In order to proceed against a debtor's personal property in Guernsey, customary law remedies are used which start with the arrest of a debtor's goods but which allow all creditors to share in the proceeds in the event that the monies owed are greater than the debtor's assets.

Arrêts

Once judgment is obtained against a debtor, the 'arresting creditor', will either:

The suspension of wrongful trading under the Corporate Governance and Insolvency Act 2020 was introduced to allow directors to trade during the pandemic without the unwanted distraction of potential liability. This article considers whether that objective is likely to be achieved in circumstances where there has been no modification to the common law rules governing duties owed to creditors, and in light of the Court’s power to award compensation in disqualification proceedings.

Introduction

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-1

Expert input is critical to a successful restructuring. Obtaining proper independent expert input is vital, and this next article in our series focusses on managing director duties and stakeholder interests in a restructuring. The impact of Covid19 on businesses has been significant and severe.

Ticari ve iktisadi bütünlük kararı, esasen icra ve iflas hukukundan doğan bir müessese olmakla birlikte günümüzde sıklıkla Tasarruf Mevduatı Sigorta Fonu [“TMSF”] tarafından devralınan şirketler bakımından uygulama alanı bulmaktadır. İktisadi bütünlük kararının önemi hacze konu hak ve malların ayrı ayrı mı yoksa bu mal ve hakları bünyesinde bulunduran işletmelerin bir bütün halinde mi satılarak paraya çevrilmesi gerektiği noktasında toplanmaktadır. 

Sometimes state legislatures react slowly to judge-made law and sometimes they move swiftly to correct perceived problems created by court rulings. Often, such rash legislative action is not well thought-out or properly drafted, making the solution worse than the fix. However, in Florida, within one legislative session, the Florida Legislature and governor considered and enacted a set of amendments to Florida's limited liability statute that hopefully will signal the business community that Florida knows how to pass laws that make sense.

More Australian businesses in financial difficulty are embracing a ‘turnaround’ culture, but further structural reforms are needed to shift attitudes towards the use of turnaround professionals, according to Clayton Utz Restructuring & Insolvency partner, Cameron Belyea.

The Secretary of State for Business, Energy and Industrial Strategy (SoS) presented winding up petitions against Fabcourt Developments Limited, Clarkson Murphy Partners Limited, Hall Contracting Services Limited and Sentor Solutions Commercial Ltd (the Companies).

The SoS may present a petition for a company to be wound up where it appears that it is expedient in the public interest and if the court thinks it just and equitable to do so.

Background

This post is about a junkyard, hogs getting slaughtered, and a bankruptcy judge poised to sanction a creditor and her counsel. The message from the case to would-be claimants in other cases is simple: do not “overreach.”In re U Lock, Inc., Case No. 22-20823, 2023 WL 308210, at *1 (Bankr. W.D. Pa. Jan. 17, 2023).

The Supreme Court’s recent judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 is a significant decision for the law of directors’ duties.