When does the directors' duty arise to consider creditors' interests in the face of insolvency if a liability is disputed? Hayley Capani and Kate Garcia consider the case of Hunt v Singh and conclude we still don't have all the answers.
In Convoy Supply Ltd. v.
The recent sanction judgment gives important guidance on the way in which the court's discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own .
Key takeaways from the judgment
No worse off test: expert evidence
In its recent judgement in Re Avanti Communications Ltd [2023] EWHC 940 (Ch) ('Avanti') the High Court decided that in some circumstances a charge can take effect as a fixed charge despite the chargor having some flexibility to dispose of assets without the consent of the charge holder.
Background
As of 17 April 2023 new creditors winding up petitions can be presented in accordance with the Insolvency (Amendment) Rules (NI) 2023. This means that the restrictions faced by creditors in filing winding up petitions will be lifted, and ultimately more companies will be open to pursual.
La 13e édition annuelle de la publication Mining in the Courts fournit une mise à jour complète sur les développements juridiques concernant le secteur minier (disponible en anglais seulement). Cette publication comprend un résumé sur bon nombre des causes les plus importantes, ainsi que des articles offrant un aperçu sur les tendances juridiques actuelles et les défis auxquels l’industrie devra faire face au cours de la prochaine année.
Voici certains des sujets qui y sont abordés :
The Supreme Court handed down its judgment on the case of Rakusen v Jepsen on 1 March 2023, deciding that rent repayment orders cannot be made against superior landlords.
The case considered whether rent repayment orders (RROs) under the Housing and Planning Act 2016, could be made against immediate landlords only, or whether superior landlords are also liable.
In a recent decision in the CCAA proceedings involving the Cannapiece Group, Mr. Justice Osborne of the Ontario Superior Court of Justice rejected an application for a reverse vesting order brought by the debtor companies and supported by the monitor.
This is the third article in our series about sponsor licences. This article focuses on the effect of insolvency on a sponsor licence.
Businesses are facing challenging times in the current economic downturn and insolvency is a real possibility for many, with 5,595 company insolvencies in the third quarter of 2022[1] alone.
If a business is on the brink of insolvency this will potentially have an impact on any sponsorship licences held within the company group. But what are the implications of this and what does it mean for sponsored employees?
On 16th December 2022 the Bankruptcy Master released an update which advised that the restriction on filing new creditors' winding up petitions is likely to be lifted in the new term. The court has advised that further information will be issued to legal practitioners in advance of the new guidance.