In Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, the Privy Council considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court (BVI) as to whether a company should be wound up where the debt on which the winding up application is based is subject to an arbitration agreement and is said to be disputed and/or subject to a cross-claim.
Le 27 juin 2024, la Cour suprême des États-Unis a publié une décision très attendue qu’elle a rendue dans l’affaire William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (l’« affaire Purdue »).
The collapse of UK retailer British Home Stores ("BHS") in 2016 remains one of the most high-profile corporate insolvencies of recent times. It went from being a household name across the UK, with over 11,000 employees, to having reported debts of £1.3 billion, including a pension deficit of nearly £600 million. The group's demise saw the closure of some 164 stores nationwide and significant job losses.
On June 27, 2024, the Supreme Court of the United States released its highly anticipated decision in William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (Purdue). At issue was whether the U.S. bankruptcy court had jurisdiction to confirm a plan that provided for releases in favour of non-debtor parties, including parties providing a significant monetary contribution in support of the plan itself.
In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
Seven years after the British Home Stores Group Limited, a well known high street retailer, and its operating subsidiaries entered liquidation, the High Court has found two former directors liable for wrongful trading and misfeasance.
Background
On June 20, 2024, the United States Bankruptcy Court for the Southern District of Texas (the “Court”) issued a memorandum decision and order in the adversary proceeding involving Robertshaw US Holding Corp.
The High Court has found that a borrower's debenture granted to a lender in respect of certain internet protocol (IP) addresses was a floating charge.
In a case brought by the liquidators, the High Court found two former directors liable for wrongful trading; that is, continuing to trade when they knew or should have known that there was no reasonable prospect of avoiding insolvency (section 214 of the Insolvency Act 1986).
Alice Eaton and Sean Mitchell Discuss Paul, Weiss’s Restructuring
Practice in Vault Q&A
Alice and Sean describe the breadth of Paul, Weiss’s Restructuring
practice and what sets the practice apart in a Q&A in the 2024 edition
of “Practice Perspectives: Vault’s Guide to Legal Practice Areas.”
Elizabeth McColm and Sean Mitchell Publish “USA” Chapter in
ICLG – Restructuring & Insolvency 2024
In the latest ICLG – Restructuring & Insolvency Laws & Regulations,
Elizabeth and Sean discuss common issues in restructurings and