On Monday, Zacaroli J handed down his eagerly anticipated judgment in Lazari Properties (2) Limited (and others) v New Look Retailers Limited (and others).
The New Look landlords challenged the New Look CVA and raised a number of arguments which some believed could be the end of CVAs as we know them. In particular, the New Look landlords argued that CVAs had gone far beyond the use for which they had been intended and sought to challenge the jurisdictional basis upon which some CVAs are implemented.
The key arguments were that:
After last year’s significant reforms to Australia’s insolvency framework, the Government has demonstrated a further commitment to simplifying and streamlining insolvency law to allow viable businesses that encounter economic challenges to restructure and continue trading.
This commitment is demonstrated by the Government continuing to examine ways to improve Australia's insolvency laws, including consulting on options to:
squirepattonboggs.com 014-5095-0428/15/EUROPE Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19 26 April 2021 squirepattonboggs.com squirepattonboggs.com Contents Around the globe, our lawyers are receiving a large number of enquiries about mitigating the impact of the coronavirus disease 2019 (COVID-19) on companies' business operations and finances. Governments in several countries have reacted quickly to try to mitigate COVID-19's impact by changing or amending their insolvency laws.
Introduction
The recent decision by the Hong Kong* court in Re Ando Credit Ltd [2020] HKCFI 2775 marks its first appointment of provisional liquidators[1] over a Hong Kong company with the express purpose of allowing the liquidators to seek recognition in China Mainland.
引言
香港法院最近在Re Ando Credit Ltd [2020] HKCFI 2775一案中，首次批准一家香港公司任命临时清盘人[1]，并明确旨在允许该临时清盘人向中国内地法院寻求内地法律的承认和执行。
On April 19, 2021, the United States Bankruptcy Court for the Eastern District of Virginia granted a motion (the “Seal Motion”) filed by the Intelsat S.A. debtors (the “Debtors”) to seal the hearing on the Debtors’ motion to extend exclusivity and motion to compel plan mediation.
The Corporate Insolvency and Governance Act 2020 introduced a number of temporary changes to UK insolvency laws last year. Those changes, together with other measures such as the moratorium on forfeiture proceedings have recently been extended, we assume, to avoid the perceived cliff edge of insolvencies that might follow if such measures are brought to an end abruptly.
Cass. Com., 10 mars 2021, n°19-12.825
Dans le cadre d’une procédure de liquidation judiciaire, un liquidateur a assigné directement et conjointement le dirigeant de la société et son assureur pour demander leur condamnation solidaire au paiement de l’insuffisance d’actif des sociétés sur le fondement des articles L. 651-2 du code de commerce et L. 124-3 du code des assurances.
Cass. com., 10 mars 2021, n° 19-22.385
L’article L. 622-24 du Code de commerce est clair : tout mandataire ou préposé du créancier peut effectuer pour le compte de celui-ci une déclaration de créance au passif d’un débiteur à l’encontre duquel une procédure collective a été ouverte.
En effet, cet article prévoit notamment (alinéa 2) que :
引言
香港法院最近在Re Ando Credit Ltd [2020] HKCFI 2775一案中，首次批准一家香港公司任命临时清盘人[1]，并明确旨在允许该临时清盘人向中国内地法院寻求内地法律的承认和执行。