The recent decision from the Court of King’s Bench of Alberta (the “Court”) in Qualex-Landmark Towers Inc v 12-1- Capital Corp, 2023 ABKB 109 (“Qualex”) greatly extended the protective umbrella for costs associated with environmental reclamation obligations.
An overview of Guernsey legislative and regulatory developments for the period 1 December 2022 to 28 February 2023 inclusive.
1 Corporate insolvency regime – update
The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the Amendment Ordinance) finally came into force on 1 January 2023.
Introduction
It seems like a week hasn't passed recently without some new global macro shock hitting our screens, resulting in the economic rollercoaster ride on which we find ourselves.
In Golfside Ventures Ltd (Re) (2023 ABKB 86) the Court of King’s Bench of Alberta (the “Court”) reaffirmed the Court’s authority to exercise inherent jurisdiction in proceedings under the Bankruptcy and Insolvency Act (the “BIA”) in circumstances where (1) the BIA is silent or has not dealt with a matter exhaustively; and (2) the benefit of granting the relief outweighs th
mourant.com 2021934/73079902/3 GUIDE Liquidating an insolvent Jersey company Last reviewed: February 2023 Contents When is a company insolvent? 2 Désastre proceedings under the Bankruptcy Law 2 Who may make an application?
mourant.com 2021934/73072975/2 GUIDE Challenging transactions in a Jersey insolvency Last reviewed: January 2023 Contents When is a company insolvent?
During the lifetime of a company some of the most difficult problems that a director faces are encountered if the company is in financial difficulty: not yet unable to pay its bills and insolvent but with a possibility that it may get to that position. At that stage the decisions made by a director may affect not only the survival and future of the company but also the director's own position.
Summary and comment
The Bankruptcy (Netting, Contractual Subordination and Non-petition Provisions) (Jersey) Law 2005 (the Netting Law) is a short law, expressed in seven articles, which gives statutory confirmation that netting, contractual subordination and non-petition provisions in agreements are enforceable in accordance with their terms before and after bankruptcy.
Introduction
This Guide explains the procedure for administration order proceedings in respect of Guernsey companies.
Administration orders
The purpose of administration orders
This Guide sets out the background of the 'solvency test' and its relevance and applicability in Guernsey. The Solvency Test Background When the solvency test was introduced in July 2008 as part of the Companies (Guernsey) Law, 2008 (the Law), it represented a fundamental change to Guernsey's company law in relation to the maintenance of capital and solvency.