Unternehmenssanierungen und Insolvenzverfahren

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  13.11.2023

  Hong Kong

  Pre-pack insolvency and restructuring options in Hong Kong

  Hong Kong is the only common law jurisdiction within the People’s Republic of China and one of the few financial centres in the world without a formal rescue mechanism in its legislation. Hong Kong has not enacted legislation to recognise corporate rescue over simple liquidation.There is no specific legal framework for pre-pack insolvency available in Hong Kong, nor are there any informal guidelines specifically covering pre-pack insolvency issued by industry bodies in Hong Kong. Pre-pack insolvency has been attempted in Hong Kong, but is more difficult to achieve than in other jurisdictions...

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  02.11.2023

  Singapur

  Pre-Packed Schemes of Arrangement: the Singapore Approach

  In 2018, Singapore enacted the Insolvency, Restructuring and Dissolution Act (IRDA 2018), which streamlined its debt restructuring regime by consolidating provisions previously set out in various statutes into a piece of omnibus legislation.Among other developments, the IRDA 2018 built upon existing provisions relating to pre-packed schemes of arrangement (i.e. pre-packed schemes) and enhanced pre-packed schemes as a viable tool in Singapore’s arsenal of debt restructuring mechanisms.In this article, we set out Singapore’s approach to pre-packed schemes and provide an appraisal of the...

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  20.10.2023

  Chile

  Pre-Pack procedure: A possible factor in Chilean bankruptcy legislation?

  GB ES

  What is the practical application of the "Pre-Pack" procedure?The "Pre-Pack" procedure is an option available to a company facing a severe financial situation, but still possesses a profitable business or at least some assets.Under a Pre-Pack procedure, the company can sell all or part of its profitable business or assets before entering into a formal bankruptcy proceeding, thus avoiding economic devaluation and reputational damage. Using Pre-Pack can help a company obtain a sale price that is suitable for paying debts and keeping the business active. The procedure is done under the supervision...

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  13.10.2023

  Peru

  Towards the incorporation of Pre-Packs in Peruvian legislation

  Peruvian legislation does not formally encompass the possibility of entering into pre-pack agreements with creditors. Nevertheless, it does include other mechanisms that allow companies to reach agreements with creditors prior to the commencement of an insolvency proceeding. In this article, we will provide a introduction to this topic and to insolvency proceedings in Peru.I. IntroductionThe proceeding known as "pre-pack" (i.e. pre-packaged insolvency), of American origin and implemented (with various variations) in various countries (United Kingdom, Canada, Australia, Spain, among others), aims...

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  13.10.2023

  Kolumbien

  Pre-pack proceedings in Colombia

  Pre-pack proceedings involve the negotiation for the sale of one or more productive units of a debtor company to a third party. This sale aims to satisfy the obligations of the creditors of said company by reaching an agreement on its value before the company formally files for insolvency proceedings. The primary advantage of this negotiation is that the productive units can attain a higher value while the company has not yet suspended its operations due to its precarious financial condition1. Although the pre-agreed sale of productive units that constitute pre-pack proceedings is not a common...

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  03.10.2023

  Türkei

  Exploration of Pre-Pack Insolvency Procedures in Türkiye

  On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.In this article we will take a closer look at Türkiye's pre-pack-like institution.Understanding Pre-Pack Like...

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