The Court of Appeal has recently referred to established case law that the court will only interfere with the act of an officeholder “if he has done something so utterly unreasonable and absurd that no reasonable man would have done it”.
While the judge in the lower court had not made any error of law, on the facts there were identifiable flaws in the judge's reasoning that the trustees' decision not to join in the proceedings was perverse.
The judge had failed to recognise that:
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.
In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.
Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.
On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore.
Le 20 juin 2019, le Parlement Européen a adopté une nouvelle directive qui harmonise pour la première fois le droit de l’insolvabilité au niveau européen.
L’attente fut longue avant que le processus de transposition en droit belge n’aboutisse enfin par l’adoption d’un projet de loi en mai 2023, et par la publication de la loi le 7 juin 2023.
La loi, dont le maître mot sera l’efficacité, entrera en vigueur le 1er septembre 2023.
On June, 20 2019, the European Parliament adopted a new directive harmonising insolvency law at a European level for the first time.
It was a long wait before the process of transposition into Belgian law finally came to fruition with the adoption in May 2023, and the publication of the law on June, 7 2023.
The law, whose guiding principle is “efficiency”, will come into force on September, 1 2023.
Op 20 juni 2019 heeft het Europees Parlement voor het eerst een nieuwe richtlijn aangenomen die het insolventierecht op Europees niveau harmoniseert.
Het was lang wachten tot het proces van omzetting in Belgisch recht eindelijk werd afgerond met de goedkeuring van een wetsontwerp in mei 2023 en de publicatie van de wet op 7 juni 2023.
De wet, waarvan efficiëntie het sleutelwoord is, zal op 1 september 2023 in werking treden.
Dit is een belangrijke stap in de richting van de modernisering van de insolventiewetgeving.
The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.
The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).
In an appeal involving a Chapter 12 bankruptcy, the U.S. Court of Appeals for the Eighth Circuit recently affirmed that the borrower’s use of the 20-year treasury bond rate sufficiently ensured that the total present value of future payments to the lender over the plan period equaled or exceeded the allowed value of the claim.
A copy of the opinion in Farm Credit Services of America v. William Topp is available at: Link to Opinion.
Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.
While media attention of the COVID-19 pandemic has focused on commercial tenants, many commercial landlords are also experiencing distress as a result of missed rent payments. There are a few general concepts that are helpful to understand as a tenant in the event your landlord files bankruptcy.