On November 6, 2023, WeWork Inc. and several hundred of its affiliates filed voluntary chapter 11 cases in the US Bankruptcy Court for the District of New Jersey. According to a press release issued simultaneously with the filings, WeWork also intends to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act. The press release also states that WeWork’s locations outside of the United States and Canada are not part of the reorganization process.
Denkt u nog wel eens terug aan de verplichte lockdown, avondklok en andere maatregelen tijdens de coronapandemie? Ogenschijnlijk ligt de coronacrisis ver achter ons. Maar tienduizenden ondernemers kampen dagelijks nog met de nasleep. Wij vertellen u meer over de huidige stand van zaken en acties die u kunt ondernemen.
Belastingmaatregelen tijdens de coronapandemie
Vooral belastingschulden hangen dreigend als zwaard van Damocles boven duizenden ondernemingen. Om hen te ondersteunen zijn diverse belastingmaatregelen genomen, zoals:
The U.S. Court of Appeals for the Eighth Circuit recently affirmed the dismissal of several conversion claims brought by the estate of a deceased account holder against a bank, holding that one of the conversion claims was time-barred, and that the estate did not have standing to pursue the remaining conversion claims as the alleged injury was not fairly traceable to the bank.
A copy of the opinion in Muff v. Wells Fargo Bank NA is available at: Link to Opinion.
Can a debtor reinstate a defaulted loan under a Chapter 11 plan without paying default rate interest? This question was analyzed thoroughly in a recent Southern District of New York Bankruptcy Court decision by Judge Philip Bentley.
Anyone working in the restructuring profession undoubtedly has encountered the ominous term “debt maturity wall” in relevant business articles and industry publications. Much like other feared apparitions such as the Loch Ness monster and Sasquatch, the maturity wall is visible at great distance but never up close. Similarly, these sightings are episodic and the evidence of their very existence is flimsy, yet they remain fixed in the public’s mind. What keeps them going? The possibility that they are real.
In brief
On 1 November 2023, the Luxembourg law dated 7 August 2023, issued from Draft Bill No. 6539A on business preservation and modernization of the insolvency law ("Law" or "Reform"), entered into force.
While initial discussions leading to this Reform started about ten years ago1, the need for suitable instruments to address financial difficulties in businesses was further emphasized by the pandemic, resulting in a notable increase in bankruptcies in Luxembourg since 2021.
The Supreme Court has provided welcome clarity for insolvency practitioners in confirming that administrators of a company appointed pursuant to the Insolvency Act 1986 ("IA 1986") will not be criminally liable for a failure by the company to comply with redundancy notification requirements.
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.