"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99).
Judges of Barcelona unify principles on certain points of insolvency law
International case law
European jurisprudence on universal and territorial procedures
Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)
Summary
In the first appeal of a restructuring plan under Part 26A Companies Act 2006, the English Court of Appeal unanimously set aside the first instance decision sanctioning the plan proposed by AGPS BondCo PLC, part of the Adler real estate group1.
Celsius’ retail borrowers finally have an answer on who owns the cryptocurrency they deposited into Celsius in exchange for a loan from Celsius – spoiler alert: on November 13, 2023 the bankruptcy court held that Celsius’ terms of service “clearly and unambiguously” gave Celsius ownership of retail borrowers’ cryptocurrency. The bankruptcy court’s decision follows its January 2023 decision which similarly held that the cryptocurrency of Celsius’ “Earn” customers also belonged to Celsius because the terms of service similarly unambiguously granted Celsius title ownership.
La nueva regulación concursal permite a los acreedores de una compañía insolvente convertirse en nuevos dueños con un plan de reestructuración homologado por un juez. El caso Celsa, el primero en el que unos fondos han presentado un plan hostil para hacerse con la empresa, anima a que las empresas familiares tomen medidas de manera anticipada.
Judgment creditors should be aware that the English Court of Appeal has given guidance on the proper construction of s423 Insolvency Act 1986 (transactions defrauding creditors)1.
Summary
Trustees and officeholders (such as administrators, receivers and liquidators) can ask the Court to approve steps that they propose to take in the administration of their estate (such as the sale of an asset or settlement of a claim).
Summary
The Court1 exercised its discretion to sanction a restructuring plan proposed by AGPS BondCo PLC (the Company) (part of the Adler real estate group) to amend indebtedness arising under six series of senior unsecured notes governed by German law, which matured on different dates through to 2029.