We previously wrote about the Court’s attitude to liquidators’ applications for directions on matters arising in a compulsory winding up (i.e., by the court) under section 200 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap.
The first case has been decided under Australia’s statutory powers to set aside “creditor defeating dispositions”.
On May 10, 2022, Talen Energy Supply, LLC, a Texas-based independent power producer founded in 2015, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90054).
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.
In its recent decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3 (Walton), the High Court of Australia held, in a split decision, that the mandatory public examination power contained in section 596A of the Corporations Act 2001 (Cth) (the Act) could be used by eligible applicants to examine directors and other officers of a company in external administration, including senior management, external administrators and trustees, about the company’s affairs for the broad purposes of enforcing and promoting comp
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.
In a further development to cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued a letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators appointed over a Cayman company, under the mutual recognition arrangement introduced on 14 May 2021 (the “Arrangement“, see our previous update here