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Bondholders' rights in case of insolvency restricted by 1874 law

Introduction

On October 20 2010 insolvency proceedings were opened against A-TEC Industries AG, the Austrian holding company of industrial group A-TEC. With outstanding debt of around €650 million (including contingent claims), this insolvency is set to be the third-largest insolvency in Austria to date. Claims included around €300 million of bond debt (two convertible bonds and a corporate bond) issued by the company.

Austria, Insolvency & Restructuring, Litigation, Schoenherr, Bond (finance), Retail, Debtor, Consumer protection, Debt, Holding company, Corporate bond, Convertible bonds, Pro rata, Trustee
The perils of partial wind-ups: Ontario Court of Appeal releases decision in Hydro One

The Ontario Court of Appeal released its decision in Hydro One Inc. v. Ontario (Financial Services Commission) on January 11, 2010. This was an appeal from the Ontario Divisional Court – see our Labour & Employment in the News dated April 18, 2008, that reported on the Divisional Court’s decision. The court dismissed the appeal, in favour of members of the Hydro One Pension Plan (the “Plan”).

Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Heenan Blaikie LLP, Trade union, Retirement, Court of Appeal of England & Wales, Court of Appeal for Ontario
Solvency problems? Make sure to react swiftly

In these trying times for our economy and our financial system, every business leader should pay attention to the company’s needs for working capital for the year and prepare for any potential problem related to its lack of liquidities.

Canada, Banking, Insolvency & Restructuring, Heenan Blaikie LLP, Bankruptcy, Debtor, Unsecured debt, Refinancing, Cashflow, Credit rating, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)