Overview

Overview

If you walk along the seafront in the Lancashire town of Morecambe, you will come across a statue of the late Eric Morecambe. Many of us will remember Eric as half of one of the most famous comic double acts in the United Kingdom. Morecambe and Wise made us laugh, not so much through innuendo but more through the perfect timing of their various on screen exchanges. So important was timing to Eric Morecambe that one of the quotes at the foot of his statue is the phrase "In life, everything is timing".

Overview

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

Background

The defining feature of the restructuring plan, which was introduced by the Corporate Insolvency and Governance Act 2020, is the "cross class cram down" ("CCCD") mechanism it introduces as a means of imposing a settlement on recalcitrant creditors.

Overview

Judgment was handed down on 30 September sanctioning the much-trailed restructuring plans for the Cineworld UK group of companies. The sanctioning of the Plans was widely expected, but drama came at the eleventh hour as a result of two last minute challenges brought by UK Commercial Property Finance Holdings ("UKCP") and the Crown Estate (both landlords of Cineworld leases). UKCP and the Crown Estate sought injunctions - not to challenge the Plans in themselves - but to order the removal of their leases from the Plans. 

In Harrington v. Purdue Pharma L.P., 144 S. Ct. 2071 (2024) (“Purdue”), the Supreme Court held that the Bankruptcy Code does not authorize nonconsensual releases of nondebtors as part of a chapter 11 plan. The Court narrowly read the Code’s language, providing that a plan may “include any other appropriate provision not inconsistent with the applicable provisions of this title,” 11 U.S.C.

We have previouslyblogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11 U.S.C. §§ 544, 547, 548.

On 9 February, the High Court handed down its judgement on Re Link Fund Solutions Ltd [2024] EWHC 250 (Ch) (the "Link Case").

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.