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 »).
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.
The Judicial Committee of the Privy Council has decisively redrawn the boundaries between arbitration agreements and insolvency proceedings in the case of Sian Participation Corp (In Liquidation) v Halimeda International Ltd.[1]
Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck. Gleichzeitig gewinnen alternative Restrukturierungsmethoden, die außerhalb oder bereits im Vorfeld eines formalen Insolvenzverfahrens stattfinden, zunehmend an Bedeutung.
Vor diesem Hintergrund fällt auch vermehrt das Stichwort “StaRUG“, wenn es um die Restrukturierung von immobilienhaltenden Gesellschaften geht.
In the decision in Woodhouse, in the matter of Panoramic Resources Limited [2024] FCA 449, handed down this week (1 May 2024) by Feutrill J, the Federal Court of Australia considered the meaning of ‘Secured Property ‘as defined in a specific security deed and the extent to which phrases such as ‘…in respect of’ could expand the types of collateral the subject of that defined term (and hence the collateral the subject of the specific security d
Plusieurs décisions judiciaires notables et mises à jour législatives importantes pour les prêteurs commerciaux, les entreprises et les professionnels de l’insolvabilité ont marqué l’année 2023. Le présent bulletin résume les principaux développements survenus en 2023 et met en lumière les points saillants à connaître en 2024.
1. Régime de priorité
En 2023, plusieurs affaires et mises à jour législatives ont soulevé des questions importantes concernant le régime de priorité dans le cadre des procédures d’insolvabilité.
Several significant judicial decisions and legislative updates occurred in 2023 that are relevant to commercial lenders, businesses and restructuring professionals. This bulletin summarizes the key developments of 2023 and highlights areas of significance to be aware of in 2024.
1. Priority Scheme
In 2023, several cases and legislative updates raised important questions regarding the priority scheme in insolvency proceedings.
Environmental Priorities
Legal proceedings need to be filed before the end of any relevant limitation period, otherwise they will be time-barred — often irreparably. There are various reasons why a person may delay commencing proceedings – for example, they may be waiting on litigation funding before prosecuting their claim or need more time to gather evidence in order to decide whether to proceed.
The decision in RPPS v Brookfield is the first recorded instance of s 151 of the PPSA being enforced (with a $30,000 penalty imposed for an improper registration). It serves as a caution to those making spurious registrations, but reasonably diligent and responsible parties should have no cause for alarm.
The decision in RPPS v Brookfield is the first recorded instance of s 151 of the PPSA being enforced (with a $30,000 penalty imposed for an improper registration). It serves as a caution to those making spurious registrations, but reasonably diligent and responsible parties should have no cause for alarm.
Overview of section 151 of the Personal Property Securities Act 2009