The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.
Facts
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Holding company, Corporations Act 2001 (Australia), Federal Court of Australia
In the current recession, some North American businesses facing difficulty in meeting their debt obligations may consider the implications of restructuring their debt in Canada or the US. The rules in the two jurisdictions have some similarities, but also some significant differences that should be examined in any such restructuring.
Canada, USA, Insolvency & Restructuring, Tax, Cassels Brock & Blackwell LLP, Share (finance), Bankruptcy, Shareholder, Debtor, Interest, Taxable income, Debt, Debt relief, Fair market value, Default (finance), Preferred stock, Bankruptcy discharge, Bankruptcy and Insolvency Act 1985 (Canada)