The economic havoc wreaked by the Covid-19 pandemic has resulted in a 10-year high of corporate bankruptcies in the United States in 2020. While bankruptcy levels across Europe have fallen amid the pandemic, a sharp spike in corporate bankruptcies is expected as economic support programs phase out in the coming months. This will increase the…

On 24 December 2020, the New Brazilian Insolvency Act (“NBIA” – a slight misnomer, as the Act is in fact an amendment to an existing statute) was published in the official Brazilian gazette. The act implements important modifications in the field, including a few related to arbitration, which came into force on 23 January 2021….

COVID-19 has already destroyed many businesses, and insolvencies will only increase as governments withdraw temporary protections. Recent decisions highlight the potential for external administrators of these insolvent companies to use investment treaty arbitration to recover assets, even from the state that appointed the administrators. Generally, external administrators are appointed by directors, creditors or courts to…

On 23 September 2020, the England and Wales High Court (“High Court”) rendered its judgment in Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) granting Riverrock Securities Limited (“RSL”) an interim anti-suit injunction in respect of bankruptcy proceedings in Russia brought against RSL by the receiver of the International Bank of…

One of the many consequences of the Covid-19 pandemic and the world-wide economic crisis has been the sharp increase of insolvency filings before national courts. Latin America is no stranger to this situation, having been part of the surge in business insolvencies. Brazil, in particular, has been a recent insolvency hotspot within Latin America. This…

The economic downturn in Thailand has resulted in increased pressure on Thai debtors. Several banks have forecasted Thailand’s gross domestic product (GDP) to contract 8.1 percent in 2020 due to a more severe than expected COVID-19 pandemic and the containment measures implemented by governments in many countries including Thailand. Creditors who are party to an…

The intersection of arbitration and insolvency, ever since the onset of the pandemic, is becoming a topical area of focus. The Centre for International Legal Studies (an Austria based non-profit society) and Arbinsol (a platform dedicated to the research on arbitration and insolvency) have responded by organizing an ongoing series of “post-pandemic” webinars. The most…

The COVID-19 pandemic and the ensuing lockdowns have the legal community debating and exploring force majeure. That, however, does not rule out the imminent likelihood of international arbitration locking horns with domestic insolvency law. Arbitration agreements and subsequent awards may possibly be left redundant and award-holders remediless where insolvency proceedings are commenced in respect of…

In the recent decision of AnAn Group (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) [2020] SGCA 33 (“AnAn“), the Singapore Court of Appeal found that when a debtor challenges a winding-up application on the basis of a disputed debt or cross-claim that is subject to an arbitration agreement, the court should apply…

One of David Guetta’s most famous songs is “When Love Takes Over”. Recent weeks have shown him that insolvency can also “take over”. The Commercial Court in Santander (Spain) ruled recently that an arbitration agreement signed by the agents of David Guetta ceased to produce effects due to the insolvency of the counterparty, the Spanish…

With over $3 billion invested by Vedanta Resources in Zambia since it became a shareholder in Konkola Copper Mines (KCM) in 2004, it is a less optimistic turn of events with Vedanta Resources and fellow shareholder, the government-owned Zambian State Mining Company ZCCM-IH (ZCCM), being at loggerheads in arbitration. In this post, we examine what…

On 7-8 June 2019, the ninth (Romanian) National Conference on Commercial Law in Cluj-Napoca was organized by the Department for Company Law and Corporate Governance of the Law Faculty of the University Babeş-Bolyai in Cluj-Napoca (Romania), together with the Center for Commercial Law of the West University of Timişoara (Romania), supported by the Romanian National…

After the fall of communism, Hungary embraced modern arbitration law. Act LXXI of 1994 (“the Arbitration Law”) created a comprehensive legal regime for both domestic and international arbitration, based on the UNCITRAL Model Law. State courts generally exercised a liberal approach in connection with arbitral proceedings and awards. However, some recent developments in Hungarian law…

The Institute for Transnational Arbitration (ITA) held its 26th Annual ITA Workshop in Dallas, Texas on June 18-20, 2014. This year’s ITA Workshop, titled “Modern Enforcement of Arbitral Awards: ‘Show Me the Money,’” covered a range of recent developments and strategic considerations relating to the enforcement of arbitral awards. To kick-off this Workshop, the ITA…

Nathalie Voser and Anya George Few Swiss cases have sparked as much debate in the arbitration community as the Swiss Supreme Court’s 2009 decision in Vivendi vs. Elektrim. In that decision, the Supreme Court upheld the award of an arbitral tribunal seated in Switzerland which had declined jurisdiction over one of the respondents, Elektrim, after…