Judges of Barcelona unify principles on certain points of insolvency law

International case law

European jurisprudence on universal and territorial procedures

Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)

There were 64 filings under the Companies’ Creditors Arrangement Act (Canada) in 2023, which is an approximately 64% year-over-year increase. While this surge is interesting in and of itself, we believe that the volume of 2023 CCAA filings is also notable for the rich data it makes available to insolvency professionals. We used this opportunity to better understand how the CCAA was being employed by reviewing each filling.

2024: main new legislation needing to be considered by companies in Spain 2024 Viewpoint Spain 2 2024: main new legislation needing to be considered by companies in Spain December 2023 Professionals in the various practice areas at Garrigues take a look, from all angles of business law, at the main new legislation that companies will face in the coming year. 2024 promises to be an intense year in terms of statutory and case law.

La nueva regulación concursal permite a los acreedores de una compañía insolvente convertirse en nuevos dueños con un plan de reestructuración homologado por un juez. El caso Celsa, el primero en el que unos fondos han presentado un plan hostil para hacerse con la empresa, anima a que las empresas familiares tomen medidas de manera anticipada.

In a recent case involving Mantle Materials Group, Ltd. (2023 ABKB 488, “Mantle“), the intersection of environmental obligations and insolvency law in Canada has again come into sharp focus.

This morning, after much anticipation, the Supreme Court has released its judgment in Yan v Mainzeal Property Construction Limited (in liq) [2023] NZSC 113, largely upholding the Court of Appeal's decision, and awarding damages of $39.8m against the directors collectively, with specified limits for certain directors. The decision signals that a strong emphasis on 'creditor protection' is now embedded in New Zealand company law.

The stakes in the appeal from a recent case in Alberta,  Qualex-Landmark Towers  Inc  v  12-10  Capital Corp (“Qualex”) are rising with the recent decision of the Court of Appeal of Alberta granting leave to intervene to the Canadian Bankers Association [Qualex-Landmark Towers Inc v 12-10 Capital Corp, 2023 ABCA 177].  The Canadian Bankers Association sought leave to intervene on the basis that the decision in Qualex creates significant uncertainty for secured lending, particularly where the borrower may have environmental remediat

In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial Protection for Fresh Fruit and Vegetable Farmers Act (the “Act”), has passed the Second of Three Readings in the House of Commons.