The document provides an overview of corporate insolvency including:
1. It defines insolvency as being unable to pay debts as they become due and explains the cash flow test for insolvency.
2. It outlines the key principles of insolvency law including providing a fair process for dealing with insolvent companies, equal treatment of creditors, and supporting commercial processes.
3. It describes different forms of external administration including voluntary administration where an administrator is appointed to investigate options for creditors, liquidation where a liquidator winds up the company, and receivership.
The group presented on the topic of insolvency law in India. Some key points:
1) Insolvency occurs when an individual or organization cannot meet their financial obligations and pay debts as they are due. Bankruptcy is a legal process that occurs when a court declares an insolvent party is unable to pay debts.
2) The two main statutes governing insolvency law in India are the Presidency Towns Insolvency Act and the Insolvency Act, with jurisdiction falling to High Courts and district courts respectively.
3) Upon a declaration of insolvency, all the insolvent's properties are vested with the official assignee to be realized and distributed among creditors
This presentation gives an overview of the laws and regulations regarding insolvency, liquidation and winding up in Nepal
PLEASE HIT LIKE IF IT'S HELPFUL! :D
The document discusses risk management in insolvency proceedings. It outlines various risks faced during insolvency such as contractual issues with suppliers, market reputation risks, and business interruptions. It provides recommendations for mitigating exposure, including carefully following procedural steps, considering appeal options, and preparing a strong defense arguing the company is not insolvent. The document also discusses protecting creditors' rights, managing directors' liability, and debt restructuring options to avoid insolvency proceedings.
The document discusses reforms to Malaysia's corporate insolvency regime. It notes international trends moving towards corporate rescue mechanisms rather than just liquidation. The current regime focuses on liquidation and lacks rescue mechanisms. It examines approaches taken in other countries and whether Malaysia should have a single omnibus insolvency act. Key areas for reform include commencement/termination of winding up processes, liquidator powers and duties, qualifications, treatment of secured creditors, and voidable transactions. The review aims to balance facilitation of winding up with protecting creditor/shareholder rights while establishing rescue mechanisms.
This document summarizes key information about insolvency presented by three students - Nupur, Ritika, and Neha. It defines insolvency as when an individual or organization can no longer meet financial obligations. It outlines advantages of corporate voluntary arrangements, impacts of insolvency on directors and creditors, consequences of insolvency proceedings, types of government and personal insolvency, and debt restructuring processes. The document provides an overview of insolvency laws and procedures.
The document summarizes India's Insolvency and Bankruptcy Code of 2016. It consolidates previous bankruptcy laws into a single code and establishes mechanisms for insolvency resolution, regulation, and adjudication. The code aims to promote business and availability of credit. It outlines procedures for insolvency resolution and liquidation of corporate entities. If resolution fails, assets are liquidated according to the order of priority of payments to secured creditors, wages, financial and unsecured debts. The code establishes a new framework for addressing insolvency and bankruptcy in India.
This document provides an overview of the Insolvency and Bankruptcy Code 2016 in India. It defines key terms like insolvency, bankruptcy, financial creditor and operational creditor. It outlines the objectives of the code to have a uniform law and faster resolution process. It describes the insolvency resolution process for companies/LLPs which includes a moratorium, creditors committee and resolution plan within 180 days. If this fails, the process is liquidation. It also describes the process for individuals/partnerships. The code sets up institutions like the Insolvency and Bankruptcy Board, NCLT and Resolution Professionals to handle insolvency cases. It impacts other existing laws dealing with insolvency
The group presented on the topic of insolvency law in India. Some key points:
1) Insolvency occurs when an individual or organization cannot meet their financial obligations and pay debts as they are due. Bankruptcy is a legal process that occurs when a court declares an insolvent party is unable to pay debts.
2) The two main statutes governing insolvency law in India are the Presidency Towns Insolvency Act and the Insolvency Act, with jurisdiction falling to High Courts and district courts respectively.
3) Upon a declaration of insolvency, all the insolvent's properties are vested with the official assignee to be realized and distributed among creditors
This presentation gives an overview of the laws and regulations regarding insolvency, liquidation and winding up in Nepal
PLEASE HIT LIKE IF IT'S HELPFUL! :D
The document discusses risk management in insolvency proceedings. It outlines various risks faced during insolvency such as contractual issues with suppliers, market reputation risks, and business interruptions. It provides recommendations for mitigating exposure, including carefully following procedural steps, considering appeal options, and preparing a strong defense arguing the company is not insolvent. The document also discusses protecting creditors' rights, managing directors' liability, and debt restructuring options to avoid insolvency proceedings.
