An important decision for employers and administrators has been handed down by the High Court in the case of R (Palmer, Forsey) v Northern Derbyshire Magistrates' Court [2021] EWHC 3013. The Judgment acts as a stark reminder to employers and company personnel about the criminal liability they can face for failing to notify the Secretary of State of proposed collective redundancies as well as confirming that that an administrator can be prosecuted personally.
Background
In the matter of the Companies' Creditors Arrangement Act ("CCAA") of SM Group, the Supreme Court of Canada rendered a decision regarding compensation in CCAA proceedings. The court ruled that a creditor's right to pre-post compensation under civil or common law may be stayed by a court pursuant to sections 11 and 11.02 of the CCAA.
Dans l’affaire de la Loi sur les arrangements avec les créanciers des compagnies (« Lacc ») relative à Groupe SM, la Cour suprême du Canada prononce une décision sur la compensation dans le cadre de procédures en vertu de la Lacc.
海航集团有限公司（于中国内地重整） [2021] HKCFI 2897（裁决日期：2021 年 9 月 16 日）
前言
海航集团有限公司（一家总部设在海南的大型企业，下称“公司”）的内地重整程序最近在香港获得认可。这是香港法院首次向 内地重整程序的破产管理人颁发认可令的案例。
In the matter of the Companies’ Creditors Arrangement Act (the “CCAA”) of Bloom Lake, the Superior Court of Québec rendered a judgment regarding the expansion of the powers of the monitor in a context where a creditor refused to produce documentation requested by the debtors.
Dans le cadre de l’affaire Bloom Lake relative à la Loi sur les arrangements avec les créanciers des compagnies (la « Lacc »), la Cour supérieure du Québec prononce un jugement au sujet de l'élargissement des pouvoirs du contrôleur dans un contexte où un créancier refusait de produire la documentation demandée par les débitrices.
Grand Peace Group Holdings Limited [2021] HKCFI 2361 (Date of Decision: 24 August 2021)
Up Energy Development Group Limited [2021] HKCFI 2595 (Date of Decision: 31 August 2021)
Introduction
The vast majority of listed companies in Hong Kong are incorporated offshore, with a corporate structure that the operating and asset owning subsidiaries in Mainland China are held through intermediate subsidiaries incorporated in offshore jurisdictions such as BVI and Cayman Islands etc.
The High Court has, for the first time since the introduction of the legislation in June 2020, refused to sanction a cross-class cram-down restructuring plan under Part 26A of the Companies Act. In In the matter of Hurricane Energy Plc [2021] EWHC 1759 (Ch), the court rejected a plan supported by bondholders because it had not been shown that the opposing shareholders had no better alternative prospects (i.e., the ‘no worse off condition’ had not been met).