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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
Australian schemes done quickly, inexpensively and efficiently

In this week’s TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient.

Key takeaways

Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
In re Purdue Pharma L.P.: Second Circuit Reverses S.D.N.Y and Holds Bankruptcy Court Has Subject Matter Jurisdiction and Statutory Authority to Approve Sackler Family Releases

On May 30, 2023, the United States Court of Appeals for the Second Circuit (the “Second Circuit” or the “Court”) rendered a much anticipated opinion (the “Opinion”),1 reversing the order of the United States District Court for the Southern District of New York (the “District Court”) that the Bankruptcy Code does not permit non-consensual third-party releases of direct claims and affirming the order of the United States Bankruptcy Court for the Southern District of New York (the

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Supreme Court of the United States, Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
In re Boy Scouts of America and Delaware BSA, LLC: Delaware District Court Affirms Bankruptcy Court’s Approval of Third-Party Releases, in Conflict with Southern District of New York District Court in Purdue

On March 28, 2023, the United States District Court for the District of Delaware (the “District Court”) rendered an opinion (the “Opinion”)1 affirming the confirmation order of Laurie S.

USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, United States bankruptcy court, US District Court for District of Delaware
Australia holds the line on priorities between successive trustees

In this week’s TGIF, we consider the Federal Court’s recent decision inFotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251, and earlier decisions in the same proceedings, clarifying the current Australian position as to priorities between creditors of successive trustees.

Key takeaways

Australia, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to Restitution

On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District Court”) when it determined that lenders of a syndicated loan facility to Revlon, Inc.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
Unusual but uplifting: Court approves liquidators’ reasonable success fee

This week’s TGIF considers a recent decision in Re HRL Limited (in liq) & Anor [2022] VSC 693, in which the Court approved a success fee in addition to the liquidators’ remuneration calculated by the application of a time-based costing method.

Key takeaways

Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
Another Delaware Bankruptcy Court Approves Third-Party Releases and Opt-Out Mechanisms Amidst Disagreements with Other Circuits

On July 29, 2022, Laurie S.

USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Bankruptcy, United States bankruptcy court, Third Circuit, US District Court for the Southern District of New York
TGIF 30 July 2021 - Supreme Court of Queensland decides contracts of sale are not compellable ‘financial records’

This week’s TGIF considers a recent case where the Supreme Court of Queensland rejected a director’s application to access an executory contract of sale entered into by receivers and managers on the basis it was not a ‘financial record’

Key Takeaways

Australia, Queensland, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Coronavirus, Corporations Act 2001 (Australia)