Background
Decision
Key takeaways
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
The High Court has clarified the grounds for challenging a CVA for guarantee creditors.
Background
Mizen Design/Build Ltd's (Mizen) directors proposed a CVA stating that this would lead to a better result for unsecured creditors than the likely alternative, administration.
The CVA compromised guarantee creditors' ability both to bring a claim against Mizen and to call upon their performance guarantees against Mizen's parent company (the Parent Guarantor).
Introduction
This recent decision has opened up a new opportunity for creditors who are not satisfied with a proposal to put forward their own restructuring plan.
Background
Good Box Co Labs Limited (the Company), a fintech start-up, developed contactless payment technologies in the charity sector.
It entered administration in June 2022 on the application of NGI Systems Limited (NGI) a principal technology supplier, creditor and shareholder of the Company.
Introduction
CargoLogicAir Limited (the Company) was the UK's only all-cargo main deck freight airline. Due to sanctions imposed on its Russian owner, the Company was unable to effectively trade and pay its debts as they fell due despite obtaining a 'Basic Needs Licence'. Its sole director applied to appoint administrators.
Issues
The court considered two key issues:
IBBIによる管財人の報酬体系規定
2016年破産倒産法の下、管財人または暫定管財人（総称してRP）は、企業債務者の事業を継続企業として運営し、企業倒産解決プロセス（CIRP）を実施する責任を負います。また、RPは、CIRP が期限内に実施され、企業債務者の資産価値が最大化されるように努める必要があります。
On 7 December 2022, the European Commission published its proposal for a directive harmonising certain aspects of insolvency law (the Insolvency Directive).
The Insolvency Directive seeks to offer more certainty and create a common minimum standard of insolvency regimes across member states, encouraging more effective cross-border investment.
It aims to harmonise three key areas of EU insolvency law (the Insolvency Directive).
Aims law:
the recovery of assets
the efficiency of proceedings
2016年破産倒産法の下では、企業債務者が債務の弁済ができない場合、倒産処理手続き（CIRP）が開始され、再建計画の募集により企業債務者の再生を試みます。その後、当該再生手続が失敗に終わった場合、企業債務者は清算されることになります。法は、CIRPにおいては「管財人」が企業債務者の再生と再構築に取り組み、これが失敗した場合に、清算人が企業債務者の支配者となり、企業債務者の資産を売却してその収益を分配し、解散を申請する、と定めています。清算人は、管財人は異なるいくつかの特別な権限を有しています。
R.K. Industries (Unit-II) LLP v. HR Commercials Pvt. Ltd.（R.K. Industries Case）において、最高裁判所は、企業債務者の資産の売却方法に関する清算人の商業的英断は、倒産裁判所の限定的な司法審査の対象となることを明確にしました。
Brief facts - 概要
On 7 December 2022, the European Commission published its proposal for a directive harmonising certain aspects of insolvency law (the Insolvency Directive).
Aims
The Insolvency Directive seeks to offer more certainty and create a common minimum standard of insolvency regimes across Member States, encouraging more effective cross-border investment.
It aims to harmonise three key areas of EU insolvency law:
the recovery of assets
the efficiency of proceedings, and