In the matter of Mediacloud Pty Ltd (Administrators Appointed) [2021] NSWSC 357 the New South Wales Supreme Court demonstrated its wide discretionary power. The decision extended the period of administration of a company to avoid it being automatically wound up for failing to execute a deed of company arrangement within the required time. This, in effect, permitted the administrators to ‘re-do’ a second meeting of creditors, enabling the creditors to decide the company’s future again.
Med stigande elkostnader och höjda räntor är det många företag som den senaste tiden fått ställa om. Bland annat har konkursansökningarna drastiskt ökat de senaste månaderna. Som att lagstiftaren förutsåg att dessa tuffare tider skulle komma trädde en ny lag om företagsrekonstruktion i kraft den 1 augusti i år. De nya lagreglerna innehåller inte bara nya regler för hur rekonstruktioner ska gå till utan även bestämmelser som rör varaktiga avtal – så som hyresavtal. Men vad är det som gäller och vad innebär ändringarna för hyresvärdar?
Liquidators generally have the power to assign causes of action belonging to a company, or claims conferred on the liquidator by the Corporations Act 2001 (Cth) (Act). However, a liquidator’s power to sell or assign causes of action has certain limitations which were considered in Anderson v Canaccord Genuity Financial Limited [2022] NSWSC 58 (Anderson Judgment).
Kunderne efterspørger længere kredittider. Virksomhederne har fokus på at nedbringe varelagre og styrke deres likviditet. Og stort set alle brancher er påvirket af den usikkerhed, der er opstået i et marked med øgede energipriser, mangel på materialer, stigende råvarepriser og lange transporttider. En analyse fra SMV Danmark viser, at antallet af konkurser var rekordstort i oktober – og højere end på noget tidspunkt under finanskrisen i 2008.
Zugleich: Besprechung des Urteils des OLG Hamm vom 6. April 2022, 8 U 73/12
In seinem Urteil vom 6. April 2022 hat das OLG Hamm darauf erkannt, dass sechs frühere Aufsichtsratsmitglieder der 2009 insolventen Arcandor AG, ehemals Holding des Karstadt-Konzerns, der Insolvenzmasse der Arcandor AG auf rund 53,6 Mio. Euro Schadenersatz haften.
Urteilstatbestand
Chapter 15 of the Bankruptcy Code provides a mechanism for United States cooperation and coordination with insolvency proceedings abroad, often affording foreign debtors wide-ranging relief and expansive rights through the United States Bankruptcy Court system. Not all proceedings in foreign jurisdictions are eligible — in order to be so, a proceeding must constitute a “foreign proceeding” under the Bankruptcy Code.
On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued a long-awaited ruling on whether Ultra Petroleum Corp.
Shareholders are among the many who have lost money in the multi-billion euro insolvency of the former DAX30 payment provider Wirecard and its allegedly fraudulent business practices. Wirecard had to file for insolvency after assets worth €1.9bn could not be found. Collectively, the shareholders claimed around €7bn in damages for intentional capital markets law violations by former Wirecard executives. Unsurprisingly, the shareholders are now trying to minimise their losses and secure at least partial payment on their claims from the insolvency estate.
Background
Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.
Decision
Re Bitumina Industries Ltd (in administration); Manning and another v Neste AB and another [2022].
This was an application by joint administrators for directions on the validity of a floating charge granted to a connected party at a 'relevant time' and seemingly invalid under s245 of the Insolvency Act 1986 (the Act).
Background