Publication
2nd Circuit defers to executive will on application of sovereign immunity
The Second Circuit recently held that federal common law protections of sovereign immunity did not preclude prosecution of a state-owned foreign corporation.
The COVID-19 epidemic has had a truly global impact. No major economy has escaped the virus and the pandemic remains a constant concern. This is the context in which businesses in every region confront restructuring decisions. The global restructuring market is responding as numerous countries are reforming their legal frameworks that govern restructurings. In this issue, we take a close look at some key jurisdictions: Italy's new code dealing with the business crisis; Hong Kong's cross border insolvencies with mainland China; developments in Canada's CCAA; and Australia's judiciary's response to the COVID-19 crisis.
Certain reforms in the restructuring laws in various countries are no doubt an effort to address underdeveloped or inadequate laws that can result in inconsistent outcomes across jurisdictions. These shortcomings in restructuring laws have led to increased instances of distressed companies availing themselves of formal legal restructuring proceedings outside their home jurisdiction. There are often good and legitimate reasons to do so: predictability of how the law will be applied, transparency, experienced judiciary, and the ability to bind creditors. The Chief Justice in Singapore even went so far as to suggest that forum selection is the "necessary and responsible thing" to do to achieve the best outcome for all constituencies. Distressed debtors will need to consider all of these legal changes and reforms in selecting their forum for restructuring.
Here at Norton Rose Fulbright we have restructuring professionals in every major economic center to help guide distressed companies, creditors and other parties caught up in restructurings. The ascendency of our restructuring practice is nowhere more evident than with the appointment of our partner Scott Atkins to the role of President of INSOL International. Scott epitomizes the global perspective and expertise of our firm.
Enjoy the issue.
Howard Seife
Global Head
Bankruptcy, Financial Restructuring and Insolvency
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Publication
The Second Circuit recently held that federal common law protections of sovereign immunity did not preclude prosecution of a state-owned foreign corporation.
Publication
Facing the fast-growing development of AI across the globe, particularly Generative AI (GenAI), the G7 competition authorities and policymakers (Canada, France, Germany, Japan, Italy, the UK and the US) and the European Commission met in Italy on 3-4 October 2024 to discuss the main competition challenges raised by these new technologies in digital markets.
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