In a departure from prior precedent in the United States Bankruptcy Court for the Southern District of New York (SDNY), a recent opinion by Judge Michael E. Wiles in In re Cortlandt Liquidating LLC,[1] effectively lowered the Bankruptcy Code section 502(b)(6) cap on rejection damages that a commercial real estate landlord may claim, by holding that the cap should be calculated using the “Time Approach,” rather than the “Rent Approach.”

Calculation of Lease Rejection Damages

The March 2023 banking crisis has been an unexpected “stress test” for dealing with liquidity issues.

When state regulators closed Silicon Valley Bank this past Friday, many startups understandably faced severe liquidity issues triggered by the sudden and unexpected loss of access to their deposits.

On January 4, 2023, Judge Glenn of the United States Bankruptcy Court for the Southern District of New York issued a much-awaited decision in the Celsius Network LLC (along with its affiliated debtors, “Celsius” or the “Debtors”) chapter 11 cases relating to the ownership of crypto assets deposited by customers in the Celsius “Earn” rewards program accounts.

Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection.

In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.

本文主要讨论公司型基金、合伙型基金自行清算的主要流程，并就基金自行清算出现僵局等情形时，如何申请法院启动基金强制清算程序的主要问题作初步探讨。

基金清算适用的法律

对于公司型基金的清算，其主要适用《公司法》以及《最高人民法院关于适用＜中华人民共和国公司法＞若干问题的规定（二）》（下称“《公司法司法解释二》”）《关于审理公司强制清算案件工作座谈会纪要》（下称“《强制清算纪要》”）以及部分高院出台的相关审判指导。

对于合伙型基金的清算，除适用《合伙企业法》外，可参照公司法律的有关规定。对此，《民法总则》第一百零八条规定，“非法人组织除适用本章规定外，参照适用本编第三章第一节的有关规定”；第三编第一节对法人清算作出了相关规定，其中第七十一条规定，“法人的清算程序和清算组职权，依照有关法律的规定；没有规定的，参照适用公司法律的有关规定”。例如，北京一中院在（2020）京01清申27号《民事裁定书》中基于上述规定，认定合伙型基金的清算应当参照《公司法》的相关规定进行。

除前述规定外，中国证监会、中基协的相关规定，以及其他行业自治组织的相关规定，亦可作为基金清算的依据。

Introduction

The concept of winding up does not exclusively apply to insolvent companies. Solvent companies can also be wound up, on the initiation of the company’s directors and shareholders (for example, as part of a corporate reconstruction or to close down non-operating or redundant entities). 

An overview of the two key procedures to effect the dissolution of a solvent Australian company, being Members’ Voluntary Liquidation and Deregistration, is set out below. 

In brief

Even with the fiscal stimulus and other measures taken by the Federal and State governments in Australia, corporate insolvencies are likely to increase in coming months.

Under Australia's insolvency regimes, a distressed company may be subject to voluntary administration, creditor's voluntary winding up or court ordered winding up (collectively, an external administration). Each of these processes raises different issues for the commencement and continuation of court and arbitration proceedings.

In summary

In our previous alert we discussed how Justice Markovic in the Federal Court of Australia had granted the administrators of retailer Colette Group relief from personal liability for rent in respect of 93 stores.  

The Australian Federal Court has made orders relieving the administrators of retailer Colette from personal liability for rent in response to the COVID-19 crisis and the current uncertainty in respect of government policy about rent relief for tenants: see

What you need to know