In the recent decision of Atlantic Sea Cucumber Ltd (Re), 2023 NSSC 231 the Supreme Court of Nova Scotia in Bankruptcy and Insolvency (the “Court”) departed from the long-standing norm in insolvency proceedings of granting an abridgement of time for filing and service of applications. The debtor company, Atlantic Sea Cucumber Ltd.
In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.
There are few things as daunting to a vendor or supplier as its counterparty’s bankruptcy. The likelihood of a significantly discounted recovery for goods and services provided and potential loss of a customer may have long-lasted impacts on profitability. Even worse, however, is the prospect that payments received in good faith prior to a debtor’s bankruptcy filing may be at risk of recoupment. In this alert, we address the risk that such payments are voidable as preferential transfers.
Bill n°7989 amending the law of September 2, 2011 regulating access to the professions of craftsman, trader, industrialist and certain liberal professions (the “2011 Law”), was adopted yesterday, 20 July 2023, by the Luxembourg Parliament. The dispense with the second vote shall be approved by the State Council in the coming days.
The reform modernizes the right of establishment in the Grand Duchy of Luxembourg in order to create a modern legal framework that will stimulate entrepreneurship.
Die unterschätzte Gefahr persönlicher Haftung
Ähnlich wie „Die sieben Todsünden“ nach dem Historiker Sebastian Haffner (1964) im Jahr 1918 zum Untergang des deutschen Kaiserreichs geführt haben, gibt es für den Geschäftsleiter einer GmbH, GmbH & Co. KG oder Aktiengesellschaft sieben Todsünden im Zusammenhang mit Krise und Insolvenz. Diese haben zwar nicht einen Reichsuntergang, aber die persönliche Haftung der Geschäftsführung zur Folge. Und das bedeutet oftmals die Vernichtung der wirtschaftlichen Existenz.
We have previously discussed the growing list of judicial decisions addressing the appropriate remedy for overpayment of U.S. Trustee (“UST”) quarterly fees. In U.S. Tr. Region 21 v. Bast Amron LLP (In re Mosaic Mgmt. Grp., Inc.), No. 20-12547, 2023 WL 4144557 (11th Cir.
Recently, in In re Moon Group Inc., a bankruptcy court said no, but the district court, which has agreed to review the decision on an interlocutory appeal, seems far less sure.
The new Belgian restructuring plan for large enterprises: secured creditors no longer entitled to the reorganisation value.
The long anticipated law of 7 June 2023 implementing the European Directive on restructuring and insolvency brings about a major reform of Belgian insolvency law. Among various other innovations, it introduces a new judicial reorganisation through collective agreement for large enterprises.1
The new law will apply to all procedures opened as from 1 September 2023.
The U.S. Court of Appeals for the Second Circuit quietly affirmed a bankruptcy court’s dismissal of an involuntary petition because the petitioners’ “claims were the subject of bona fide disputes within the meaning of” Bankruptcy Code (Code) §303(b)(1) (petitioner may not hold claim that is “the subject of a bona fide dispute as to liability or amount”). In re Navient Solutions, LLC, 2023 WL 3487051 (2d Cir. May 17, 2023).
过去三年中，受新冠疫情影响，大量企业面临无法清偿到期债务、资不抵债或者明显缺乏清偿能力的困境，法院受理破产清算案件的数量直线上升。最近，笔者也作为破产管理人的一员参与了一起有限合伙企业的破产清算案件，引发了笔者对于有限合伙企业及其普通合伙人共同承担合伙企业债务过程中破产的先后顺序的思考。本篇文章仅浅论普通合伙人因承担有限合伙企业对外债务的连带责任而被申请破产的情形，其因自身债务而进入破产清算程序的情况暂且不论。
- 案情简介
公司A为有限合伙企业B的唯一普通合伙人，现有B的债权人C要求A对B的对外债务承担连带责任，但A无力偿还，故C向法院申请对A进行破产清算，法院裁定受理并指定笔者所在单位作为A的破产管理人，而笔者在履行管理人职务的过程中，发现C并没有同步申请B破产，且B对外存在或有应收账款，如能悉数收回，且足以偿还对C的债务，则A可以免于被申请破产清算。此外，如A被宣告破产，则B也须及时推选或委任新的普通合伙人，否则B将因仅剩有限合伙人而陷入需要解散的境地。
在此情形下，C仅向法院申请对A进行破产清算是否合理引起了笔者的疑问。