The document discusses reforms to Malaysia's corporate insolvency regime. It notes international trends moving towards corporate rescue mechanisms rather than just liquidation. The current regime focuses on liquidation and lacks rescue mechanisms. It examines approaches taken in other countries and whether Malaysia should have a single omnibus insolvency act. Key areas for reform include commencement/termination of winding up processes, liquidator powers and duties, qualifications, treatment of secured creditors, and voidable transactions. The review aims to balance facilitation of winding up with protecting creditor/shareholder rights while establishing rescue mechanisms.
This document summarizes key information about insolvency presented by three students - Nupur, Ritika, and Neha. It defines insolvency as when an individual or organization can no longer meet financial obligations. It outlines advantages of corporate voluntary arrangements, impacts of insolvency on directors and creditors, consequences of insolvency proceedings, types of government and personal insolvency, and debt restructuring processes. The document provides an overview of insolvency laws and procedures.
The document summarizes India's Insolvency and Bankruptcy Code of 2016. It consolidates previous bankruptcy laws into a single code and establishes mechanisms for insolvency resolution, regulation, and adjudication. The code aims to promote business and availability of credit. It outlines procedures for insolvency resolution and liquidation of corporate entities. If resolution fails, assets are liquidated according to the order of priority of payments to secured creditors, wages, financial and unsecured debts. The code establishes a new framework for addressing insolvency and bankruptcy in India.
This document provides an overview of the Insolvency and Bankruptcy Code 2016 in India. It defines key terms like insolvency, bankruptcy, financial creditor and operational creditor. It outlines the objectives of the code to have a uniform law and faster resolution process. It describes the insolvency resolution process for companies/LLPs which includes a moratorium, creditors committee and resolution plan within 180 days. If this fails, the process is liquidation. It also describes the process for individuals/partnerships. The code sets up institutions like the Insolvency and Bankruptcy Board, NCLT and Resolution Professionals to handle insolvency cases. It impacts other existing laws dealing with insolvency
Well, insolvency is a financial state where you are unable to pay your debts. The declaration of such a state is called bankruptcy. The definitions of these are same in India as everywhere else. How these are handled in India makes the difference!
In law and business, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
The Insolvency and Bankruptcy Code 2015 Mukesh Chand
The document discusses the history of bankruptcy reforms in India through various committees since 1964 and outlines the key issues with the current framework. It proposes the objectives, principles and features of the new Insolvency and Bankruptcy Code of India. The Code aims to provide for a time-bound resolution process, maximize asset value, balance liquidation and reorganization, ensure equitable treatment of creditors, and establish a transparent framework. It will be based on principles of viability being a business decision, control by legislature/courts over process but not decisions, and appointment of resolution professionals.
The document discusses the borrowing powers and restrictions on borrowing for companies under Indian law. It provides details on:
- Companies have implied power to borrow, while non-trading companies must include this power in their memorandum.
- The key restrictions on borrowing include limits based on paid-up capital and reserves, and requirements for shareholder authorization for amounts over these limits.
- Borrowings must be registered within 30 days for charges over specific assets like property or within 300 days with a late fee. Lenders can also register in some cases. The registrar issues certificates of registration and satisfaction.
Winding up of a company and Limited Liability Partnership (LLP)B.H. Loh & Associates
Winding up is a process where the company dissolve from the registration. We will guide you through on how to step by step to strike off from the registration.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
Decoding THE INSOLVENCY AND BANKRUPTCY CODE, 2016Amit Kumar
The document summarizes the key aspects of the Insolvency and Bankruptcy Code, 2016 in India. It discusses the need for reform of bankruptcy laws in India due to the complex existing framework and long resolution times. The Code aims to consolidate bankruptcy laws, introduce a time-bound resolution process, and establish new regulatory bodies to handle insolvency resolution and liquidation. It outlines the key elements of the corporate insolvency resolution process established by the Code.
This document provides an overview of borrowing powers under company law. It defines key terms related to borrowing such as ultra vires, fixed and floating charges, and debentures. It discusses the statutory limits on a company's borrowing powers, conditions for borrowing funds, and the powers of directors to borrow. It also summarizes the remedies available to lenders for ultra vires borrowing, the registration requirements for different types of charges, and the effects of non-registration. Finally, it compares shareholders and debenture holders and outlines the duties of a company secretary related to the issue of debentures.
