Lenders Beware: Security Vulnerable as an unreasonable director-related transaction
Cooper as Liquidator of Runtong Investment and Development Pty Limited) v CEG Director Securities Pty Limited [2024] FCA 6. ("CEG")
Introducción
Esta edición de las píldoras concursales, como ya es tradicional, incluye sentencias hechas públicas en los meses de diciembre y enero. Preferimos no enviarlas ahora en lugar de a finales de diciembre porque creemos este es mejor momento para su lectura.
In the first Part 26A appeal decision since the inception of the restructuring plan in 2020, the Court of Appeal has set aside the restructuring plan sanction order that was granted to German real estate group, Adler.
Fiduciary Duties of Receivers
Receivers appointed to enforce a security owe their fiduciary duties to their appointor and not to the mortgagor. So, when realising the assets of the mortgagor, the receivers can focus their attention on pursuing that course of action which, as they judge it, is best calculated to optimise the position of their appointor; Salmon v Albarran [2023] NSWSC 1238 ("Salmon").
Following the Government's response to the UNCITRAL consultation (see our briefing here) - which suggests that, for a while at least, the rule in Gibbs is here to stay - we expect to see an increase in parallel proceedings being used when multijurisdictional corporate groups seek to restructure their debt.
Introducción
En las píldoras concursales de este mes destacamos:
In this eleventh edition of the Going concerns, we touch upon the clarity provided by the Singapore Court of Appeal in the recognition of foreign solvent liquidations in Singapore, a potential new tool against debtors defrauding creditors, and an update on the sanction of an administrative convenience class in the Singapore High Court.
We hope you enjoyed this edition of the Going concerns and we look forward to your continued support in the coming editions of the same. As usual, please feel free to contact us should you like to learn more on any topic.
Content
Introduction
A recent Commercial Court decision has raised an intriguing question of private international law: can a foreign judgment be enforced in England and Wales if it is not enforceable in the country where it was given?
The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Law) will enter into force on 1 November 2023.
In addition to introducing certain amendments to the existing insolvency framework, the Law implements EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks.
Scope
The Law applies to all types of commercial companies and traders (commerçants), including special limited partnerships.