Ever since unpaid taxes due to HMRC were “crammed down” pursuant to a restructuring plan that it voted against but did not actively oppose in Houst,¹ HMRC has challenged restructuring plans and asserted its interests more aggressively, causing the failure of restructuring plans inNasmyth

The Supreme Court’s landmark decision in Sequana¹leaves many unanswered questions, and finding a common thread between the four quite separate judgments has proved challenging for practitioners and directors alike. The recent decision in Hunt v.

The new Spanish Bankruptcy Law in September 2022 (TRLC)¹ ushered in perhaps the most radical changes to the domestic restructuring market in any EU Member State that has so far implemented the EU Directive on Preventive Restructuring.² For the first time, following satisfaction of certain conditions, the disenfranchisemen

The UK water industry is rarely out of the headlines, whether for operational performance issues or reports of perpetual financial distress. It may therefore be more than a coincidence that the UK government has chosen now to introduce new rules for the special administration regime (SAR) that applies to water companies.

Case Trends

In the recent decision of Ontario Securities Commission v Go-To Developments Holdings Inc et al, 2023 ONSC 5921 (“Go-To Developments”), the Court affirmed a receiver’s ability to control solicitor-client privilege in order to perform their mandate. The Court specifically considered whether a receiver could access email correspondence between the principal of the companies under receivership and other interested parties.

FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.

In the recent decision of Atlantic Sea Cucumber Ltd (Re), 2023 NSSC 231 the Supreme Court of Nova Scotia in Bankruptcy and Insolvency (the “Court”) departed from the long-standing norm in insolvency proceedings of granting an abridgement of time for filing and service of applications. The debtor company, Atlantic Sea Cucumber Ltd.

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.