This document discusses company liquidation accounts and the liquidation process. It explains that liquidation is the process by which a company is dissolved and its assets distributed, with an administrator called a liquidator appointed to oversee this. The document outlines the different modes of winding up a company, including compulsory, voluntary, and supervised voluntary winding up. It also discusses the roles and powers of the liquidator during liquidation, the order of distributing company assets to creditors and shareholders, and the requirement for directors to submit a statement of company affairs.
This document discusses types of winding up, the differences between compulsory and voluntary winding up, procedures for members' voluntary liquidation and creditors' voluntary liquidation, powers and duties of a liquidator, and priorities for distributing funds in winding up. It provides details on:
- Grounds and processes for compulsory (court-ordered) winding up versus voluntary winding up initiated by shareholders or creditors.
- Requirements and steps for members' voluntary liquidation when a company is solvent, and creditors' voluntary liquidation when insolvent.
- Acceptance of a liquidator's authority, their main functions of taking control of assets and distributing proceeds, and who can be appointed.
- Evidence and priorities for
Liquidation process under the IBC is dedicated towards ensuring that the assets of the insolvent company are properly valued. Sold and the profits of it are properly distributed among the claimants. Read through this blog and know about its process.
The document discusses the winding up process of a company in India. There are two types of winding up - compulsory and voluntary. Compulsory winding up is ordered by the National Company Law Tribunal for reasons such as inability to pay debts or it being just and equitable. Voluntary winding up can be members' voluntary winding up if the company is solvent, or creditors' voluntary winding up if it proposes to wind up. The winding up process is conducted by an administrator called a liquidator, who realizes the company's assets and pays off debts. Winding up brings an end to the company's legal personality while dissolution removes it from the register of companies.
PPT on Insolvency and Bankruptcy Code, 2016 analysis the jargons, processes, access, limitations, opportunities, etc. A bried comparison with US Bankruptcy Code has also been stated and addressing issues like cross border insolvency amongst others issues. Also, the probe of recently notified transfer of pending proceedings has been made in the presentation.
The document discusses oppression and mismanagement under company law. It defines oppression as any burdensome, harsh or wrongful act according to the dictionary. Lord Cooper defined oppression as conduct that departs from fair dealing and violates shareholders' expectations of fair play. The document outlines the grounds and process for applying for relief from oppression or mismanagement under Sections 397 and 398 of the Indian Companies Act, including required applicants and possible reliefs.
The document provides information about winding up procedures for companies in India. It discusses voluntary winding up initiated by a company's shareholders and winding up initiated by the tribunal on various grounds. Key points include: (1) Winding up is the process of settling a company's debts and distributing remaining assets to shareholders; (2) The Companies Act of 2013 governs winding up procedures; (3) Grounds for tribunal winding up include inability to pay debts or acting against national interests. Creditors, shareholders, or government entities can file winding up petitions. The Insolvency and Bankruptcy Code of 2016 introduced changes to winding up procedures.
Here are the key steps to solve this problem:
1. Prepare a Statement of Affairs showing the estimated realizable value of assets and liabilities.
2. Classify assets as specifically pledged or not specifically pledged. Estimate surplus/deficiency from specifically pledged assets.
3. Estimate total assets available for preferential creditors, debenture holders, and unsecured creditors.
4. List secured, preferential, debenture holder, and unsecured creditors and estimate surplus/deficiency for each class.
5. Distribute estimated surplus in order of priority - secured creditors, preferential creditors, debenture holders, unsecured creditors.
6. Prepare a summary showing distribution of assets and estimated surplus/def
Rule in Foss vs Harbottle ( Rights of Minority Shareholder)Gokul Krishnan r
The rule in Foss v Harbottle establishes the principle that shareholders cannot file a derivative suit on behalf of the company for wrongs done to the company if the wrongdoers constitute a majority of shareholders. There are exceptions if the wrongful acts are ultra vires, involve fraud against minority shareholders, require a special shareholder resolution, or if the wrongdoers control the company. Indian law also establishes protections for minority shareholders through provisions for class rights, investigations, schemes of arrangement, oppression claims, and class action suits.
Navigate Chapter 11 Bankruptcy With Attorneys Of Sullivan County.pptxBrian761493
In the complex environment of economic turmoil, Chapter 11 bankruptcy in Sullivan is an effective tool for enterprises looking to revitalize and reorganize. Sullivan County people in challenging economic circumstances can embark on a path of financial rejuvenation with the help of an experienced bankruptcy attorney.
Are you confused when you hear the word bankruptcy? Does your business or financial situation require a rejuvenation? You are at the right place!
