The Abu Dhabi Global Market (the “ADGM”) courts have recently handed down their decision in NMC Healthcare Limited & Others v Shetty & Others ([2024] ADGMCFI 0007). The decision deals with several important principles in relation to fraudulent/wrongful trading liabilities under ADGM law. Given the ADGM re-domiciliation (or continuation) regime, enabling companies incorporated elsewhere to be redomiciled to ADGM with relative ease, the decision is likely to be of interest beyond the borders of the ADGM.
Welcome to our guide on navigating legal procedures in Ontario. Whether you're a local business or a foreign entity operating in the province, understanding the legal landscape is essential for protecting your interests.
The complexities of litigation and debt collection can be daunting, but with the right insights and preparation, you can confidently manage these challenges. Let's explore the essentials.
Understanding the basics
Ligon 158 Pty Ltd v Shield Holdings Australia Pty Ltd [2024] FCA 144
A recent decision of the Federal Court of Australia has confirmed the Court’s power to make an order suspending limitation periods applicable to claims against a deregistered company when ordering its reinstatement under s 601AH of the Corporations Act 2001 (Cth) (the Act).
La Audiencia Provincial de Barcelona se pronuncia por primera vez respecto a la impugnación de la homologación de un plan de reestructuración y desestima las demandas de impugnación interpuestas contra el Auto de homologación del plan de reestructuración presentado por la papelera J. Vilaseca, S.A.
In a groundbreaking ruling, the Court of Appeal for British Columbia recently delivered a decision that is poised to significantly influence insolvency proceedings. The case, cited as British Columbia v. Peakhill Capital Inc., 2024 BCCA 246, marks the first time an appellate court has addressed the jurisdiction and appropriateness of reverse vesting orders (RVOs) in receivership contexts. This ruling provides crucial insights into the court's reasoning and its implications for legal and non-legal professionals alike.
Background and core issue
What happens to a company at the end of an administration is a question that probably only keeps insolvency anoraks up at night.
There are a limited number of potential options, with the rescue of the company as a going concern being the number one objective to which all administrators aspire. However, more often than not, an administration will end with the company entering liquidation or, where the company has no property to permit a distribution to creditors, the dissolution of the company.
In Joint and Several Liquidators of Yes! E-Sports Asia Holdings Limited (in Liquidation) v Holman Fenwick Willan (A Firm) [2024] HKCFI 1197, the Court confirmed that solicitors should produce documents of former insolvent clients to liquidators when a request is made under section 286B(1)(d) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap 32 (CWUMPO).
Hellard & others -v- OJSC Rossiysky Kredit Bank (in liquidation) & others [202] EWHC 1783 (Ch)
In dealing with whether trustees in bankruptcy might potentially be breaching UK sanctions legislation by allowing Russian creditors to participate in UK liquidation proceedings, the Court has considered recent authorities on whether a designated person can be said to directly or indirectly own or control an entity and has offered its own perspective on how the relevant wording in the legislation should be construed.
The background facts
In In the matter of Academy Construction & Development Pty Ltd (subject to Deed of Company Arrangement) [2024] NSWSC 808, the New South Wales Supreme Court had to determine whether to terminate a Deed of Company Arrangement (DOCA) on the basis that it was oppressive, unfairly prejudicial or discriminatory.
Key Takeaways
Can non-compete and confidentiality protections in a rejected franchise agreement be discharged in bankruptcy?
The answer is, “No,” according to In re Empower Central Michigan, Inc.[Fn. 1]
Facts
Debtor is an automotive repair shop.
Debtor operates under a Franchise Agreement with Autolab Franchising, LLC. The Franchise Agreement has a non-compete provision, and there is a separate-but-related confidentiality agreement.