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Hong Kong court departs from English law in its approach to arbitration clauses in insolvency cases

Key takeaways

Hong Kong, United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Reed Smith LLP
Fearing Industry Solvency, Insurers Are Seeking to Leverage “Physical Loss or Damage” Rulings in the COVID-19 Context to Roll Back Historic Coverage Generally

When the COVID-19 Pandemic incepted, and issues arose as to whether affected policyholders could seek Business Income and Civil Authority coverage from the presence or suspected presence of SARS-CoV-2 and consequent orders of Civil Authority, I thought that the easiest question to answer was whether such policyholders had suffered physical loss or damage (“PLOD”) to their property.

The Majority PLOD Rule Prior to COVID-19

USA, Ohio, Insolvency & Restructuring, Insurance, Litigation, Reed Smith LLP, Coronavirus
Collective Redundancies on Insolvency: Irish Employee Rights Bolstered

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Collective Redundancies AmendmentAct) came into operation on 1 July 2024.

Ireland, Employment & Labor, Insolvency & Restructuring, William Fry, Insolvency
Additional Rights to Information for Employees of Insolvent Companies

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Act) came into effect on 1 July 2024.

Ireland, Employment & Labor, Insolvency & Restructuring, Litigation, William Fry, Insolvency
Court of Appeal of Alberta to Reconsider Whether Gross Overriding Royalties Run With The Land

A recent chambers decision holding that gross overriding royalties (“GOR”) can be vested off in a reverse vesting order (“RVO”) is on its way up to the Court of Appeal of Alberta (the “ABCA”). The ABCA has granted leave to appeal Invico Diversified Income Limited Partnership v NewGrange Energy Inc, 2024 ABKB 214 (“Invico”).

The Chambers Decision

Canada, Insolvency & Restructuring, Litigation, McMillan LLP, Court of Appeal of Alberta
Corporate Restructuring Meets Intellectual Property: Quebec Superior Court Overturns Disclaimer Notice and Issues the First Canadian Interpretation of Usage Rights under the CCAA

In the Endoceutics case[1], the Superior Court recently clarified the application of section 32 of the Companies’ Creditors Arrangement Act

Canada, Quebec, Insolvency & Restructuring, Litigation, McMillan LLP
Application was Indirect Attempt to Enforce Foreign Revenue Debt

Redefine Australian Investments Limited (Company), an Irish-registered company was placed in voluntary liquidation on 24 January 2018. Martin Ferris was appointed as the liquidator (Liquidator).

The Proceedings

Ireland, Banking, Insolvency & Restructuring, Litigation, William Fry
Changes to the Realisation of Assets of Companies in Liquidation

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (Act) has been signed into law but awaits a commencement order to bring it into operation.

In summary, the Act amends the Companies Act 2014 (Companies Act) by modifying the attribution test for related companies to contribute to the debts of the company being wound up, broadening the operative time for unfair preferences, and varying the test for reckless trading.

1. Related company contribution

Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, William Fry, Liquidation
Lenders Exhale: Qualex overturned on appeal, confirming the application of Redwater

Just over a year ago, the Alberta Court of King’s Bench (“ACKB”) decision in Qualex-Landmark Towers v 12-10 Capital Corp (“Qualex”)[1] extended the application of an environmental regulator’s priority entitlements in bankruptcy and insolvency to civ

Canada, Alberta, Company & Commercial, Insolvency & Restructuring, Litigation, McMillan LLP, Mediation, Due diligence, Supreme Court of Canada, Court of Appeal of Alberta
Directors' Duties: UK High Court gives further guidance on 'Creditor Duty' for Directors

Following on from the UK Supreme Court decision in Sequana (discussed here), the recent UK High Court (UKHC) decision in Hunt v Singh [2023] EWHC 1784 (Ch), further considered the duty of directors to take into account the interests of creditors in certain circumstances.

Ireland, Insolvency & Restructuring, Litigation, William Fry, UK Supreme Court