Well, insolvency is a financial state where you are unable to pay your debts. The declaration of such a state is called bankruptcy. The definitions of these are same in India as everywhere else. How these are handled in India makes the difference!
In law and business, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
The Insolvency and Bankruptcy Code 2015 Mukesh Chand
The document discusses the history of bankruptcy reforms in India through various committees since 1964 and outlines the key issues with the current framework. It proposes the objectives, principles and features of the new Insolvency and Bankruptcy Code of India. The Code aims to provide for a time-bound resolution process, maximize asset value, balance liquidation and reorganization, ensure equitable treatment of creditors, and establish a transparent framework. It will be based on principles of viability being a business decision, control by legislature/courts over process but not decisions, and appointment of resolution professionals.
The document discusses the borrowing powers and restrictions on borrowing for companies under Indian law. It provides details on:
- Companies have implied power to borrow, while non-trading companies must include this power in their memorandum.
- The key restrictions on borrowing include limits based on paid-up capital and reserves, and requirements for shareholder authorization for amounts over these limits.
- Borrowings must be registered within 30 days for charges over specific assets like property or within 300 days with a late fee. Lenders can also register in some cases. The registrar issues certificates of registration and satisfaction.
Winding up of a company and Limited Liability Partnership (LLP)B.H. Loh & Associates
Winding up is a process where the company dissolve from the registration. We will guide you through on how to step by step to strike off from the registration.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
Decoding THE INSOLVENCY AND BANKRUPTCY CODE, 2016Amit Kumar
The document summarizes the key aspects of the Insolvency and Bankruptcy Code, 2016 in India. It discusses the need for reform of bankruptcy laws in India due to the complex existing framework and long resolution times. The Code aims to consolidate bankruptcy laws, introduce a time-bound resolution process, and establish new regulatory bodies to handle insolvency resolution and liquidation. It outlines the key elements of the corporate insolvency resolution process established by the Code.
This document provides an overview of borrowing powers under company law. It defines key terms related to borrowing such as ultra vires, fixed and floating charges, and debentures. It discusses the statutory limits on a company's borrowing powers, conditions for borrowing funds, and the powers of directors to borrow. It also summarizes the remedies available to lenders for ultra vires borrowing, the registration requirements for different types of charges, and the effects of non-registration. Finally, it compares shareholders and debenture holders and outlines the duties of a company secretary related to the issue of debentures.
This document discusses company liquidation accounts and the liquidation process. It explains that liquidation is the process by which a company is dissolved and its assets distributed, with an administrator called a liquidator appointed to oversee this. The document outlines the different modes of winding up a company, including compulsory, voluntary, and supervised voluntary winding up. It also discusses the roles and powers of the liquidator during liquidation, the order of distributing company assets to creditors and shareholders, and the requirement for directors to submit a statement of company affairs.
This document discusses types of winding up, the differences between compulsory and voluntary winding up, procedures for members' voluntary liquidation and creditors' voluntary liquidation, powers and duties of a liquidator, and priorities for distributing funds in winding up. It provides details on:
- Grounds and processes for compulsory (court-ordered) winding up versus voluntary winding up initiated by shareholders or creditors.
- Requirements and steps for members' voluntary liquidation when a company is solvent, and creditors' voluntary liquidation when insolvent.
- Acceptance of a liquidator's authority, their main functions of taking control of assets and distributing proceeds, and who can be appointed.
- Evidence and priorities for
Liquidation process under the IBC is dedicated towards ensuring that the assets of the insolvent company are properly valued. Sold and the profits of it are properly distributed among the claimants. Read through this blog and know about its process.
The document discusses the winding up process of a company in India. There are two types of winding up - compulsory and voluntary. Compulsory winding up is ordered by the National Company Law Tribunal for reasons such as inability to pay debts or it being just and equitable. Voluntary winding up can be members' voluntary winding up if the company is solvent, or creditors' voluntary winding up if it proposes to wind up. The winding up process is conducted by an administrator called a liquidator, who realizes the company's assets and pays off debts. Winding up brings an end to the company's legal personality while dissolution removes it from the register of companies.
PPT on Insolvency and Bankruptcy Code, 2016 analysis the jargons, processes, access, limitations, opportunities, etc. A bried comparison with US Bankruptcy Code has also been stated and addressing issues like cross border insolvency amongst others issues. Also, the probe of recently notified transfer of pending proceedings has been made in the presentation.
