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Corporate minds do not all think alike: The Supreme Court affirms a purposive approach to the corporate attribution doctrine

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

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

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.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Will We Have New Rules for Corporate Bankruptcies? Recently Proposed Legislation That Could Reform Chapter 11 Practice

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, US Congress
No Setoff Here: Third Circuit Resolves Triangular Setoff Debate Once and for All

Introduction

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Delaware Bankruptcy Court Weighs in: Debtors Are Not Excluded From Bankruptcy Code’s Definition of “Financial Participant” and Safe Harbor

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
syncreon’s Financial Restructuring Implemented by Landmark English Schemes of Arrangement with Parallel Chapter 15 and CCAA Recognition

syncreon Group Holdings B.V. (the “Company” and together with its subsidiaries, “syncreon”) completed its landmark financial restructuring today. As has been widely reported, syncreon’s reorganization is perhaps the first-ever use of an English scheme to restructure debt issued by a U.S.-based global enterprise. This also appears to be the first time that CCAA recognition of an English scheme has been granted.

The Restructuring

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
A Check is Transferred When It’s Honored, Not Delivered

Readers familiar with contract law undoubtedly know the “mailbox rule,” that an offer is accepted the moment a document goes in the mail.1 The United States Bankruptcy Appellate Panel for the Ninth Circuit (the “BAP”) recently dealt with its own variant of the mailbox rule: does the issuance of a check constitute a transfer of estate assets on the date the check is delivered or on the date it is honored?

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Ninth Circuit, Bankruptcy Appellate Panel