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Marblegate: what does it mean for European restructurings?

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

European Union, USA, Capital Markets, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Consideration, Second Circuit
Chambre de la sécurité financière v. Thibault 2016 QCCA 1691

Does a fine imposed on a debtor by the disciplinary committee of the Chambre de la sécurité financière after the date of the debtor's bankruptcy constitute a provable claim pursuant to section 121(1) of the Bankruptcy and Insolvency Act (the "BIA")?

Introduction

Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy discharge, Bankruptcy and Insolvency Act 1985 (Canada)
The oppression remedy and fulfilment of directors’ duties

In Susi v. Bourke, 2014 O.J. No. 11

A Summary

In Susi v. Bourke, [2014] OJ No 11, the Ontario Superior Court of Justice held that when all of the directors of a corporation fail to comply with their fiduciary duties, none of them can seek a remedy for oppression.

Canada, Ontario, Company & Commercial, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Conflict of interest, Bankruptcy, Fiduciary