The Court of Appeal has ruled that the court does have jurisdiction to grant a licensee (as opposed to a tenant) relief from forfeiture provided that the licensee has possessory or proprietary rights (Manchester Ship Canal Company Ltd v Vauxhall Motors Ltd (formerly General Motors UK Ltd) [2018] EWCA Civ 1100).
Forfeiture and Relief from Forfeiture
On 25 April 2018 a new Insolvency Practice Direction came into force with immediate effect (PDIP 2018). Its purpose is to bring the insolvency practice directions into alignment with the procedural requirements under the Insolvency Rules 2016 and the new Business and Property Courts Practice Direction.
Many tax-exempt organizations can now change their state of organization and retain their current tax exemption.
Two key changes made to Australian insolvency law enhance restructuring efforts in Australia and could improve outcomes for US investors.
The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim.
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Court holds that TIA § 316(b) prohibits only non‐consensual amendments to an indenture’s core payment terms.
A unanimous panel held that Asarco’s settlement in bankruptcy for its “share of response costs” did not preclude it from later bringing a CERCLA contribution claim.
Key developments in the Indian legal landscape in 2016
From the Startup India campaign launched in January 2016 to the coming into force of substantial provisions of the Insolvency and Bankruptcy Code in December 2016, the legal landscape in India has witnessed some crucial developments this past year. In this LawFlash, we describe briefly what we consider to be some of the key legal and regulatory developments in India in 2016.
Arbitration Act
India’s Ministry of Corporate Affairs (MCA) issued a notification on December 7 (Notification) announcing that certain provisions of the Companies Act, 2013 (Act), which are currently not in effect, will come into force on December 15, 2016.
The key provisions that will be brought into force include the following:
Compromise, Arrangements, and Amalgamation
Certain provisions contained in Chapter XV of the Act will be brought into effect that deal with