The document discusses oppression and mismanagement under company law. It defines oppression as any burdensome, harsh or wrongful act according to the dictionary. Lord Cooper defined oppression as conduct that departs from fair dealing and violates shareholders' expectations of fair play. The document outlines the grounds and process for applying for relief from oppression or mismanagement under Sections 397 and 398 of the Indian Companies Act, including required applicants and possible reliefs.
The document provides information about winding up procedures for companies in India. It discusses voluntary winding up initiated by a company's shareholders and winding up initiated by the tribunal on various grounds. Key points include: (1) Winding up is the process of settling a company's debts and distributing remaining assets to shareholders; (2) The Companies Act of 2013 governs winding up procedures; (3) Grounds for tribunal winding up include inability to pay debts or acting against national interests. Creditors, shareholders, or government entities can file winding up petitions. The Insolvency and Bankruptcy Code of 2016 introduced changes to winding up procedures.
Here are the key steps to solve this problem:
1. Prepare a Statement of Affairs showing the estimated realizable value of assets and liabilities.
2. Classify assets as specifically pledged or not specifically pledged. Estimate surplus/deficiency from specifically pledged assets.
3. Estimate total assets available for preferential creditors, debenture holders, and unsecured creditors.
4. List secured, preferential, debenture holder, and unsecured creditors and estimate surplus/deficiency for each class.
5. Distribute estimated surplus in order of priority - secured creditors, preferential creditors, debenture holders, unsecured creditors.
6. Prepare a summary showing distribution of assets and estimated surplus/def
Rule in Foss vs Harbottle ( Rights of Minority Shareholder)Gokul Krishnan r
The rule in Foss v Harbottle establishes the principle that shareholders cannot file a derivative suit on behalf of the company for wrongs done to the company if the wrongdoers constitute a majority of shareholders. There are exceptions if the wrongful acts are ultra vires, involve fraud against minority shareholders, require a special shareholder resolution, or if the wrongdoers control the company. Indian law also establishes protections for minority shareholders through provisions for class rights, investigations, schemes of arrangement, oppression claims, and class action suits.
Navigate Chapter 11 Bankruptcy With Attorneys Of Sullivan County.pptxBrian761493
In the complex environment of economic turmoil, Chapter 11 bankruptcy in Sullivan is an effective tool for enterprises looking to revitalize and reorganize. Sullivan County people in challenging economic circumstances can embark on a path of financial rejuvenation with the help of an experienced bankruptcy attorney.
Are you confused when you hear the word bankruptcy? Does your business or financial situation require a rejuvenation? You are at the right place!
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
Part of the webinar series: COMPLEX FINANCIAL LITIGATION 2022
See more at https://www.financialpoise.com/webinars/
The Insolvency and Bankruptcy Code of 2016 consolidated existing bankruptcy laws in India to create a single law governing insolvency and bankruptcy. It aims to simplify and expedite bankruptcy proceedings while protecting creditor interests. Under the Code, a corporate insolvency resolution process is initiated when financial creditors with claims over Rs. 1 crore file an application with the National Company Law Tribunal. If no resolution plan is approved within 180 days, the company enters liquidation. The Code established the Insolvency and Bankruptcy Board of India as the regulator and introduced insolvency professionals to manage proceedings.
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2021/
PMF Legal is a Sydney-based commercial law firm specializing in corporate and commercial law, with expertise in areas like insolvency and restructuring. The firm has a strong track record of successful outcomes for clients and has contributed to changes in legislation through landmark court cases. Led by principal Paul Fordyce, an experienced insolvency specialist, PMF Legal provides innovative, tailored legal advice to meet each client's unique needs.
PMF Legal is a Sydney-based commercial law firm specializing in corporate and commercial law, with expertise in areas like insolvency, administration, and litigation. The firm has a strong record of successful outcomes for clients and has contributed to changes in legislation. It provides innovative, tailored legal advice to meet each client's objectives. PMF Legal is led by principal Paul Fordyce, an experienced commercial lawyer with accreditation in insolvency law.
- Importance of structuring - trading trust
- Role of ATO in insolvency of small business
- Liquidator actions to be mindful of
Presenter: Ben Sewell
Sewell & Kettle Lawyers
If you have further questions later please contact me
Email: bsewell@sklawyers.com.au
The document discusses the process of liquidating companies. It states that liquidation is a legal term that refers to the procedure through which a company's affairs are wound up according to law. An administrator called a liquidator is appointed to take control of the company, collect its assets, pay off debts, and distribute any surplus assets to members. The document also discusses the different types of liquidations including voluntary and compulsory liquidation, as well as the roles of members, creditors, and courts in the liquidation process.
