The judgment of the Court of Appeal (the “CA”) in BNY Corporate Trustee Services Limited v Eurosail-UK 2007-3BL PLC & Ors [2011] EWCA Civ 227 was handed down on 7 March 2011.
On January 18, 2011, the Federal Deposit Insurance Corporation (“FDIC”) approved an interim final rule (“Interim Rule”), with request for comments, to implement certain provisions of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
On December 16, 2010, the Supreme Court of Canada ( SCC) released its decision in Re Ted Leroy Trucking Ltd. In its decision, the SCC affirmed the importance of the Companies’ Creditors Arrangement Act (CCAA) as a flexible restructuring tool, and clarified the source and limits of the Court’s authority during CCAA proceedings. Furthermore, the Court overruled the judgment of the B.C.
On October 26, 2010, the British Columbia Court of Appeal (the Court) released its decision in Canadian Petcetera Limited Partnership v. 2876 R Holdings Ltd., 2010 BCCA 469 (Petcetera), an important case that addresses the rights of landlords when a tenant has filed a Notice of Intention to make a proposal (NOI) under the Bankruptcy and Insolvency Act (the BIA).
In the recent decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).
I. Introduction Readers may be familiar with the use in the UK of Schemes of Arrangement to achieve closure of insurance and reinsurance business.
I. Introduction
When entering into a reinsurance agreement, a ceding company and a reinsurer may also enter into a related reinsurance trust agreement
In an October 13, 2009 decision involving bankrupt homebuilder TOUSA, Inc. (“TOUSA”), the United States Bankruptcy Court for the Southern District of Florida (the “Court”) avoided as fraudulent transfers certain liens given and debt obligations incurred by several of TOUSA’s subsidiaries to a syndicate of lenders who provided $500 million of new loans to TOUSA. In addition, the Court ordered those lenders, and others that received the proceeds of the new loans, to repay hundreds of millions of dollars to the bankrupt estates of these subsidiaries.
We know this publication is about dispute resolution, but what we really want to talk about in this article is avoiding insolvency and bankruptcy disputes.
“If Only You Had Come to Us Sooner”
The recent Scottish Court Opinion on Scottish Lion’s proposed solvent scheme of arrangement,1 in which it was held that to sanction a solvent scheme there must be a “problem requiring a solution” and, in effect, unanimous creditor approval, was followed by a short hearing on Wednesday 14th October in which Lord Glennie said that he would dismiss the petition for the scheme.