On May 8, 2020, the Supreme Court of Canada (the "SCC") released its reasons for the ruling rendered on January 23, 2020, which allowed the appeal by 9354-9186 Québec Inc. and 9354-9178 Québec Inc. (collectively, "Bluberi")^[1]. The SCC's ruling set aside the Québec Court of Appeal's (the "Court of Appeal") ruling, thereby restoring the first instance judgment of the Superior Court of Québec ("Superior Court").

Indonesia is a civil law country by tradition, with its legal system being based on Dutch colonial laws. Its corporate legal system as well as the respective registries are basic and do not recognise many modern corporate legal instruments. While these circumstances can make M&A deals challenging in Indonesia, its vast market and high growth rates make it one of the most attractive target markets. Prioritising and timing of the right aspects from the start is paramount.

Considerations for Distressed Transactions

Insolvencies in Germany were at a record low in 2019 and insolvency administrators were feeling underworked. And along came a virus that changed economic reality in a heartbeat. Whilst the German legislative has done its utmost to mitigate the economic consequences, it does not take the magical talent of the future-teller to realize: there will be numerous insolvencies in 2020 and 2021, and with that bargains for investors. Obviously, there are not only opportunities, but also risks in acquiring a company out of bankruptcy.

In a recent decision 9354-9186 Québec inc. v. Callidius Capital Corp, 2020 SCC 10 , the Supreme Court of Canada affirmed that:

Introduction

On May 8, 2020, the Supreme Court of Canada (SCC) released its written reasons in 9354-9186 Québec Inc. v. Callidus Capital Corp.^[1](the Bluberi case).

On May 8, 2020, the Supreme Court of Canada (Supreme Court) issued its reasons in the restructuring proceedings of Bluberi Gaming Technologies Inc., now 9354‑9186 Québec Inc., et al.

Suspension of the management board’s obligation to file a bankruptcy application

APPEAL ALLOWED

9354-9186 Québec inc. v. Callidus Capital Corp., 2020 SCC 10

Bankruptcy and insolvency   Discretionary authority of supervising judge in proceedings under Companies’ Creditors Arrangement Act    Appellate review of decisions of supervising judge

These are unprecedented and uncertain times. Everywhere, the COVID-19 pandemic has strained revenue streams and asset prices, shaken investor and consumer confidence, and caused overall financial conditions to deteriorate. Everyone is asking the same question: How do we deal with the financial fallout of COVID-19?

In many cases, parties are working together to overcome these financial challenges, preserve value and navigate a mutually beneficial path forward.

• The U.S.