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    Insufficiency in stamp duty payment on finance documents not to affect admission of IBC proceedings
    2022-08-19

    In the matter of Mr. Praful Nanji Satra v. Vistra ITCL (India) Ltd. & Ors., the Principal Bench of the National Company Law Appellate Tribunal (“NCLAT”) observed that insufficiency in payment of stamp duty will not affect admission of corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”) for a valid debt.

    Brief Facts

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Debenture, Insolvency, Supreme Court of India, National Company Law Tribunal
    Authors:
    Aashit Shah , Utsav Johri , Ciol Kumar
    Location:
    India
    Firm:
    JSA
    All the bells and whistles
    2012-11-07

    As noted in our recent insolvency law update, the Western Australian Court of Appeal has recently delivered its judgment (comprising over 1,000 pages) on one of Australia's longest running pieces of litigation: Westpac Banking Corporation v The Bell Group (in liq) [No 3].

    Filed under:
    Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Bond (finance), Fiduciary, Liquidation, Debenture
    Location:
    Australia
    Firm:
    Buddle Findlay
    Tenant in trouble? What you can do
    2009-09-01

    The different types of insolvency

    When a corporate tenant becomes insolvent, the landlord's rights depend upon the type of insolvency administration to which the tenant is subjected. Being familiar with the different options and the ways in which they are administered will enable property owners to act early and put themselves in the best possible position when faced with an insolvent (or potentially insolvent) tenant.

    The three most common forms of insolvency administration which may affect corporate tenants are discussed below.

    Filed under:
    Australia, Insolvency & Restructuring, Real Estate, Hall & Wilcox, Landlord, Leasehold estate, Discrimination, Board of directors, Debt, Deed, Liquidation, Secured creditor, Liquidator (law), Prejudice, Debenture, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Hall & Wilcox
    The power of receivers to administer trust property under a debenture
    2014-12-05

    The Federal Court has recently handed down a decision that clarifies the power of receivers to administer trust property under a debenture. In Benton, in the matter of Mackay Rural Pty Ltd (Receivers and Managers Appointed) [2014] FCA 1285, the Federal Court confirmed that section 420 of the Corporations Act 2001 (“the Act”) confers upon receivers a power to dispose of trust property, provided that this is necessary for the purpose for which they have been appointed.

    FACTS

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Corrs Chambers Westgarth, Debenture
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Reflex actions: Plaza BV –v- The Law Debenture Trust Corporation
    2015-03-10

    The recent judgment of Mrs Justice Proudman in Plaza BV –v- The Law Debenture Trust Corporation1  illustrates and extends a line of authorities in which the English courts have sought to narrow the scope of the mandatory application of Article 2 of the Brussels Regulation 44/2001.  These cases are a reaction to the broad interpretation of the applicability and effect of Article 2 set out in the ECJ's decision in Owusu –v- Jackson2 , and attempt to confine the influence of that decision. 

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, RPC, Debenture
    Authors:
    Jake Hardy
    Location:
    European Union, United Kingdom
    Firm:
    RPC
    Intercreditor agreements - Ontario Court of Appeal considers circular priorities
    2011-04-04

    A recent decision of the Ontario Court of Appeal illustrates that secured creditors should address their priority position relative to all other creditors of their borrower in order to achieve a complete subordination of competing security. Failure to do so in this case resulted in circular priorities that the Court was left to resolve. In light of the Court of Appeal’s decision, secured creditors should ensure they are a party to all subordination agreements with the debtor in order to achieve their expected result.

    The Facts and Agreements

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Share (finance), Credit (finance), Debtor, Investment funds, Debenture, Secured loan, Scotiabank, Court of Appeal for Ontario, Court of Appeal of Singapore
    Authors:
    Andrea Lockhart
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    The sale of assets by a receiver: a cautionary tale
    2011-03-30

    The case of Canrock Ventures LLC v. Ambercore Software Inc. et al is a cautionary tale for a Receiver and its counsel alike. In this case, the Ontario Superior Court of Justice rejected a Receiver’s application for the approval of an asset purchase agreement because of a failure to take the requisite steps when conducting a sale process and, in the Court’s view, failing to remain a neutral officer of the Court.

    Filed under:
    Canada, Ontario, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Advertising, Interest, Limited liability company, Debt, Foreclosure, Secured creditor, Subsidiary, Debenture, Ontario Superior Court of Justice
    Authors:
    Ian Aversa
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Ontario courts approve Magna plan of arrangement
    2010-11-12

    Introduction and Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Share (finance), Corporate governance, Shareholder, Board of directors, Legal burden of proof, Voting, Debenture, Bell Canada, Morgan Stanley, Canadian Imperial Bank of Commerce, Supreme Court of Canada, Ontario Superior Court of Justice
    Authors:
    Robb C. Heintzman , Michael D. Schafler
    Location:
    Canada
    Firm:
    Dentons
    Quebec court rules on hypothec enforceability
    2008-12-18

    In the early nineties, Quebec adopted new personal property legislation under the reform of the Civil Code of Quebec (the "CCQ"). However, the CCQ incorporated language and legislation from Quebec's former personal property regime. This combination of old and new legislation has, in some cases, left remnants of formalism surrounding the creation of certain types of hypothecs (security interests). In Positron Technologies Inc.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bond (finance), Legal personality, Interest, Debt, Personal property, Limited partnership, Power of attorney, Debenture, Civil Code of Quebec, Trustee, Quebec Superior Court
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Bankruptcy Code - a much-needed boost for corporate bond market?
    2016-07-22

    Introduction

    From an investor's standpoint, a robust and effective bankruptcy regime is a prerequisite for the development of the corporate debt market. However, the existing insolvency and bankruptcy framework is highly fragmented, which has led to complex issues on how to reconcile various statutes with one another.

    Filed under:
    India, Insolvency & Restructuring, Phoenix Legal, Bond (finance), Bankruptcy, Secured creditor, Corporate bond, Debenture, World Bank, Title 11 of the US Code
    Location:
    India
    Firm:
    Phoenix Legal

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