On July 31, 2024, the Supreme Court of Canada released its decision in Poonian v. British Columbia (Securities Commission), on whether financial sanctions imposed by securities regulators are dischargeable through bankruptcy. The decision resolves a conflict between Alberta and B.C. jurisprudence and will have a significant impact on the treatment of all administrative orders in bankruptcy proceedings.
The facts
"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99).
They say every man needs protection, they say that every man must fall.1
Harrington v. Purdue Pharma L.P., No. 23-124
Today, the Supreme Court held 5-4 that the Bankruptcy Code does not allow a bankruptcy court to discharge claims against a non-debtor without the consent of affected claimants.
Introduction
TO BE OR NOT TO BE (SOLVENT) - A COMPARATIVE ANALYSIS OF SINGAPORE, UK, US, AND AUSTRALIA ON RECOGNISING FOREIGN PROCEEDINGS UNDER THE UNCITRAL MODEL LAW PIERRE DZAKPASU, ANNE JESUDASON, FLORENCE LI The recent case of Ascentra Holdings, Inc v. SPGK Pte Ltd [2023] SGCA 32 (Ascentra) has drawn a line in the sand in the Singapore court's interpretation of the UNCITRAL Model Law on Cross-Border Insolvency (UNCITRAL Model Law), as incorporated in the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) to create the Singapore Model Law.
Summary
In the first appeal of a restructuring plan under Part 26A Companies Act 2006, the English Court of Appeal unanimously set aside the first instance decision sanctioning the plan proposed by AGPS BondCo PLC, part of the Adler real estate group1.
Restructuring Advisory Partner David Hudson considers the outlook for corporates
There’s no denying that the latest insolvency figures make for uncomfortable reading. In 2023, there were more than 25,000 registered company insolvencies, the highest annual number since 1993 and 14% higher than 2022.
Friday January 26, 2024
Financial Advisory Partner, Jim Davies, explores the recent developments in Restructuring Plans
Financial Advisory Partner, Jim Davies, led the relevant alternative valuation analysis for four Restructuring Plans that were sanctioned by the High Court in 2023. Here, he explores recent developments in light of the Adler Restructuring Plan being overturned.