A recent chambers decision holding that gross overriding royalties (“GOR”) can be vested off in a reverse vesting order (“RVO”) is on its way up to the Court of Appeal of Alberta (the “ABCA”). The ABCA has granted leave to appeal Invico Diversified Income Limited Partnership v NewGrange Energy Inc, 2024 ABKB 214 (“Invico”).
The Chambers Decision
In the Endoceutics case[1], the Superior Court recently clarified the application of section 32 of the Companies’ Creditors Arrangement Act
Just over a year ago, the Alberta Court of King’s Bench (“ACKB”) decision in Qualex-Landmark Towers v 12-10 Capital Corp (“Qualex”)[1] extended the application of an environmental regulator’s priority entitlements in bankruptcy and insolvency to civ
Regarding the draft Directive proposed by the European Commission that harmonises facets of insolvency law, it is worth noting that the draft Directive does not prevent EU member states from maintaining or adopting provisions that offer greater protection to creditors than those outlined in the Directive. Since the existing Croatian law framework on contestation rights provides numerous and detailed rules that go beyond the draft Directive, its implementation is not expected to require extensive or substantial modifications.
Insolvency proceedings and avoidance actions play a significant role in safeguarding creditors' interests and maximising the insolvency estate in Türkiye. The European Commission's Proposal for a Directive (COM (2022)702) aims to harmonise contestation rights in insolvency across EU member states. Although Türkiye is not an EU member states, Türkiye has similar avoidance actions regulated under its own insolvency legislation, the Turkish Enforcement and Bankruptcy Law (EBL).
Overview
The EU Commission issued a proposal for a Directive harmonising certain aspects of insolvency law, EU (COM(2022) 702 final. Although still being discussed, the Proposal is unlikely to result in material amendments to existing Bulgarian insolvency avoidance actions, which follows the principles set out in the Proposal and in many ways affords creditors a greater level of protection. Nevertheless, certain time periods and rules on the implementation of the avoidance actions may need to be amended in the Bulgarian law.
Recent teachings of the Supreme Court of Canada court in Canada v Canada North Group Inc., 2021 SCC 30 [Canada North] had confirmed that the Companies’ Creditors Arrangement Act (‘CCAA’) courts could grant super-priority charges (e.g. interim financing, administration charge, or directors’ and officers’ charges) ranking in priority to s.
On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.
In this article we will take a closer look at Türkiye's pre-pack-like institution.
The pre-pack insolvency sale is not currently regulated under Bulgarian law.
The Bulgarian law currently regulates the implementation of a recovery plan as a stage of opened insolvency proceedings, such recovery plan may provide for the sale of the business as a going concern, or the sale of a business as a going concern prior to opening insolvency proceedings. The recovery plan is described in more detail below.
In late 2022, the European Commission proposed a new Directive with a view to harmonise certain aspects of insolvency law. One of the most important innovations to be introduced in this Draft Directive is pre-pack proceedings.
What is a pre-pack sale?