Simona Kornhaas v Thomas Dithmar (Case C-594/14)

The ECJ have ruled that a director of an English company that had entered into insolvency proceedings in Germany is liable to reimburse the company under German law for payments made after the company became insolvent.

Edgeworth Capital Luxembourg Sarl (2) Aabar Block Sarl V Glenn Maud [2015] EWHC 3464 (Comm)

The High Court in England has ruled on whether Spanish Law has the effect of extinguishing third party guarantees when the beneficiary of the guaranteed liabilities enters into insolvency proceedings in Spain.

Case Comment - Re White Birch Paper Holding Co.

The purchase of an insolvent company’s assets by way of a credit bid has recently garnered attention, primarily because of the use of a credit bid in the Canwest Publishing Group restructuring. This past September the issue was again addressed under the Companies’ Creditors Arrangement Act (“CCAA”), this time by the Quebec Superior Court in the restructuring of White Birch Paper Holding Co. (“WBP”). The Court reaffirmed the acceptance of credit bids by Canadian courts.

Typically under the Companies’ Creditors Arrangement Act (“CCAA”) when a debtor brings an application to extend the stay period, the court will grant the extension, so long as the applicant debtor is acting in good faith and with due diligence. In the vast majority of such extension applications the debtor has the support of the court appointed Monitor. The recent Ontario Superior Court of Justice case Re Dura Automotive Systems (Canada) Ltd.