Houst Limited's (the Company) restructuring plan (under Part 26A of the Companies Act 2006) (RP) was recently sanctioned at the High Court on 22 July 2022.

KEY TAKEAWAYS

What this means for the shareholders of a business facing insolvency

We consider the implications for office-holder claimants of the recent case ofKelmanson v Gallagher & De Weyer [2022] EWHC 395 (Ch).

The case raises interesting points of practice for insolvency practitioners: a director consciously trying to evade or 'game' the statute won't work to prevent office holder recovery, but a sincerely held but mistaken belief on the director's part as to what was being done doing could.

KEY POINTS:

Overview

Au Québec, le droit de la consommation évolue régulièrement et la Loi sur la protection du consommateur (L.P.C.) continue de faire l’objet de plusieurs décisions des tribunaux chaque mois.

À l’occasion de la publication de ce nouveau bulletin de notre série en droit de la consommation, nous présentons les développements récents dans ce domaine sous l’angle des décisions des quelque 12 derniers mois de la Cour d’appel du Québec, qui apportent un éclairage sur des règles de la L.P.C.

Consumer law in Québec remains in constant evolution, and the Consumer Protection Act (CPA) continues to be the subject of many court decisions each month.

In this new article in our series on consumer law, we present recent developments in this area from the perspective of Québec Court of Appeal decisions over the past 12 months, which shed some light on the rules of the CPA.

The recent decision inErnst & Young Inc. v. Aquino, the Ontario Court of Appeal (OCA) analyzed the criteria for establishing voidable transfers at undervalue under section 96 of theBankruptcy and Insolvency Act RSC 1985, c B-3 (BIA), with a particular focus on the application of “corporate attribution” in the context of insolvency.

MR DOLLAR BILL LTD V PERSONS UNKNOWN AND OTHERS [2021] EWHC 2718 (Ch)

Federal Decree Law No (16) of 2021 (Factoring Law) was issued on 29 August 2021 and came into effect on 7 December 2021. The Factoring Law, whilst laying a legislative framework for a rapidly expanding trade finance industry in the United Arab Emirates (UAE), also provided much needed clarity from, and an update to, Federal Law No (4) of 2020 (Moveables Law) and Federal Law No (1) 1987 (Civil Code).

New entrants to the trade finance market

As Canada prepares to emerge from the COVID-19 pandemic, factors such as the elimination of government pandemic support and rising interest rates may significantly affect lenders’ decisions in 2022. Many expect that withdrawal of government funding will create a wave of insolvency filings in Canada. Although there remains significant uncertainty, secured lenders may be comforted by recent court decisions across Canada that have affirmed lenders’ rights and remedies in cases of default. This article summarizes these recent decisions and offers implications for lenders going forward.