Creditor\'s Rights and Bankruptcy Issues in Real Estate Lawterigrasmussen
Discusses how creditors should deal with a recently filed case, the automatic stay, leasing, use and sale of assets, and nonbankruptcy remedies available to creditors, including receiverships, foreclosures, creditors\' bill, charging order, and assignments for the benefit of creditors
Partner Julie Murphy-O'Connor, Partner Brendan Colgan and Senior Associate Gearóid Carey of the Corporate Restructuring and Insolvency Group co-author an article for Lexology Navigator - Restructuring and Insolvency in Ireland.
Insolvent Liquidation - When and How it is Used #020K2Partners
The document discusses insolvent liquidation, which is a formal process to close a company that is insolvent and unable to pay its debts. It describes the tests used to determine if a company is insolvent, including if it fails to pay debts or its liabilities exceed its assets. The document outlines the voluntary and compulsory liquidation processes, including the roles of directors, shareholders, creditors and liquidators. It also notes that insolvency practitioners work for creditors rather than the company.
Arnold & Porter on Fraudulent ConveyanceChand Sooran
The document discusses fraudulent conveyance principles used to overturn leveraged buyout (LBO) transactions. It notes that fraudulent conveyance laws exist to protect companies and creditors from transactions that extract value without providing reasonable value in return. When an LBO fails, parties may initiate litigation to avoid liens granted to lenders that financed the LBO and recover payments made to former shareholders. There are two types of fraudulent transfers - actual fraud which requires proving intent to defraud, and constructive fraud which looks at the underlying economics without requiring intent. Potential defendants in such cases include officers, directors, lenders, financial advisors, and former shareholders.
I prepared this ppt on Insolvency and Bankruptcy Code, 2016 to give a brief overview of it. This Code has repealed various Acts and made the insolvency procedure easier.
The document discusses creditors voluntary liquidation (CVL), a process where insolvent company directors can close a company without court involvement. It describes the tests for insolvency, options if continuing to trade, and the formal CVL procedure which involves board and shareholder meetings to appoint a liquidator who will manage the orderly winding up of the company.
The document discusses the legal theory of "deepening insolvency" which allows creditors to sue a company's officers and directors when their actions prolong the insolvency and increase debt. It summarizes a recent court case, In re Lemington Home for the Aged, where the Third Circuit Court of Appeals recognized "deepening insolvency" as a valid legal claim under Pennsylvania law. The court found that the officers and directors of Lemington Home failed to act with reasonable care and diligence, deepening the insolvency, and allowed the creditors' claims against them to proceed to trial. The ruling provides an opportunity for creditors to recover from officers and directors when their actions expand debt and prolong the insolvency
The document discusses the legal theory of "deepening insolvency" which allows creditors to sue a company's officers and directors when their actions prolong the insolvency and increase debt. It summarizes a recent court case, In re Lemington Home for the Aged, where the Third Circuit Court of Appeals recognized "deepening insolvency" as a valid legal claim under Pennsylvania law. The court found that the officers and directors of Lemington Home failed to act with reasonable care and diligence, deepening the insolvency, and allowed the creditors' claims against them to proceed to trial. The ruling provides an opportunity for creditors to recover from officers and directors when their actions expand debt and prolong the insolvency
The document discusses the winding up process of a company under Indian law. Winding up is the process by which a company ends its legal existence and dissolves. There are two main types of winding up - voluntary winding up initiated by shareholders, and compulsory winding up ordered by a tribunal. For voluntary winding up, the directors investigate the company's solvency and shareholders approve liquidation. A liquidator is appointed to collect assets and claims and distribute any surplus funds to shareholders. For compulsory winding up, a tribunal can order liquidation if the company is unable to pay debts proved by creditors, shareholders, or the registrar. The liquidator then administers the winding up process.
This document provides an overview of bankruptcy law concepts including eligibility for bankruptcy, how bankruptcy changes leverage for parties, why companies file for bankruptcy, and the automatic stay. It discusses a hypothetical scenario involving a distressed Manhattan office building and examines bankruptcy issues that may arise, such as filing eligibility for limited liability companies. The document also covers factors courts examine for bad faith filings and cases where independent directors or "friendly" involuntary bankruptcy petitions were used.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
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Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
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https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
1. Corporate Insolvency 101*
Presented by: Doug Hayter
3 May 2011
Morgan Lewis Pty Limited ACN 110 539 243
Liability limited by a scheme approved under Professional Standards LegislaHon
Legal pracHHoners employed by Morgan Lewis Pty Limited are members of the scheme
*By helicopter
5. Biggest corporate failures
• Lehman Brothers
• Shortly before 1 a.m. 15 September 2008 (New York Hme), Lehman Brothers
Holdings announced it would file for Chapter 11 bankruptcy protecHon ciHng bank
debt of $613 billion, $155 billion in bond debt, and assets worth $639 billion
(leaving a hole of $129B).
