In Bank of Montreal v. Iskenderov, 2023 ONCA 528, the Ontario Court of Appeal held that actions to set aside a conveyance under section 2 of the Fraudulent Conveyances Act are subject to the basic two-year limitation period under the Limitations Act, 2002 – not the ten-year period prescribed by section 4 of the Real Property Limitations Act.
The Law of 7 August 2023 on businesses preservation and modernization of bankruptcy law (the “Law”) will come into force on 1st November 2023. On 19 July 2023, the Luxembourg parliament finally adopted the related draft bill, after more than a decade since the first draft bill (n° 6539) was presented.
FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.
Dlouho očekávaný zákon o preventivní restrukturalizaci čeká na podpis prezidenta a v následujících dnech nabude účinnosti. Nabídne podnikatelům nové nástroje, jak zavčas řešit své finanční potíže a vyhnout se úpadku.
Dne 23. srpna 2023 schválil Senát návrh zákona o preventivní restrukturalizaci, kterým se značným zpožděním dochází k transpozici směrnice Evropského parlamentu a Rady (EU) 2019/1023 ze dne 20. června 2019 o restrukturalizaci a insolvenci („Zákon“ a „Směrnice“).
On 19 July 2023, the Luxembourg parliament finally passed a new law to modernize insolvency law and preserve businesses, after more than a decade since the first draft bill (n° 6539) was presented.
The ruling, which held that the transaction did not violate the implied covenant of good faith and fair dealing, highlights the importance of carefully drafting lending documents.
On June 6, 2023, Judge David Jones of the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) held that the 2020 Serta Simmons "uptier" transaction (the Transaction) was permitted under Serta's existing 2016 credit agreement (the Credit Agreement), a decision that could have broad implications for the permissibility of such transactions.1
A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.
In the recent case of Re Avanti Communications Ltd (In Administration)1, the High Court considered whether charges granted by a satellite business over certain equipment and intangible assets (the Relevant Assets) were fixed or floating.
In line with EU regulation, Luxembourg has finally passed an amendment resulting in the creation of an insolvency register, active since 10 February, 2023. The change will affect Luxembourg companies declared insolvent and is intended to improve searches of insolvency registers throughout the EU.
Entrepreneurs in difficulty, who are struggling with the performance of a contract, may benefit from a restructuring procedure. Any restructuring procedure guarantees the protection of executed contracts, with the most effective solution being the reorganization procedure (postępowanie sanacyjne).