On April 5, 2021, The Collected Group, LLC, along with certain affiliates that design, distribute, and retail three contemporary, consumer-inspired, apparel lifestyle brands: Joie, Equipment, and Current/Elliott, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10663).
On March 30, 2021, Houston-based retail power provider Entrust Energy, Inc., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-31070). The company reports $100 to $500 million in assets and $50 to $100 million in liabilities.
On March 29, 2021, AeroCentury Corp., a Calif.-based publicly traded aircraft operating lessor and finance company specializing in leasing regional aircraft and engines to regional airlines and commercial users in 15 countries, announced it and certain of its subsidiaries filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10636).
The Office of the Director of Corporate Enforcement (ODCE) recently issued new guidance outlining the implications of COVID-19 on its insolvency related functions. The statement provides an update on how they will assess the actions of directors of companies which have gone or will go into an insolvent liquidation as a consequence of the pandemic. The guidance is undoubtedly a welcome publication during this difficult time for almost all businesses.
Background
Hayes recently successfully defended a Liquidator in an action by a shareholder of a company to remove him in a long running complex liquidation of a company with foreign subsidiaries and assets.
Factual Background
On 16 April 2020 the Insolvency Committee of the Consultative Committee of Accountancy Bodies – Ireland issued guidance for insolvency practitioners in relation to the holding of meetings of creditors under Section 587 and other meetings of members and creditors during the COVID-19 pandemic by way of
The recent Supreme Court decision in ACC Loan Management v Mark Rickard and Gerard Rickard has confirmed that a judgment creditor may apply to court to appoint a receiver by way of equitable execution over future entitlements due to a judgment debtor, such as the EU Basic Payment Scheme (“BPS”).
The 30th anniversary of the examinership process in Ireland is approaching and it’s a good time to reflect on the development of the process, where it stands now in Irish commercial life and the alternatives that exist.
In the recent case of Re M.D.Y. Construction Limited [2018] IEHC 676, an Interim Examiner made an application pursuant to section 541 of the Companies Act 2014 (the “2014 Act”) to have proposals for a scheme of arrangement confirmed by the High Court. Interestingly, the application was made before the Interim Examiner’s appointment had been confirmed by the Court.
Section 541 of the 2014 Act provides, inter alia, that the report of an Examiner shall be set down for approval by the Court as soon as may be after receipt of the report by the Court.
Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).