In the latest saga concerning “covenants running with the land” and the rejection of midstream gathering agreements under section 365 of the Bankruptcy Code (the Code), the Honorable Christopher Sontchi, Chief Judge of the Delaware Bankruptcy Court (the Court), issued three1 decisions holding that certain of Extraction Oil & Gas, Inc.’s (Extraction) gathering agreements with its midstream service providers did not create real property interests and, thus, that Extraction could reject such gathering agreements in its chapter 11 bankruptcy proceedings.
This week’s TGIF looks at a recent case where the Federal Court ordered the reinstatement of two companies to allow proceedings to be commenced against the liquidator of those companies for alleged breaches of duty (Lee v Parker [2020] FCA 1453).
Key takeaways
This week’s TGIF looks at the decision of the Supreme Court of Victoria in Re Barokes Pty Ltd (in liq)
The torrid pace of bankruptcy filings by U.S. businesses has ebbs and flows, but the tide is not receding. The economy continues to struggle under the weight of the COVID-19 pandemic.
There has not been any substantial change in the fundamentals of the business cycle and Washington has been unable to produce another round of stimuli. So, we need to be careful about drawing conclusions from any short term variance in the rate of bankruptcy filings.
In a not altogether unsurprising blow for aircraft lessors and financiers, an appeal against the earlier decision of the Federal Court of Australia on the interpretation of the phrase ‘give possession of the aircraft object to the creditor’ as used in Article XI of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the Aircraft Protocol) in the context of an insolvency has been allowed by the Full Court and various original orders set aside.
This week’s TGIF looks at the NSW Supreme Court’s recent guidance on factors relevant to whether a winding up ought be terminated.
Key takeaways
On 12 August 2020, we wrote about three important judicial decisions of the courts in England and Singapore relating to the enforcement of arbitration agreements over claims arising under insolvency laws.
“Government gives businesses much-needed breathing space with extension of insolvency measures”
The UK government has announced an extension of the following temporary insolvency measures introduced by Corporate Insolvency and Governance Act (CIGA), 2020.
Highlights include:
This week’s TGIF discusses the key elements of the Federal Government’s recently announced reforms to insolvency laws for businesses with liabilities below $1 million.
Key takeaways
This week’s TGIF looks at a decision of the Supreme Court of New South Wales where a liquidator sought to distribute a surplus of $8.7 million despite one of the shareholders who was potentially entitled to a portion of the surplus being bankrupt and a debtor of the company.
Key takeaways