Opinion has potential implications for a broader set of parties with potential liabilities affected by a Chapter 11 process.
In the matter of Bleecker Property Group Pty Ltd (In Liquidation) [2023] NSWSC 1071, appears to be the first published case that considers the question of whether an order can be made under section 588FF(1)(a) of the Corporations Act 2001 (Cth) by way of default judgment against one defendant where there are multiple defendants in the proceedings.
Key takeaways
This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h
On March 22, 2017, the Supreme Court of the United States decided Czyzewski v. Jevic Holding Corp., 580 U.S. __ (2017), holding that a bankruptcy court may not use a structured dismissal of a chapter 11 case to approve a distribution scheme that violates the absolute priority rule. In many middle-market cases, chapter 11 debtors had used this tool to get deals done and reorganize, despite their inability to confirm a chapter 11 plan.
On January 17, 2016, the United States Court of Appeals for the Second Circuit resolved a major issue that had affected the efficacy of out-of-court restructurings involving notes issued under the Trust Indenture Act when it reversed the decision of the U.S.