In this week’s update: more details on plans for reforms of governance, audit and executive pay, Companies House is ending its temporary strike-off policy, the court orders virtual meetings on a scheme of arrangement and the FRC calls for participants in a review of company disclosures.
In this week’s update: The Corporate Insolvency and Governance Act 2020 comes into force, the Government extends company and LLP filing deadlines, new guidance on public health emergency takeover interventions, FCA censure of accompany for historic market abuse and a few other items.
In this week’s update: the test for an LLP member to bring a derivative claim, updated guidance on company meetings, the court sanctions a takeover despite not all beneficial owners being able to vote on the scheme and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
On May 21, 2020, the Québec Court of Appeal (QCA) released its reasons in Arrangement relatif à 9323-7055 Québec inc. (Aquadis International Inc.)[1](the Aquadis case).
Introduction
On May 8, 2020, the Supreme Court of Canada (SCC) released its written reasons in 9354-9186 Québec Inc. v. Callidus Capital Corp.[1](the Bluberi case).
In this week’s update: the High Court orders scheme creditor meetings to be held by phone, IA guidance on executive pay and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
Court allows scheme meetings to be held electronically
On April 15, 2020, the British Columbia Supreme Court denied an application by a married couple previously found to have contravened B.C. securities laws for an absolute or suspended discharge from bankruptcy under s. 172 of the Bankruptcy and Insolvency Act (the “BIA”). The ruling sends a strong message that securities law violators will have difficulty using the bankruptcy process to absolve themselves of the financial consequences of their misdeeds.
The UK government has announced amendments to certain aspects of insolvency law, designed to enable businesses which have been adversely affected by the coronavirus outbreak to continue trading while they explore options for rescue or to restructure.
In this week’s update: Guidance on virtual board and committee meetings, updates and guidance on AGMs, pre-emption principles are relaxed and a few other items.
This week, in coronavirus-related news
The Coronavirus Act 2020 is now in force and Section 82 of that Act effecting the postponement of the landlord’s right to forfeit for non-payment of rent is causing consternation amongst both landlords and tenants as they seek to navigate through these uncertain times.