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
Restructuring Corporate Groups: Transferring Employees under a Scheme
Intersnack Mid Co Pty Ltd(No. 2) [2024] NSWSC 9 ("Intersnack")
Restructuring or consolidating corporate groups may involve a new or different company in the group employing staff. In such a case an order can be made under s 413, Corporations Act ("CA") giving effect to that arrangement including where the staff are employed under an enterprise agreement.
1. Introducción
Este mes son prominentes los autos de homologación de planes de restructuración (en su mayoría no consensuales) que seguimos viendo. En ese mismo campo destacamos la desestimación de la impugnación del ya famoso plan de Torrejón Salud (plan con una única clase) que se ha instaurado como un "leading case" en la práctica. Los recurrentes son condenados en costas.
Todo esto y más resúmenes de resoluciones que nos han parecido interesantes a continuación.
2. Audiencias Provinciales
In the Endoceutics case[1], the Superior Court recently clarified the application of section 32 of the Companies’ Creditors Arrangement Act
Special Purpose Vehicles ("SPVs") – Financing Arrangements
Canstruct Pty Limited v Project Sea Dragon Pty Limited (No. 4) [2024] FCA 112 ("Canstruct")
SPVs are typically incorporated to undertake particular projects either for their holding company or on behalf of joint venturers. The arrangements made to fund the operations of SPVs can have implications for both their directors and their shareholders.
1. Introducción
Siguen siendo llamativas las homologaciones de planes de restructuración con apoyo de una ínfima mayoría del pasivo afectado. Este mes destacamos la homologación de un plan de restructuración para una microempresa aprobado por tan solo el 2,5% del pasivo con extensión de efectos al 97,5% restante.
Esta y otras resoluciones se resumen a continuación.
2. Tribunal Supremo
Due Diligence by Voluntary Administrators in respect of their Appointment
Robust Construction Services Pty Ltd [2023] NSWSC 1156 ("Robust")
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
In its recent judgement of Foo Kian Beng v OP3 International Pte. Ltd. [2024] SGCA 10, the Singapore Court of Appeal laid down some key principles regarding the scope of directors' duties to creditors, i.e. the "creditor duty". These principles serve as useful guidance not just for directors to understand how they should discharge their duties but also for creditors seeking to hold directors to account. We set out some practical guidance for creditors on ensuring that directors discharge the "creditor duty".
What does the "creditor duty" of directors encompass?
DoCA's: What Claims can be Released?
PK Riddell Investments Pty Ltd v Upwards Up And Gone Pty Ltd [2024] VSC 159 ("Riddell Investments")