On 31 December 2024, the Fifth Circuit Court of Appeals (the "Federal Court of Appeals") ruled that the uptiering transaction conducted by Serta Simmons Bedding LLC ("Serta") did not constitute an "open market purchase", reversing the 2023 summary judgment of the Bankruptcy Court for the Southern District of Texas (the "Texas Bankruptcy Court") that rejected the excluded lenders' claims for breach of the credit agreement. The Federal Court of Appeals also reversed the approval of certain plan provisions relating to an indemnity for the uptiering transaction.
On July 31, 2024, the Supreme Court of Canada provided clarity regarding the treatment of administrative monetary penalties and disgorgement orders resulting from securities violations in Poonian v. British Columbia (Securities Commission).
As we enter 2025, we look back on five important decisions that made the news in 2024. Here is the the first case.
The perspective of a landlord
In brief
A tenant's insolvency hits landlords particularly hard. Existing rental securities (e.g., rent deposit, landlord's lien) cannot always cushion the loss of rent and operating costs. Especially in times of the current energy crisis and rising costs, this issue is becoming increasingly explosive. This is demonstrated by the numerous insolvencies in the fashion retail sector, such as Galeria, Peek & Cloppenburg, KaDeWe and Esprit. High rents are often of the main reasons for insolvency.
The general rule in bankruptcy is that a debtor receives a “fresh start” and is discharged from prior debts, but this is subject to certain exceptions. Subsection 178(1) of the Bankruptcy and Insolvency Act (BIA) sets out eight classes of debts that are not released by an order of discharge including an exception for debts that arise out of fraud. In Poonian v.
Recent high-profile contractor collapses have made many acutely aware of the need to ensure they are adequately protected in the event of employer or contractor insolvency. This increase in insolvencies has also placed significant stress on the construction bond market. Contractor insolvencies put pressure on surety bond providers, which in turn can lead to increased rates and more stringent criteria being imposed on contractors seeking bonds.
Welcome to our guide on navigating legal procedures in Ontario. Whether you're a local business or a foreign entity operating in the province, understanding the legal landscape is essential for protecting your interests.
The complexities of litigation and debt collection can be daunting, but with the right insights and preparation, you can confidently manage these challenges. Let's explore the essentials.
Understanding the basics
In a long-running dispute arising out of a failure to supply gas, the English Commercial Court recently ordered that a prime London commercial property be transferred to the award creditor in part-satisfaction of a USD 2.6 billion arbitration award. In this article, we explore the case of Crescent Gas Corporation Ltd v National Iranian Oil Company & Anor [2024] EWHC 835 (Comm) and look at how the Insolvency Act was used to support enforcement of the award.
Occasionally an invoice slips through the net and does not get paid, or payment is delayed due to issues with the goods or services being provided.
Where the debt is for £750 or more, an impatient creditor may serve a statutory demand or a winding up petition if it considers there to be no reason for the delay.
If this happens, deal with the situation immediately as the consequences of failing to do so can be very damaging to the company's reputation and finances; even if it is not ultimately wound up.
このたび、森・濱田松本法律事務所アジアプラクティスグループでは、東南・南アジ ア各国のリーガルニュースを集めたニュースレター、MHM Asian Legal Insights第160 号（2024 年 2 月号）を作成いたしました。今後の皆様の東南・南アジアにおける業務 展開の一助となれば幸いに存じます。 ※本レターに記載した円建て表記は、ご参照のために、各現地通貨を現在の為替レー トで換算したものとなります。
マレーシアの Income Tax Act 1967 が改正され、2024 年 1 月 1 日より、一定の会社 の株式の譲渡益はキャピタルゲイン課税の対象となりました。改正後も個人による譲渡 については課税対象外とされていますが、会社等の法人による譲渡の場合は一定の課税 が生じます。 2024 年 1 月 1 日からの譲渡益課税の対象となるのは、以下の会社の株式の譲渡益で す。