUrl":"https://doi.org/10.1002/iir.1455","url":null,"abstract":"<p>In recent years, particularly in 2020 and 2021, the Hong Kong High Court has been actively developing its common law framework in relation to the recognition of and assistance to foreign insolvency representatives. This article aims to provide an update to the common law recognition framework in Hong Kong and argues that the recent developments are intended to achieve two objectives, namely harmonizing the Hong Kong common law position with the relevant principles under the UNCITRAL Model Law on Cross-border Insolvency; and strengthening the implementation of the mutual recognition framework on corporate insolvency proceedings between Mainland China and Hong Kong. This article also discusses how some of the unresolved issues in the Hong Kong common law recognition framework may be approached in light of these two objectives.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"31 2","pages":"297-323"},"PeriodicalIF":0.6,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71988044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Research handbook on corporate restructuring Edited by Paul J Omar and Jennifer L L Gant (eds) ( 1st edition) (2021, Edward Elgar Publishing, Cheltenham) xiv + 566 pp., GBP 215, ISBN 978-1-78643-746-4","authors":"Eugenio Vaccari","doi":"10.1002/iir.1458","DOIUrl":"https://doi.org/10.1002/iir.1458","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"31 2","pages":"334-336"},"PeriodicalIF":0.6,"publicationDate":"2022-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71993987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Research handbook on corporate restructuring Edited by Paul JOmar and Jennifer L LGant (eds) (first edition) (2021, Edward Elgar Publishing, Cheltenham) xiv + 566 pp.,\u0000 GBP\u0000 215,\u0000 ISBN\u0000 978‐1‐78643‐746‐4","authors":"E. Vaccari","doi":"10.1002/iir.1458","DOIUrl":"https://doi.org/10.1002/iir.1458","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"31 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83718081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-22DOI: 10.1093/oso/9780198844747.001.0001
E. Vaccari
This book is a practical guide to the main restructuring tools at the disposal of practitioners in the UK, including restructuring plans under Part 26A of the Companies Act 2006, schemes of arrangement under Part 26 of the Companies Act in the UK, and the Irish Companies Act 2014 in Ireland, company voluntary arrangements under the Insolvency Act 1986, pre-packaged administration sales, receivership sales, Financial Collateral Regulation appropriations, Loan Market Association distressed disposals, and intercreditor agreement issues (including key definitions and provisions, cash versus non-cash consideration, release or transfer of debt, common conditions to releasing debt and breach: damages and specific performance), liability management transactions (including exchange offers explained, exit consents explained, power of the majority to bind the minority-case law and considerations and application to loan agreements), restructuring documentation (lock-up agreements, waiver letters, forbearance agreements, creditor committee appointment documentation and insider dealing laws, restructuring agreements, and term sheets and trustee/receiver indemnities), and select pensions issues. The book considers in depth the meaning of key legal terms, commentary and consideration of the main cases and recent developments and offers commentary on various issues which arise in practice when considering and implementing these restructuring tools. The book is the first major work on the new restructuring plan law under Part 26A of the Companies Act 2006.
{"title":"Restructuring Plans, Creditor Schemes, and other Restructuring Tools","authors":"E. Vaccari","doi":"10.1093/oso/9780198844747.001.0001","DOIUrl":"https://doi.org/10.1093/oso/9780198844747.001.0001","url":null,"abstract":"This book is a practical guide to the main restructuring tools at the disposal of practitioners in the UK, including restructuring plans under Part 26A of the Companies Act 2006, schemes of arrangement under Part 26 of the Companies Act in the UK, and the Irish Companies Act 2014 in Ireland, company voluntary arrangements under the Insolvency Act 1986, pre-packaged administration sales, receivership sales, Financial Collateral Regulation appropriations, Loan Market Association distressed disposals, and intercreditor agreement issues (including key definitions and provisions, cash versus non-cash consideration, release or transfer of debt, common conditions to releasing debt and breach: damages and specific performance), liability management transactions (including exchange offers explained, exit consents explained, power of the majority to bind the minority-case law and considerations and application to loan agreements), restructuring documentation (lock-up agreements, waiver letters, forbearance agreements, creditor committee appointment documentation and insider dealing laws, restructuring agreements, and term sheets and trustee/receiver indemnities), and select pensions issues. The book considers in depth the meaning of key legal terms, commentary and consideration of the main cases and recent developments and offers commentary on various issues which arise in practice when considering and implementing these restructuring tools. The book is the first major work on the new restructuring plan law under Part 26A of the Companies Act 2006.","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"5 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83521785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Due to the special nature of their business, insurers are under prudential regulation, subject to a series of statutory and regulatory requirements. From time to time, there are crises where insurers fall below the requirements they should conform to. In order to address these crises effectively and efficiently, it is important to have a well-designed crisis management and market exit mechanism for insurers (the CMME mechanism). However, the CMME mechanism has not been well-formed in China. The current mechanism is comprised of the regulatory intervention system and the bankruptcy system, but there is a lack of consideration of the special features of insurers. As a consequence, it would not be feasible or efficient to apply many of the arrangements therein when crises of insurers occur. Since many incompatible arrangements are basic elements inherent in the general bankruptcy system, this article argues that it would be more desirable to have a CMME mechanism which is independent of the general bankruptcy system. To achieve this, a radical overhaul is needed to detach the CMME mechanism from the general bankruptcy system. In this way, the whole CMME mechanism can be specifically designed to accommodate the special features of insurers, without containing any elements in the bankruptcy system which are arguably not fit for insurers.
{"title":"Reflecting on China's crisis management and market exit mechanism for insurers – Based on or independent of the general bankruptcy system?","authors":"Geleite Xu","doi":"10.1002/iir.1454","DOIUrl":"https://doi.org/10.1002/iir.1454","url":null,"abstract":"<p>Due to the special nature of their business, insurers are under prudential regulation, subject to a series of statutory and regulatory requirements. From time to time, there are crises where insurers fall below the requirements they should conform to. In order to address these crises effectively and efficiently, it is important to have a well-designed crisis management and market exit mechanism for insurers (the CMME mechanism). However, the CMME mechanism has not been well-formed in China. The current mechanism is comprised of the regulatory intervention system and the bankruptcy system, but there is a lack of consideration of the special features of insurers. As a consequence, it would not be feasible or efficient to apply many of the arrangements therein when crises of insurers occur. Since many incompatible arrangements are basic elements inherent in the general bankruptcy system, this article argues that it would be more desirable to have a CMME mechanism which is independent of the general bankruptcy system. To achieve this, a radical overhaul is needed to detach the CMME mechanism from the general bankruptcy system. In this way, the whole CMME mechanism can be specifically designed to accommodate the special features of insurers, without containing any elements in the bankruptcy system which are arguably not fit for insurers.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"31 2","pages":"275-296"},"PeriodicalIF":0.6,"publicationDate":"2022-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71983978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Reflecting on China's crisis management and market exit mechanism for insurers – Based on or independent of the general bankruptcy system?","authors":"Geleite Xu","doi":"10.1002/iir.1454","DOIUrl":"https://doi.org/10.1002/iir.1454","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"86 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73060132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evolution of consumer bankruptcy in Poland: A chance for a new life for insolvent debtors?","authors":"Monika Maśnicka, Joanna Kruczalak‐Jankowska","doi":"10.1002/iir.1457","DOIUrl":"https://doi.org/10.1002/iir.1457","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"19 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81840775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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