The Saskatchewan Court of Appeal has confirmed that the Supreme Court of Canada’s decision in Orphan Well Association v. Grant Thornton Ltd., 2019 SCC 5 [Redwater], applies in Saskatchewan. The Court of Appeal also affirmed that orders made in failed proceedings in Alberta under the Companies’ Creditors Arrangement Act (CCCA) did not have effect in subsequent receivership proceedings in Saskatchewan.
On 31 October, 2023, in Sanjay Kumar Agarwal v State Tax Officer 1, 2023 SCC OnLine SC 1406, the Supreme Court of India (SC) in the exercise of its powers of review under Article 137 of the Constitution of India, (Rainbow Review) affirmed the view expressed by another bench of the SC in State Tax Officer (I) v. Rainbow Papers Limited 2022 SCC OnLine SC 1162 (Rainbow Judgment) that may have far reaching effects on the treatment of dues to the Government or governmental authorities in insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).
HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms.
The Supreme Court has handed down a judgment which will be greeted with a collective sigh of relief from the insolvency world. In R (on the application of Palmer) v Northern Derbyshire Magistrates Court [2023] UKSC 38, the Supreme Court ruled that an administrator of a company is not an “officer” of that company.
The EU Reorganisation Act (EU UmgrG) came into force on 1 August 2023. However, the EU Reorganisation Act does not fundamentally change Austrian reorganisation law. The previous legal system was only changed to the extent necessary to implement Directive (EU) 2019/2121 ("Mobility Directive").
Area of application
In an application filed by Vishram Narayan Panchpor, resolution professional of Blue Frog Media Private Limited (“Corporate Debtor”) in the matter of M/s Blue Frog Media Private Limited1 for approval of a resolution plan, the Mumbai bench of the National Company Law Tribunal (“NCLT Mumbai”) ruled that the object of Section 29A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) requires a resolution professional to conduct adequate due diligence on a prospective resolution applicant and its related parti
In Dubai civil cases, if someone proves they cannot pay what the court ordered, they will normally avoid facing an arrest warrant, the emirate's highest judicial body has said.
Creditors need to demonstrate that the person who owes the money has sufficient funds to pay the debt before the court can issue an arrest warrant for unpaid dues.
The Supreme Court judgment in the case of R (on the application of Palmer) (Appellant) v Northern Derbyshire Magistrates Court and another (Respondents) was handed down on 1 November 2023.
Is a court order necessary for security interests granted after the appointment of external administrators? Perhaps not.
The Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, commenced disqualification proceedings against five former non-executive directors (NEDs) of Carillion plc in January 2021, following the compulsory liquidation of the Carillion Group in January 2018. Last month on the eve of trial, the IS discontinued its disqualification proceedings against the NEDs.