Find practical legal guides and resources for your country
72 legal articles
Directors of an Australian subsidiary can be personally liable for debts the company incurs while insolvent under Section 588G of the Corporations Act 2001. Living overseas does not change that....
The WHOA (Dutch Court Confirmation of Extrajudicial Restructuring Plans) allows companies to restructure debt without the consent of all creditors. A "cross-class cram-down" can bind dissenting classes of creditors to...
CAMA 2020 Priority: The Companies and Allied Matters Act (CAMA) 2020 shifted Nigeria's insolvency framework from a "liquidate-first" approach to a "rescue-first" model. Moratorium Benefits: Corporate rescue tools like Administration...
The Pre-Packaged Insolvency Resolution Process (PIRP) is a "debtor-in-possession" model, allowing MSME owners to retain control of their business during restructuring. To be eligible, a business must be classified as...
The Out-of-Court Workout (OCW) is a purely digital process conducted through a specialized platform to settle debts with banks, the State, and social security funds. Successful applications grant a 90-day...
The Out-of-Court Workout (OCW) is a digital platform designed to restructure debts exceeding €10,000 owed to the Greek State, social security funds, and financial institutions. Eligible businesses can secure up...
Business rescue is a formal rehabilitation process designed to save "financially distressed" companies from liquidation. A general moratorium is triggered immediately, providing legal protection against creditor claims and asset seizures....
The Companies Act 2016 provides three primary corporate rescue mechanisms: Corporate Voluntary Arrangement (CVA), Judicial Management (JM), and Schemes of Arrangement. A moratorium is a legal "shield" that prevents creditors...
Legal Framework: South Africa governs cross-border insolvency through the Cross-Border Insolvency Act 42 of 2000, which incorporates the UNCITRAL Model Law . Mandatory Recognition: Foreign liquidators or "representatives" have no...
The mutual recognition framework allows Hong Kong liquidators to apply for judicial assistance to manage distressed assets in Mainland China. The process relies on the 2021 Record of Meeting between...
Hong Kong relies on Schemes of Arrangement and formal liquidation rather than a statutory corporate rescue mechanism like US Chapter 11. Foreign companies can be wound up in Hong Kong...
FAQ: Restructuring Multinational Operations in the Netherlands via WHOA Powerful Restructuring Tool: The Dutch WHOA framework functions similarly to the US Chapter 11 or UK Scheme of Arrangement, allowing companies...
The UK recognizes foreign insolvency proceedings primarily through the UNCITRAL Model Law, requiring a formal application to the UK courts to protect local assets. Post-Brexit, automatic recognition of UK insolvency...
Corporate insolvency in Iceland is primarily governed by the Act on Bankruptcy etc., No. 21/1991, which outlines both liquidation and restructuring paths. A company must prove objective insolvency, meaning it...
Corporate Debt Restructuring under the Saudi Bankruptcy Law The Saudi Bankruptcy Law (Royal Decree No. M/50) prioritizes business rescue over liquidation, offering structured paths to rehabilitate financially distressed companies. The...
A pre-pack administration allows a foreign parent company to swiftly buy back the viable assets of its struggling UK subsidiary, shedding legacy debts in the process. A Company Voluntary Arrangement...
The Italian Crisis and Insolvency Code (CCII) requires subsidiary directors to implement early warning systems to avoid personal liability. Out-of-court restructuring through a Negotiated Settlement lets distressed businesses avoid formal...
Cross-Border Debt Recovery and Corporate Restructuring in Turkey Foreign bankruptcy decrees require formal recognition by a Turkish court before they are enforceable against local assets. Securing interim injunctions is the...
The Companies and Allied Matters Act 2020 shifted Nigeria from a strict liquidation regime to a rescue-oriented model, offering Administration and Company Voluntary Arrangements to struggling tech subsidiaries. A company...
Corporate Restructuring and Insolvency in Singapore: Foreign Parent Guide Singapore's Insolvency, Restructuring and Dissolution Act (IRDA) is a debtor-friendly framework supporting cross-border restructuring. Parent companies are generally protected from a...