• It further announced that its subsidiaries would conHnue to operate as normal. A
group of Wall Street firms agreed to provide capital and financial assistance for the
bank's orderly liquidaHon and the Federal Reserve, in turn, agreed to a swap of
lower‐quality assets in exchange for loans and other assistance from the
government.
• On March 16, 2011 Lehman Brothers Holdings Inc announced it would seek creditor
approval of its reorganizaHon plan by October 14 followed by a confirmaHon
hearing to follow on November 17.
7. • HIH
• It was placed into provisional liquidaHon on 15 March 2001.
• Largest corporate collapse in Australia's history, with
liquidators esHmaHng that HIH's losses totalled up to $5.3
billion.
• InvesHgaHons into the cause of the collapse have led to
convicHon and imprisonment of a handful of members of HIH
management on various charges relaHng to fraud.
7
9. • Enron
• Enron Corporation was an American energy, commodities, and services
company based in Houston, Texas.
• Before its bankruptcy in late 2001, Enron employed approximately 22,000
staff and was one of the world's leading electricity, natural gas,
communications, and pulp and paper companies, with claimed revenues of
nearly $101 billion in 2000.
• Enron filed for bankruptcy protection in the Southern District of New York in
late 2001. At the end of 2001, it was revealed that its reported financial
condition was sustained substantially by institutionalized, systematic, and
creatively planned accounting fraud, known as the "Enron scandal".
• It emerged from bankruptcy in November 2004, pursuant to a court-approved
plan of reorganization, after one of the biggest and most complex bankruptcy
cases in U.S. history.
• A new board of directors changed the name of Enron to Enron Creditors
Recovery Corp., and focused on reorganizing and liquidating certain
9
11. Terminology
Bankruptcy v Insolvency
In Australian legislaHon the word ‘bankruptcy’ is used to
describe the process for dealing with an insolvent individual
and the phrase ‘winding up’ is used for insolvent companies.
The US uses the word bankruptcy for both.
Winding up
Companies can be wound up whether they are solvent or
insolvent.
11
12. Principles of insolvency law
• The fundamental purpose of an insolvency law is to provide a fair and orderly process for dealing with
the financial affairs of insolvent individuals and companies.
• The insolvency law should provide mechanisms that enable both debtor and creditor to parHcipate with
the least possible delay and expense.
• An insolvency administraHon should be imparHal, efficient and expediHous.
• The law should provide a convenient means of collecHng or recovering property that should properly be
applied toward payment of the debts and liabiliHes of an insolvent person.
• The principle of equal sharing between creditors should be retained and in some areas reinforced.
• The end result of an insolvency administraHon, parHcularly as it affects individuals, should, with very
limited excepHons, give effecHve relief or release from the financial liabiliHes and obligaHons of the
insolvent.
• Insolvency law should, as far as convenient and pracHcal, support the commercial and economic
processes of the community.
• As far as is possible and pracHcal, insolvency laws should not conflict with the general law.
• An insolvency law should enable ancillary assistance in the administraHon of an insolvency originaHng in
a foreign country.
12
14. Voluntary AdministraHon
• Voluntary administraHon is an insolvency procedure where the directors of a
financially troubled company or a secured creditor with a charge over most of the
company’s assets appoint an external administrator called a ‘voluntary
administrator’.
• A voluntary administrator is usually appointed by a company’s directors, aler they
decide that the company is insolvent or likely to become insolvent. Less commonly,
a voluntary administrator may be appointed by a liquidator, provisional liquidator,
or a secured creditor.
15. AdministraHon cont...
• What is the voluntary administrator’s role?
Aler taking control of the company, the voluntary administrator invesHgates and reports to creditors on the
company’s business, property, affairs and financial circumstances, and on the three opHons available to creditors.
These are:
• end the voluntary administraHon and return the company to the directors’ control
• approve a deed of company arrangement through which the company will pay all or part of its debts and
then be free of those debts, or
• wind up the company and appoint a liquidator.
The voluntary administrator must give an opinion on each opHon and recommend which opHon is in the best
interests of creditors.
The voluntary administrator has all the powers of the company and its directors. This includes the power to sell
or close down the company’s business or sell individual assets in the lead up to the creditors’ decision on the
company’s future.
