On 28 October 2022, the High Court handed down judgment in the case of Alma Property Management Ltd v Crompton And Another [2022] EWHC 2671 (Ch).

In this case, the (freeholder) Claimant sought an order for specific performance of the (leaseholder) Defendants' repairing obligations under a lease of the common parts of a block of flats called North Tower in Manchester.

The Supreme Court has been given its first opportunity to “address the existence, scope and engagement of an alleged duty of company directors to consider, or to act in accordance with, the interests of the company’s creditors when the company becomes insolvent, or when it approaches, or is at real risk of, insolvency”. The corporate restructuring and insolvency community has been waiting for this “momentous” judgment with anticipation for the last 17 months.

The facts of the case:

Earlier this year, the United States Bankruptcy Court for the Northern District of California granted in part and denied in part cross-motions for summary judgment in an action concerning “piecemeal exemptions” to California’s usury law.

On August 8, the California Department of Financial Protection and Innovation (DFPI) issued a desist and refrain order to a now-bankrupt cryptocurrency lender and its CEO after determining that the company allegedly made material misrepresentations and omissions in the offering of crypto interes

On May 6, the U.S. Court of Appeals for the First Circuit reversed a district court’s decision, ruling that American tribes are not exempt from federal law barring suits against debtors once they file for bankruptcy.

Summary

On 21 March 2022, the High Court in Counsel General for Wales and others v Allen and others [2022] EWHC 647 (Ch) (Re Baglan Operations Ltd) modified the decision of the Official Receiver to allow the insolvent Baglan Operations Limited (in liquidation) (the 'Company') to continue trading for a period of time to prevent environmental harm to the locality.

Recently, the FDIC reported on legal claims and enforcement proceedings taken by the agency during the financial crisis in the years from 2008 to 2013.

We examine what impact the Court of Justice of the European Union decisions in Hampshire v PPF and PSV v Bauer will have on PPF compensation post-Brexit

On October 19, the U.S. District Court for the Middle District of Florida denied a defendant’s motion for judgment without prejudice concerning allegations that it knowingly ignored cease-and-desist letters sent by an individual while the individual had a pending bankruptcy petition.

Background

The Corporate Insolvency and Governance Act 2020 (CIGA) came into force on 26 June 2020.

Schedule 10 of CIGA restricted the presentation of debt-related winding-up petitions where a company cannot pay its bills (including rent) due to COVID-19 in Great Britain.

These restrictions were initially due to end on 30 September 2020, but have since been extended until 30 September 2021.

The Current Position