Cross-border: Restructuring and Insolvency

A Q&A guide to restructuring and insolvency law in the UK (England and Wales). The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

Debt-equity swaps are progressively being viewed in France as an efficient way of reducing the debt level of an excessively leveraged company. This chapter considers how debt-equity swaps can be used out of court, as well as how they can be used in insolvency proceedings. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

With the recent marked increase in real estate portfolio investment in Germany, lenders increasingly need in-depth specialist advice on enforcement routes and are often unable to handle enforcements in-house. This chapter provides an overview of the alternative enforcement routes available and outlines some of the insolvency law considerations that may be of relevance where a property-owning borrower is not resident in Germany. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This table is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Argentina. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Bermuda. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Canada. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in China. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in France. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Guernsey. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in India. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Japan. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Mexico. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Poland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in South Africa. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Spain. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Switzerland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This article briefly outlines the restructuring and insolvency procedures that Swedish car automotive business SAAB has been through since the 2008 downturn of the global economy. In particular it considers the company's first restructuring; the voluntary liquidation that SAAB was entered into; the company's second restructuring; and the bankruptcy process that SAAB is currently going through. This article is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This article outlines the peculiarities of the Spanish system regarding foreign investors buying assets from insolvent companies. Specifically, this article examines the increase in and diversification of insolvencies; the background on the insolvency landscape (including the Insolvency Act, subject of the offer and judicial process); successor liability and timing of the acquisition. This article is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This chapter provides an overview of the current legal framework in Brazil concerning: transactions which can be considered fraudulent in the event of a debtor’s insolvency; the types of security and guarantees which can be taken over debt; and the recognition and enforcement of foreign judgments and arbitral awards. This article is part of the PLC multi-jurisdictional guide to restructuring and insolvency. For a full list of contents visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Indonesia. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. For a full list of recommended restructuring and insolvency law firms and lawyers in Indonesia, please visit PLC Which lawyer? This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Israel. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Turkey. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

Switzerland introduced a new special insolvency regime for banks and securities dealers. This article considers the rules concerning the insolvency of banks and other financial institutions in Switzerland, with particular focus on the: Legislative structure and key characteristics of the scheme. Overview of restructuring and liquidation proceedings for banks and securities dealers. Set-off and netting agreements in insolvency proceedings. System protection: finality of payment and settlement instructions. Co-ordination with foreign procedures. Recognition of foreign insolvency orders. This article is part of the PLC multi-jurisdictional guide to Restructuring and Insolvency. For a full list of contents visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Denmark. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Greece. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

The second part in a series on distressed debt considers and compares the insolvency proceedings and regimes in the UK and the US.

Cross-border insolvency proceedings involving affiliated debtors within a corporate group are becoming the norm. Against this background, this chapter focuses on key issues and trends relevant to cross-border restructurings between the US and Canada, including the effect of recent economic developments, Canadian insolvency reform, using jurisdiction to advantage through the example of the recent Chapter 15 case involving MuscleTech, meeting the requirements for recognition under Chapter 15, recognition of foreign non-main proceedings under existing law and pending insolvency reforms in Canada, the impact of new provisions for the recognition of foreign insolvency proceedings, and assets sales.

The Financial Stability Board has published an international standard on key attributes of effective resolution regimes for financial institutions.

This article is part of the PLC Global Finance January 2011 e-mail update for the Russian Federation.

A new practice note, Corporate restructuring under the US Bankruptcy Code: overview has been published.

This article is part of the PLC Global Finance October 2010 e-mail update for Germany.

An update on the publication of the PLC Cross-border Restructuring and Insolvency Handbook, which answers key questions on restructuring and insolvency law from the perspective of practitioners in 25 jurisdictions. This update focuses on taking security over personal property.

An update on the settlement reached by Lehman Brothers Holdings Inc. with BNY Corporate Trustee Services Ltd. and Perpetual Trustee Co. Ltd. in the "flip-clause" cases.

An update on the decision of the US Bankruptcy Court for the Southern District of New York in Lehman Brothers Special Financing Inc. v. BNY Corporate Trustee Services Ltd., Case No. 08-13555 (Bankr. S.D.N.Y. January 25, 2010), in which the court declined to follow the decisions of the English courts in parallel proceedings.

An update on Syska (Elektrim SA) v Vivendi Universal SA & Ors [2009] EWCA Civ 677, in which the Court of Appeal considered the consequences of a foreign insolvency on a pending LCIA arbitration.