The voluntary administrator must also report to ASIC on possible offences by people involved with the company.
If a deed of company arrangement is approved, the voluntary administrator will usually become the deed
administrator and oversee its operaHon.
15
16. Voluntary AdministraHon cont...
• What is the effect of a voluntary administraIon on creditors?
The effect of the appointment of a voluntary administrator is to provide the company with ‘breathing
space’ while the company’s future is resolved. While the company is in voluntary administraHon:
• unsecured creditors can’t begin, conHnue or enforce their claims against the company without the
administrator’s consent or the court’s permission
• owners of property (other than perishable property) used or occupied by the company, or people
who lease such property to the company, can’t recover their property
• except in limited circumstances, secured creditors can’t enforce their charge over company
property
• a court applicaHon to put the company in liquidaHon can’t be commenced, and
• a creditor holding a personal guarantee from the company’s director or other person can’t act
under the personal guarantee without the court’s consent.
16
18. LiquidaHon cont...
• Aler a company goes into liquidaHon, unsecured creditors can no longer commence or conHnue legal acHon
against the company, unless the court permits.
• Liquidator’s role
• When a company is being liquidated because it is insolvent, the liquidator has a duty to all the company’s
creditors. The liquidator’s role is to:
– collect, protect and realise the company’s assets
– invesIgate and report to creditors about the company’s affairs, including any unfair preferences
which may be recoverable, any uncommercial transacIons which may be set aside, and any possible
claims against the company’s officers
– enquire into the failure of the company and possible offences by people involved with the company
and report to ASIC
– aler payment of the costs of the liquidaHon, and subject to the rights of any secured creditor,
distribute the proceeds of realisaHon—first to priority creditors, including employees, and then to
unsecured creditors, and
– apply for deregistraHon of the company on compleHon of the liquidaHon. Except for lodging
documents and reports required under the Corpora&ons Act 2001 (CorporaHons Act), a liquidator is
not required to do any work unless there are enough assets to pay their costs.
– If the company is without sufficient assets, one or more creditors may agree to reimburse a
liquidator’s costs and expenses of taking acHon to recover further assets for the benefit of creditors.
18
19. LiquidaHon cont...
• Recoveries from creditors
• A liquidator has the ability to recover, for the benefit of all creditors, certain
payments (known as unfair preferences) made by the company to individual
creditors in the six months before the start of the liquidaHon.
• Broadly, a creditor receives an unfair preference if, during the six months prior to
liquidaHon, the company is insolvent, the creditor suspects the company is
insolvent, and receives payment of their debt (or part of it) ahead of other creditors.
To be an unfair preference, the payment must put the creditor receiving it in a more
favourable posiHon than other unsecured creditors.
• Not all payments from the company to a creditor in the six months before
liquidaHon are unfair preferences. The CorporaHons Act provides various defences
to an unfair preference claim.
• If a liquidator seeks to recover a payment that has been made to you, you may wish
to obtain independent legal advice on the merits of the liquidator’s claim before.
repaying any money.
19
20. Receivership
A company most commonly goes into receivership when a receiver is appointed by a secured
creditor who holds security over some or all of the company’s assets.
The receiver’s primary role is to collect and sell sufficient of the company’s charged assets to repay the
debt owed to the secured creditor.
What is the receiver’s role?
The receiver’s role is to:
• collect and sell enough of the charged assets to repay the debt owed to the secured creditor (this
may include selling assets or the company’s business)
• pay out the money collected in the order required by law, and
• report to ASIC any possible offences or other irregular mapers they come across.
The receiver’s primary duty is to the company’s secured creditor. The main duty owed to unsecured
creditors is an obligaHon to take reasonable care to sell charged property for not less than its market
value or, if there is no market value, the best price reasonably obtainable. A receiver also has the same
general duHes as a company director.
The receiver has no obligaHon to report to unsecured creditors, including employees, about the
receivership.
What about the duIes imposed on a receiver when selling assets?
21. Restructuring ‐ what the?
• Is another word for reorganisaHon.
• Involves a way of dealing with debt that enables a company to conHnue trading.
– On June 8, 2009, General Motors filed for reorganizaHon under the provisions
of Chapter 11, Title 11, United States Code.
– It involved refinancing in part by the US government.
– Some nameplates like PonHac, Saturn, Hummer, and service brands like
Goodwrench were disconHnued. Others, like Saab, were sold.
• The opHons for restructuring are as wide as can be imagined but generally involve
some measure of refinancing.