Re Wang Huimin[2021] HKCFI 3472
The Bankrupt, Madam Wang, is a Chinese citizen and holds a PRC resident identity card. She has been residing in Shanghai since she was born. The Petitioner is Madam Wang’s younger brother.
Good afternoon.
Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of March 14, 2022.
Topics covered this week included property of a bankrupt (beneficial interest in trust property), testamentary capacity and extensions of time to perfect appeals.
Wishing everyone an enjoyable weekend.
Table of Contents
Civil Decisions
O Exit Finance ou, em português, Financiamento para Saída, consiste no financiamento concedido a uma empresa em recuperação judicial ou extrajudicial que permite à mesma pagar os seus credores – tanto os concursais quanto uma parte ou todos os extraconcursais – e com isso encerrar a sua recuperação, voltando a atuar no mercado sem a mancha da insolvência. Uma de suas principais características é que, ao adotá-lo, a empresa recuperada apresente índices financeiros compatíveis com os de suas melhores concorrentes.
Agricultural economists have long warned of a looming farm crisis. However, for the most part, they have been wrong. In 2021, nationwide Chapter 12 family farmer bankruptcy filings were at second lowest level since Chapter 12 was enacted in 1987. The low level of Chapter 12 filings is all the more surprising given that Congress more than doubled the debt limit for Chapter 12 eligibility (to $10 million) in 2019.
In a recent decision,1 the United States Bankruptcy Appellate Panel of the 9th Circuit clarified an important step that construction lienholders must take to perfect their liens when the debtor has filed a bankruptcy petition before the lienholder files a foreclosure lawsuit.
A bankruptcy court’s recent decision in Bailey Tool & Mfg. Co., et al. v. Republic Bus. Credit (In re Bailey Tool & Mfg. Co.), Adv. No. 16-03025-SGJ (Bankr. N.D. Tex. Dec. 23, 2021) serves as a reminder for lenders that they should avoid certain actions when dealing with distressed borrowers. Specifically, in Bailey, a bankruptcy judge found a lender squarely at fault for its borrower’s bankruptcy and subsequent liquidation, and held the lender liable to the borrower’s bankruptcy estate for various breach of contract, tort, and bankruptcy claims.
Good evening.
Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of March 7, 2022.
In Ernst & Young Inc. v. Aquino, the court upheld the application judge’s decision to grant the orders the Bondfield monitor and trustee in bankruptcy requiring payments made at undervalue to be repaid. In coming to its decision, the Court applied the corporate attribution doctrine.
Among many other accommodations, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided small business and individual debtors with expanded access to bankruptcy relief. The extended provisions include:
The Bankruptcy Court for the District of New Jersey denied motions to dismiss the chapter 11 case of the newly created subsidiary of Johnson & Johnson, LTL Management LLC, and granted the debtor’s motion to stay prosecution of actions asserting talc related personal injuries against its J&J affiliates and the products distributors. This is the first opinion outside the North Carolina bankruptcy court approving the use of the so-called Texas Two Step as a bankruptcy execution strategy.
The Motions to Dismiss
From 1 April 2021, the Bankruptcy Regulations 1996 (Cth) (Former Regulations) were replaced by the Bankruptcy Regulations 2021 (Cth) (Bankruptcy Regulations). Whilst the various amendments introduced by the new Bankruptcy Regulations have been largely represented as minor and administrative in nature, there is one critical amendment concerning the method for service of bankruptcy notices.
What is a bankruptcy notice?