In BRASS Trustees Ltd v Goldstone the High Court has approved a decision by a scheme trustee to issue winding up petitions against the pension scheme's sponsoring employers. The trustee sought the court's approval under rules which allow a trustee to seek the court's approval where the decision a trustee is about to make is "particularly momentous".
An article for Insolvency Practitioners and other insolvency specialists outlining the challenges and pitfalls of obtaining recognition of a Trustee in Bankruptcy to enable enforcement over assets in France in a post-Brexit and post-Covid cross-border insolvency landscape.
Introduction
Federal Bill C-2281 (the Bill), new legislation intended to improve the protection of, and to extend the super-priority given to claims relating to, defined benefit pension plans in insolvency proceedings, completed third reading in the Senate on April 18, 2023 and is now awaiting Royal Assent before it becomes effective. The Bill is the result of a private members' bill, which was passed by the House of Commons in late 2022.
The Court of King's Bench for Saskatchewan has rejected another attempt by a rural municipality to gain priority in an oil and gas receivership. This follows the recent Alberta Decision in Orphan Well Association v Trident Exploration Corp, 2022 ABKB 839, where the Alberta Court of King's Bench confirmed that the abandonment and reclamation obligations owed to the Orphan Well Association and the Alberta Energy Regulator rank in priority to claims of municipalities for unpaid property taxes in insolvency proceedings.
WE CONSIDER BELOW THE SHARE CHARGE ENFORCEMENT OPTIONS FOR PRIVATE CREDIT LENDERS, WHO MAY NOW COME TO PREFER 'APPROPRIATION' AS THE LESS FORMAL, MORE IMMEDIATE 'LOAN-TO-OWN' TOOL TO SOLVE FOR BORROWER JV DISPUTES, BREAK SHAREHOLDER DEADLOCKS, AND AS A PROACTIVE MEANS TO PRESERVE VALUE IN A CREDIT.
GIVEN THE RECENT NEWS REGARDING SILICON VALLEY BANK, RICHARD OMAN LOOKS AT THE IMPACT THAT LENDER INSOLVENCY HAS ON LOAN FACILITIES AND WHAT BORROWERS AND LENDERS NEED TO CONSIDER.
BACKGROUND
KARL CLOWRY, SEÁN MCGUINNESS, AND AZIZ ABDUL LOOK TO THE LESSONS FOR SHAREHOLDERS, CREDITORS AND ADMINISTRATORS FROM THE FIRST CREDITOR LED RESTRUCTURING PLAN.
The Good Box Co Labs Limited (in Administration) case demonstrates once more the viability of the process for the mid-market and continues a trend of RPs being used by a determined creditor / shareholder constituency to rescue an equity investment within an existing corporate group. In short, the mid-market RP is still a highly situational, albeit flexible, tool."
DO YOUR DIRECTORS HAVE SUFFICIENT TOOLS AVAILABLE TO ALERT THEM TO CIRCUMSTANCES THAT COULD INDICATE FINANCIAL DIFFICULTIES IN A COMPANY AND ASSIST THEM IN ANY FUTURE RESTRUCTURING DECISIONS?
Good Financial tools will enhance Directors' understanding the company's financial position and alert them to any early signs of potential financial difficulties.
FINANCIAL DIFFICULTIES
The Ontario Fraudulent Conveyances Act1 (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat, hinder, delay or defraud “creditors or others” of their just and lawful actions, suits, debts, accounts, damages, penalties or forfeitures.
The Alberta Court of King's Bench (the Court) has confirmed that the abandonment and reclamation obligations owed to the Orphan Well Association (OWA) and the Alberta Energy Regulator (AER) rank in priority to claims of municipalities for unpaid property taxes in insolvency proceedings.