Trust Indenture Act Section 316(b) Limited to Actual Amendments to An Indenture’s Core Terms
A recent Western Australian Supreme Court case considered the insolvency of a partnership comprised of corporate members. When a partnership is formally dissolved, the partnership assets are realised by a court-appointed receiver, who will realise and distribute the assets in accordance with the relevant State partnership legislation. Senior Associate, Stefano Calabretta and Lawyer, Brendan May discussion this scenario further.
The Perishable Agricultural Commodities Act (PACA) was passed by Congress in 1930 to protect agricultural produce suppliers from unscrupulous vendors who refused to pay the suppliers for their goods.
Termite Resources NL (Termite) had operated the Cairn Hill Mine in South Australia from 2010. As a wholly owned subsidiary of Outback Iron Pty Ltd (Outback), Termite operated the mine as an incorporated joint venture between IMX Resources (IMX) and Taifeng Yuanchuang International Development Co Ltd (Taifeng).
Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers
Overview
In Cato Brand Partners Pty Ltd v Air India Ltd the Supreme Court was required to consider whether or not a foreign company had grounds to challenge an application for a winding up order in circumstances where it had not sought to set aside a statutory demand within the required 21 day period.
Last Friday, Justice Brereton finally published his reasons in Sakr Nominees Pty Ltd [2016] NSWSC 709, the latest in a series of controversial decisions on insolvency practitioner remuneration.
In Sakr, consistently with his Honour’s previous remuneration decisions:
On March 2, 2016, Sports Authority, Inc. (“Sports Authority”) and six of its affiliates filed for Chapter 11 bankruptcy in Delaware. The filing will significantly impact Sports Authority’s landlords and trade creditors. In a press release, Sports Authority stated that it intends to close or sell approximately 140 locations and two distribution centers in the coming months. The company is also seeking $595 million in post-bankruptcy financing to continue operations. Sports Authority is a sporting goods retailer with 463 locations in 41 states and Puerto Rico.
Employers scored a big victory in In re Trump Entertainment Resorts, a case of first impression in the Third Circuit, which held that a debtor-employer can terminate their obligations under an expired Collective Bargaining Agreement (CBA) and implement the terms of a final offer.
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On 7 December 2015, the Federal Government released the National Innovation and Science Agenda, delivering a range of new initiatives. Among the key focus areas, the Government highlighted insolvency law as a primary area overdue for reform. Whilst not introducing wholesale reforms to mimic the United States ‘Chapter 11’ framework, the targeted reforms seek to eliminate the stigma associated with business failure.