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

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.

上市公司重整是重整领域的风向标,由于其衔接了资本市场和破产制度两大重要领域,且上市公司具有公众性、公开性和稀缺性等特点,因此受到了广泛的关注,可谓是重整皇冠上的一颗明珠。自《中华人民共和国企业破产法》实施至今,共计103家上市公司实施了重整,其中最近四年的重整案例数量占据了总量的半壁江山并呈现出新的特点,同时亦产生诸多前沿法律问题并在一定程度上推动了现行重整制度和证券监管政策的变革和调整。

一、近年上市公司重整所呈现的特点

1. 顶层政策明确支持。2020年,国务院在《关于进一步提高上市公司质量的意见》中,明确提出“支持上市公司通过并购重组、破产重整等方式出清风险”。在实务中,近年来证监会对上市公司重整受理的审查政策适度宽松。主要表现在证监会对于上市公司违规担保、资金占用等问题,有条件地允许其在重整程序之中解决,而此前证监会原则上要求上市公司在进入重整前解决此类问题,致使很多存在违规问题的上市公司对重整脱困之路只能“望洋兴叹”。

Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).

Angel Medical Systems, Inc., a developer of medical devices based in Eatontown, NJ, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12903).

Alcor Energy, LLC filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12839).

White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808).

Checkout Holding Corp. (dba Catalina Marketing), along with ten affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12794).

interTouch Holdings LLC and its affiliate, interTouch TopCo LLC, have both filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12772).

Argos Therapeutics, Inc. (f/k/a Merix Bioscience, Inc.) has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12714).