In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of creditors even in circumstances where their company is solvent.

Background

1. My tenant is in administration, do they have to pay the full rent and is the administrator personally liable?

The company in administration has to pay rent as an administration expense for each day that the company occupies or uses the property for the benefit of the administration. The administrator is not personally liable, but the rent is payable as a priority expense ahead of the administrator's fees.

Introducción

En las Píldoras de este mes de noviembre destacamos dos sentencias de audiencias provinciales:

• la de la AP de Tarragona que anula la garantía hipotecaria de la filial en favor de la deuda de su matriz a pesar de que había sido la matriz quien le aportó los fondos para comprar los inmuebles que se hipotecan. La audiencia adapta la doctrina de la compensación equivalente y considera que se sacrifica más de lo que se gana y por tanto el sacrificio patrimonial es injustificado.

This edition will cover:

The Full Federal Court, overturning Flick’s J decision at first instance ([2020] FCA 1759), found that the bankrupt’s main purpose in transferring their property was, in substance, not to prevent, hinder or delay this property becoming divisible amongst his creditors in breach of s 121(1) of the Bankruptcy Act 1966 (Cth).

On 29 June 2022, the Federal Court of Australia made an order vesting an interest in a half share of land in Aaron Kevin Lucan in his capacity as trustee (the Trustee) of the bankrupt estate of Christopher Williams (the Bankrupt Estate).

Entre las sentencias hechas públicas este mes de octubre reseñamos las incluidas en este resumen siendo especialmente destacable entre ellas la de la Audiencia Provincial de Asturias de 20 julio de 2022. En ella se rechaza el pacto por el cual un inmueble hipotecado adquirido en el concurso con subrogación en la deuda se pretende transmitir a otra sociedad del grupo con carga pero sin deuda.

Major restructuring destinations each provide distinct mechanisms for rehabilitating companies in distress. Our table sets out the similarities and differences in the processes available in Australia, England & Wales, Hong Kong, Singapore, and the USA.

Object of schemes of arrangement

This table provides a high level overview of the restructuring and insolvency processes available in Australia, comparing their purposes, effects, advantages and disadvantages.