Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

They say every man needs protection, they say that every man must fall.¹

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.

一、问题的提出

债务人向债权人借款，由保证人提供保证担保。借款到期后，债务人与保证人均未偿还该笔借款。后法院裁定受理保证人的破产申请，债权人因此向保证人的管理人申报债权，要求保证人就债务人所欠借款及利息承担保证责任。管理人审查并确认了该笔债权。（简见以下表1案型法律关系表）根据《最高人民法院关于适用〈中华人民共和国民法典〉有关担保制度的解释》（下称“《民法典担保制度解释》”）第22条之规定，[1]保证债权应当自保证人的破产申请受理时起停止计息。与债务人破产时保证债权随同主债权停止计息不同的是，保证人破产导致保证债权停止计息，却不能反向及于主债权也停止计息。其后债务人向债权人清偿了部分债务。此时，管理人将面临如下难题：在主债权未停止计息的情况下，债权人获得债务人部分清偿后，在保证人的破产程序中，管理人先前认定的债权数额是否须要调整？如果须要调整，应该如何进行调整？鉴于该问题在实务中相对较为前沿，笔者曾多次尝试检索与之相关的法规、判例、理论文献、实务文章等，对于解决该问题的资料寥寥无几。虽无前人的解决方案可供参照，但该问题仍然亟待解决。在缺乏相应法律规范的情况下，下文将通过民法基础理论的推演，尝试为解决这一问题提供思路。

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.

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.

In vielen Branchen kann die Lieferkette eine Vielzahl von Unternehmen und Jurisdiktionen umfassen. Im derzeitigen Wirtschaftsklima ist es nicht ungewöhnlich, dass einzelne Lieferanten innerhalb dieser Lieferkette in finanzielle   Schwierigkeiten   geraten   oder ein Insolvenzverfahren beantragen.

In many industries, the supply chain can involve multiple suppliers and jurisdictions. In the current economic climate, it is not unusual for a supplier within the supply chain to encounter financial distress or even to enter into formal insolvency proceedings. This can have a significant impact on a company if its business depends on a distressed supplier and an alternative or additional supplier cannot be found (and production cannot be brought in house) or an alternative sourcing is not possible for other reasons, like part/raw material approval process, testing, customs etc.