This article has been contributed to the blog by Patrick Riesterer and Mary Angela Rowe. Patrick Riesterer is an associate in the Insolvency and Restructuring group of Osler, Hoskin & Harcourt LLP and Mary Angela Rowe is an articling student at Osler, Hoskin & Harcourt LLP.
This article has been contributed to the blog by Dave Rosenblat and Mary Angela Rowe.
This article has been contributed to the blog by Edward Sellers and Joshua Hurwitz. Edward Sellers is a partner in the Insolvency & Restructuring group and Joshua Hurwitz is an associate in the Insolvency & Restructuring group at Osler, Hoskin & Harcourt.
Recent Developments
Recent Developments
FI and D&O Since our last update, there have been significant developments in the FI and D&O landscape. November saw the first ever UK deferred prosecution agreement (DPA) announced between the SFO and Standard Bank. The DPA process has been available but unused since 2014 so the judgment and the SFO’s comments thereafter provided some much needed guidance on what the process involved. Significantly, weight was placed on Standard Bank’s early self-reporting and cooperation.
Weighing in at the intersection of bankruptcy law and the doctrine of subrogation, the Ontario Court of Appeal has ruled that insurers are not entitled to commence subrogated claims in the name of bankrupt insureds.
On 1 September 2016, the Korean Court issued orders commencing rehabilitation proceedings for Hanjin and staying proceedings against it and its assets (Korean Orders).
The purpose of the Korean proceeding is to rehabilitate the insolvent debtor company, Hanjin, by restructuring its debts. The debts are restructured according to a rehabilitation plan approved by the creditors and the Korean Court. The aim is to protect Hanjin while it trades out of its debt.
Control to Serbian Creditors- the amendments to the Serbian Insolvency Act
The recent amendments to the Serbian Insolvency Act enacted 9 December 2018 have placed more control into creditors’ hands allowing them to suggest the insolvency administrator to be appointed, as well as providing less restrictive provisions on the proposers of reorganisation proposals.
A private member's bill, Bill C-372, was introduced on 17 October 2017 with proposed amendments to the Bankruptcy and Insolvency Act and the Companies Creditors’ Arrangement Act. The Bill seeks to protect retired workers whose pensions and group insurance plans are at risk if their previous employer goes bankrupt or undergoes restructuring. The Bill would provide for priority status for claims in respect of underfunded pension plans, as well as claims arising as a result of an employer terminating its participation in a group insurance plan.