On May 8, 2022, Armstrong Flooring, Inc., a Lancaster, Pennsylvania-based designer and manufacturer of innovative flooring solutions, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10426).
On April 28, 2022, HONX, Inc. of Houston, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90035). Hess Corp owns 100% of the debtor’s equity. The petition includes a written consent by the independent directors of Honx providing for entry into a funding agreement among the debtor and Hess Corp.
On April 24, 2022, EYP Group Holdings, Inc. of Albany, NY filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10367), along with several affiliates.
On April 24, 2022, Hamon Holdings Corporation of Somerville, N.J. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10375). The company is subsidiary of Belgian company Hamon & Cie.
The recent English High Court decision of Re Glam and Tan Ltd [2022] EWHC 855 (Ch) highlights the ways in which a director can be found liable, as well as the reasons why they may be relieved of responsibility for breaches of section 212 of the Insolvency Act 1986, which penalises delinquent directors and officers.
The legislation
On April 11, 2022, Sungard AS New Holdings, LLC and several affiliates have filed a petition for Chapter 11 relief in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90018). The company reports $500 million to $1 billion in both assets and liabilities.
Following the Coronavirus pandemic, the Scottish Government introduced two key Acts. The Coronavirus (Scotland) Act 2020 and the Coronavirus (Scotland) (No.2) Act 2020 - together, these Acts made two significant changes to personal insolvency in Scotland.
The 2020 Coronavirus (Scotland) Acts
On March 31, 2022, Ruby Pipeline, L.L.C., a Houston-based operator of a 680-mile natural gas system from Opal, Wyoming, to interconnections near Malin, Oregon, filed a petition for Chapter 11 relief in the Bankruptcy Court for the District of Delaware (Case No. 22-10278). The company reports $500 million to $1 billion in both assets and liabilities.
On March 30, 2022, MD Helicopters, Inc. of Mesa, AZ filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10263). The company is a helicopter supplier for military, law enforcement, utility, emergency medical services and VIP customers, with more than 2,500 aircraft in service globally.
On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239).