Dans une décision récente, la Cour d’appel de l’Ontario (la « Cour d’appel ») a infirmé une décision de première instance, laquelle avait été source de préoccupation pour les propriétaires commerciaux qui ont comme pratique courante d’utiliser des lettres de crédit pour garantir les obligations prévues à leurs baux commerciaux.
In a recent decision, the Ontario Court of Appeal (Ontario Appeal Court) reversed a lower court decision, which had created much concern among commercial landlords that routinely rely on letters of credit (LCs) to secure their commercial leases. The lower court limited the draw on an LC to the landlord’s preferred claim under the Bankruptcy and Insolvency Act (BIA), namely three months’ arrears and three months’ accelerated rent.
The Ontario Superior Court of Justice (Canadian Court) recently recognized, for the first time, an English company voluntary arrangement (CVA) proceeding commenced pursuant to the UK Insolvency Act 1986 (Insolvency Act).
This note considers the way in which the practice directions governing insolvency proceedings have evolved during 2020.
In this article, we examine the repercussions of Debenhams Retail Ltd, Re [2020] EWCA Civ 600
Background
On July 20, 2020, the Quebec Court of Appeal (Court of Appeal) released its decision in Séquestre de Media5 Corporation, overturning the lower court’s decision and authorizing the appointment of a receiver pursuant to section 243(1) of the Bankruptcy and Insolvency Act (BIA).
Oliver Hyams and Amy Held investigate the recent case of Islandsbanki Hf & Ors v Stanford [2020] EWCA Civ 480.
Background
Adjudication is a quick and comparatively cheap method of dispute resolution and for those reasons is attractive to insolvent companies seeking to recover debts. However, a respondent was likely to be able to restrain the insolvent company from referring the matter to adjudication on the basis that it would be futile to do so, since any positive decision was unlikely to be enforced as a result of the very fact of the company’s insolvency. Therefore, any award lacked practical utility. Following the decision of the Supreme Court in Bresco v Lonsdale, that is no longer the case.
Following the posting of the article I co-wrote with Morayo Fagborun-Bennett on the Recovery of Commercial and Residential Rent Arrears, there have been a couple of developments of note.
This article follows the #HardwickeBrew on 28th May 2020 which looked at the Corporate Insolvency & Governance Bill. If you would like to take part in future #HardwickeBrews, please sign up via our Events page.
Introduction
- This note reviews the provisions relating to the moratorium procedure for Great Britain under the draft Corporate Insolvency and Governance Bill (“CIGB”).
CIGB