Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
In a judgment issued yesterday (Francis v Gross [2024] NZCA 528), the Court of Appeal unanimously overturned the controversial High Court decision in Francis v Gross [2023] NZHC 1107 and held that purchasers of partly constructed modular buildings (pods) did not have equitable liens (at all, and especially not in priority to secured creditors) over those pods.
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.
This morning, after much anticipation, the Supreme Court has released its judgment in Yan v Mainzeal Property Construction Limited (in liq) [2023] NZSC 113, largely upholding the Court of Appeal's decision, and awarding damages of $39.8m against the directors collectively, with specified limits for certain directors. The decision signals that a strong emphasis on 'creditor protection' is now embedded in New Zealand company law.
In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.
Recientes resoluciones judiciales han puesto en el foco la problemática aprobación judicial de una liquidación societaria cuando existe una situación de bloqueo por parte de alguno de los socios que impide adoptar acuerdos. Analizamos, a continuación, lo que han dicho los tribunales sobre los acuerdos sociales negativos y su posible impugnabilidad.
(SJM nº 13 de Madrid de 23 de marzo de 2021 y SAP de La Coruña de 1 de abril de 2022)
El Consejo de Ministros ha acordado extender el plazo de solicitud de la financiación avaladapor el Instituto de Crédito Oficial (ICO), CESCE o CERSA (la financiación avalada), así como elevar los umbrales económicos relativos a la refinanciación de la misma, trasladando dichas modificaciones al Código de Buenas Prácticas.
Las medidas que ahora se ven reforzadas o modificadas tienen su origen en el Real Decreto-ley 16/2020, de 28 de abril –del que Garrigues ya se hizo eco en esta publicación–, que fue posteriormente sustituido por la
AML changes for court-appointed liquidators
Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021. These changes provide that, for a court-appointed liquidator:
The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.