The real lesson from Debut Homes – don't stiff the tax (wo)man

The Supreme Court has overturned the 2019 Court of Appeal decision Cooper v Debut Homes Limited (in liquidation) [2019] NZCA 39 and restored the orders made by the earlier High Court decision, reminding directors that the broad duties under the Companies Act require consideration of the interests of all creditors, and not just a select group. This is the first time New Zealand’s highest court has considered sections 131, 135 and 136 of the Companies Act, making this a significant decision.

Selected deadlines and dates related to COVID-19 laws, regulations and subsidies in the context of the pandemic.

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Despite vaccines now being available, tough measures remain in place to deal with the ongoing COVID-19 pandemic, creating uncertainties for businesses and owners about what the future holds.

6102 Sayılı Türk Ticaret Kanunu'nun 376. Maddesinin Uygulanmasına İlişkin Usul ve Esaslar Hakkında Tebliğ'de Değişiklik Yapılmasına Dair Tebliğ ("Değişiklik Tebliği") 26 Aralık 2020 tarihinde Resmi Gazete'de yayımlanarak aynı tarihte yürürlüğe girdi.

The city impounded the debtor’s vehicle for nonpayment of traffic fines. The debtor filed a chapter 13 petition and demanded turnover of the car. Section 362(a)(3) stays any act to “exercise control over property of the estate.” Section 542(a) requires one in possession of property of the estate to deliver it to the trustee. The most natural reading of section 362(a)(3) is that it prohibits affirmative acts that alter the status quo and does not impose an affirmative obligation on a party holding property of the estate to turn it over. Section 542(a) performs that function.

The COVID-19 temporary relief measures which applied to insolvency have largely ceased as of 31 December 2020 and now is the perfect opportunity for you to reassess your debt recovery options.

There are a number of debt recovery options available to you, depending on whether you are collecting an outstanding debt from an individual or a company.

Individual

When a company is on the brink of insolvency or has reached an insolvent state, the interests of the company’s creditors immediately take precedence. At this stage, the directors’ conduct is brought under scrutiny, consequently exposing the directors to the extremely real threat of personal liability. Directors should therefore be aware of their responsibilities at law in an insolvency scenario so as to avoid potentially incurring personal liability for their actions or possibly their inaction

This is the second part of a two-part article.

This article sets out some reflections on the decision of the Supreme Court in Sevilleja v Marex Financial Limited [2020] UKSC 31 from July 2020 which clarifies the scope of the so-called ‘reflective loss’ rule. The first instance judgment raised some comment-worthy issues regarding the economic torts which were not the subject of any appeal.

India is the seventh largest country in the world spread over a total area of 32,87,263 sq kms, including the territorial seas. Located in South Asia in the tropical belt just north of the equator, it is separated from mainland Asia by the Himalayas, a mountain range that umbrellas the entire northern region stretching to a distance of 2,400 kms to the east. India is home to some of the world‟s highest peaks shielding the country‟s 281 States and 82 Union Territories. Several important rivers originate from this mountain range.

Often in winding-up petitions, contributories of the company, for one reason or another, may wish to oppose the winding-up petition in their own right, including by filing evidence and making submissions at hearings. One major concern a contributory may have in deciding whether to take this course of action is of course the potential costs consequences, especially in the scenario where the opposition is ultimately unsuccessful and the company is wound up.