Standard Profil’s scheme of arrangement was sanctioned by the English High Court on 9 September 2025, notwithstanding a recent Frankfurt court decision casting doubt on whether English restructuring plans and schemes of arrangement proposed by German companies would be capable of sanction by the English courts going forward as a result of recognition issues (see ‘More on this topic’).
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.
When a company is in financial distress, directors face difficult choices. Should they trade on to try to “trade out” of the company’s financial difficulties or should they file for insolvency? If they act too soon, will creditors complain that they should have done more to save the business? A recent English High Court case raises the prospect of directors potentially being held to account for decisions that “merely postpone the inevitable.”
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.
When a company is in financial distress, its directors will face difficult choices. Should they trade on to trade out of the company's financial difficulties or should they file for insolvency? If they delay filing and the company goes into administration or liquidation, will the directors be at risk from a wrongful trading claim by the subsequently appointed liquidator? Once in liquidation, will they be held to have separately breached their duties as directors and face a misfeasance claim? If they file precipitously, will creditors complain they did not do enough to save the business?
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.
重组上市交易（或称借壳上市）通常指收购方（或称借壳方）在取得上市公司控制权的同时或一定期间内，实施重大资产重组将外部资产注入上市公司，以使得上市公司主营业务、资产或收入发生根本变化，实现上市公司业务发展方向的转变，实现借壳方资产证券化的一种交易形式。上市公司作为交易主体参与此类交易，且该类交易的实施流程及审核流程与其他类型的上市公司控制权交易差别较大，本篇作为上市公司控制权收购专题系列文章的最后一篇，拟专题介绍A股重组上市的市场情况、交易架构，并进一步分析此类交易中的重点关注问题。
一、重组上市市场动态
经统计2011年至2024年6月30日期间成功完成的重组上市项目，各年度项目数量变化趋势、各板块占比及民营企业与国资企业占比情况如下：
引言
在新《公司法》实施的第一天，即2024年7月1日，北京市西城区人民法院微信公众号发布了其审结的首例适用新《公司法》第54条规定的加速到期规则的案件。
在该案中，经债权人申请，西城法院在执行程序中追加案涉公司的股东张某为被执行人。进而，西城法院根据新《公司法》第54条，对案涉公司股东张某适用加速到期规则，判决其履行提前缴纳出资的债务，在其未出资的范围内向债权人承担补充赔偿责任。
一、西城法院案例简析[1]
（一）案情概要
李某系案涉公司的前员工。因该公司拖欠工资，李某提起劳动仲裁。经仲裁委调解，双方达成调解协议，约定：公司应于2023年4月底前支付拖欠李某的工资70,000余元。随后，仲裁委据此出具了《调解书》。
因该公司未履行《调解书》项下的付款义务，李某以该公司为被执行人向西城法院提出强制执行申请。由于该公司名下没有可供执行的财产，西城法院裁定终结本次执行程序。