Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

The number of company insolvencies in 2023 increased by over a third compared to 2022. The hospitality sector was particularly badly affected, with 53% more insolvencies than in 2022.

It appears that 2024 will be similarly challenging for companies in the hospitality sector. The Restaurant Association of Ireland (RAI) has set out the main challenges faced by the industry, including increased energy and labour costs, and the VAT rate reverting to 13.5% after having been reduced to 9% during the covid-19 pandemic.

The High Court has reaffirmed the test to be applied in considering an application to dismiss a bankruptcy summons grounded on a judgment.

The bankruptcy process in Ireland involves multiple steps and the debtor can seek to bring it to a halt at each step. Debtors often seek to rerun effectively the same arguments at each step, ignoring previous findings by the courts. One such step is an application to dismiss a bankruptcy summons.

The Irish High Court has determined that the liquidation of an Irish aircraft leasing company, which was a 100% subsidiary of a Russian company expressly subject to EU sanctions, rebuts the presumption that the company was controlled by the Russian parent for the purpose of EU sanctions.

This enables the liquidators to deal with the assets without costly and time-consuming derogation applications.

Background

一只基金在经历“募、投、管、退”几个阶段后，会进入其生命周期的最后一个阶段：清盘和解散，这个阶段涉及对于基金的资产的盘点、处置、分配以及一些法定的清盘和解散程序的履行。虽然在清盘阶段，需要盘点资产、处置及分配，但其实很多基金在运营过程中已经根据其合伙协议下的瀑布式分配条款向投资人完成了绝大多数分配（如下图所示），清盘很多时候仅成为一个注销基金的程序性必经环节而已。

点击可查看大图

有时候由于跨境重组中精简结构或者其他商业上的考虑，一些PE基金的主体也需要清盘和注销。无论是由于期限到期清盘，还是由于重组而清盘，大多数开曼PE基金会采用自愿清盘（voluntary liquidation）的方式退出，因此我们在本文中会重点介绍开曼法下豁免有限合伙的自愿清盘，也会对开曼法下的剔除（strike-off）程序在豁免有限合伙场景下的应用进行简单介绍。

Irish company law provides that if a charge granted by a company is not registered in the Companies Registration Office (CRO) within 21 days of its creation, it is void against a liquidator and any creditor of the company. There is a duty imposed on a company which grants a charge to register the charge in the CRO but the creditor taking the charge can also do so.

Diamond Rock Developments Ltd (the Company) granted a mortgage over a property. That mortgage was registered in the Land Registry but was not registered in the CRO.

If you supply goods, the simplest step that you can take to reduce your exposure to a customer’s insolvency is to use effective retention of title (RoT).

However not all RoT clauses are effective and we see many RoT claims rejected in insolvency.

By default, once you sell goods on credit:

• the goods belong to the customer; and
• the customer owes you the purchase price.

This means that if an insolvency practitioner (IP) is appointed to the customer:

Corporate insolvency numbers continued to appear artificially low in 2022. The expectation is that they will rise once businesses need to deal with the aftermath of Government pandemic supports and, in particular, start to pay warehoused taxes.

一、股东的责任

一般来说，股东只就其认购股份的出资承担责任，而如果公司无偿债能力进而清盘，股东层面并不负有任何法律责任。但仍需注意可能存在的例外情况，例如：

第一，穿透公司法人人格向股东追索。如某人在已有债务的情况下，通过将财产转移给新设立公司的方法逃避该既有债务，法院可能判令要求穿透公司面纱。而在实践中该法律原则因要求严格，很少能够被使用。

第二，股东参与到公司有欺诈目的的资产转移当中，或作为不正当的协助者、不正当的收受财产者，或者参与策划该欺诈行为等。

二、董事和公司管理人员的责任

在清盘开始后，董事实际上失去了管理公司的权力，但是由于董事的地位，其需要在以下两种情形下承担责任：一是如果他违反了原本就对公司负有的义务，清盘人代表公司能够向董事进行追责；二是在清盘前和清盘过程中，董事均负有特定的责任。

一方面，董事负有一般的对公司的信义义务，包括为公司利益行使权利，为公司避免利益冲突等，以及其他法定义务，比如董事必须采取一切合理步骤确保公司备存及保留会计记录至少7年（如有），以及必须确保公司按时提交财务报表等。如这些行为已经发生，董事可能需要承担责任。