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2014 Insolvency and Corporate Reorganisation Survey: France

A company may seek relief from its creditors whether it is solvent or insolvent. The solvency test in France is a cash-flow test. A company is insolvent (cessation de paiements) if it cannot make payment of a debt which is due and payable with its available cash and liquid reserves within the grace period granted by the relevant creditor.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Ireland

The form of relief a company may seek from its creditors that may allow for the company's continued survival is relief through the examinership process. One of the five preconditions to the appointment of an examiner is that the company be insolvent or likely to be insolvent.

May 18 2014

Resolving banks rapidly

Grant Spencer, deputy governor of the Reserve Bank of New Zealand, explains why the Open Bank Resolution might be a model for other jurisdictions considering resolution plans

May 18 2014

An all-American process

David Kurtz, global head of Lazard’s restructuring practice, reflects on US market trends and why the US remains the choice destination for forum shoppers

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: United Kingdom

Certain corporate restructuring procedures such as voluntary arrangements (CVAs) under the Insolvency Act 1986 (IA) or schemes of arrangement under the Companies Act 2006 (a process involving a compromise or other arrangement with creditors or members) do not require a company to be insolvent, although in most restructuring cases the company will be tinkering on the brink of insolvency.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Russia

There is no statutory regime for restructuring a company's debts outside formal insolvency proceedings, and no Chapter 11-equivalent protection. The directors of a company may only (and must) file for insolvency if the company meets the statutory test, but face administrative or potentially criminal liability for a fraudulent filing.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Spain

Relief from creditors can be sought by filing for bankruptcy (concurso de acreedores).

May 18 2014

Asia-Pacific: risk rating map

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Norway

There are three main forms of bankruptcy proceedings in Norway, all regulated by the Norwegian Bankruptcy Act: judicial debt negotiation proceedings; either voluntary or compulsory composition proceedings; and winding-up proceedings. The debtor may also suggest a compulsory composition while under winding-up proceedings.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Brazil

A company under financial distress may seek relief from creditors by filing a court-supervised reorganisation proceeding. The company does not have to provide evidence of being insolvent for the purposes of filing for reorganisation. The company may also file a voluntary bankruptcy liquidation proceeding or a pre-packaged restructuring.

May 18 2014

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