On May 7, 2021, we issued a client alert regarding the Perdue Pharma case and the possibility that the bankruptcy case could include a release of individual non-debtor members of the Sackler family. At that time, a plan which contained terms that would effectively extend the automatic stay protections was confirmed by Judge Robert D. Drain, who presided over the bankruptcy case in the Southern District of New York.
This week’s TGIF considers a recent decision that provides guidance on how and when a liquidator can sell partnership assets held by an insolvent corporate partnership manager to satisfy creditors’ claims.
Key Takeaways
This week’s TGIF considers the recent ruling of the Queensland Supreme Court in Re Gulf Aboriginal Development Company Ltd[2021] QSC 310, where the Court dismissed an application to terminate the winding up of Gulf Aboriginal Development Company Limited (Gulf).
Key Takeaways
This week’s TGIF considers the recent Federal Court decision in Alfonso, in the matter of Pinnacle Fire Protection Pty Ltd (in liq) v Woods [2021] FCA 1402, where liquidators sought Court approval to enter a long-term settlement agreement.
Key Takeaways
Since the beginning of the COVID-19 pandemic and in 2020 alone, approximately 7,300 companies filed for Chapter 11 bankruptcy.[1] Of those, forty-two awarded pre-bankruptcy retention bonuses to 223 executives, totaling approximately $165 million.[2] These p
This week’s TGIF considers In the matter of Habibi Waverton (in liquidation) (administrator appointed) [2021] NSWSC 1443, a recent decision of the Supreme Court of NSW in which the Court opted to use its general powers to allow a voluntary administrator to transfer shares without the owner’s consent to implement a DOCA.
Key Takeaways
Each day creditors across the globe receive the bad news that a customer is not paying its debts or is otherwise insolvent. Israeli creditors, whether lenders or vendors, are no exception. Knowing what to do can limit exposure and maximize recovery of debts owed by the insolvent party.
This week’s TGIF considers a recent decision of the Federal Court of Australia in Re Aviation 3030 Pty Ltd (in liq) [2021] FCA 1244 on section 477(2B) of the Corporations Act 2001 (Cth) (Corporations Act) and approval of a liquidator’s proposal to enter into a settlement agreement with obligations that extend beyond three months.
Key Takeaways
This week’s TGIF considers a recent decision of the Federal Court where a company was found to be ‘insolvent’ for the purposes of assessing breach and termination of a contract, despite its subsequent survival and ongoing trading.
Key Takeaways