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    No silver lining: English court finds cloud computing company charge to be floating
    2024-07-01

    How can creditors reduce the risk of a fixed charge being characterised as floating?

    The determination as to whether a charge over a valuable asset is fixed or floating can be crucial to a creditor's recovery in an insolvency. To have two cases over the course of little more than a year providing detailed analysis of the nature of fixed and floating charges is indeed a treat. Are there any practical steps creditors can take to reduce the risk of a fixed charge being characterised as floating?

    Fluctuating assets?

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Osborne Clarke
    Authors:
    Sarah Jordan , Nathalie Bowen , Nigel Boobier
    Location:
    United Kingdom
    Firm:
    Osborne Clarke
    Contesting incongruent collateral in German insolvencies
    2024-07-03

    The German Federal Court of Justice (Bundesgerichtshof) has clarified the conditions under which incongruent collateral, granted when an insolvency is imminent, can be contested. The burden of proof is placed on the defendant creditor to demonstrate that the action was part of a serious restructuring attempt.

    Background

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Collateral (finance), Insolvency, Federal Court of Justice
    Authors:
    Hendrik Nowak
    Location:
    Germany
    Firm:
    Taylor Wessing
    The Oilers Stay Alive: Court of Appeal Denies Leave to Appeal the approval of a SISP and a Stalking Horse Purchase Agreement in the Canadian Overseas Petroleum Limited Matter
    2024-07-03

    BP Canada Energy Group ULC (“BP”) has applied for leave to appeal a decision under section 13 of the Companies’ Creditors Arrangement Act (the “CCAA”) and for a stay of the orders rendered by Justice Yamauchi on April 24, 2024

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Fasken, Court of Appeal of Alberta
    Authors:
    Marc-André Morin , Nicolas Mancini , Lucas Métral
    Location:
    Canada
    Firm:
    Fasken
    Re Consort Healthcare
    2024-07-03

    Restructuring Plans: should an opposing creditor be granted security for costs? Might that open the floodgates where companies are by definition “distressed,” or was this particular Plan more akin to ordinary adversarial litigation? Read our summary below.

    Filed under:
    United Kingdom, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Wedlake Bell, Employee Retirement Income Security Act 1974 (USA), Companies Act 2006 (UK)
    Authors:
    Robert Paterson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Admissibility and priority of shareholder misrepresentation claims in a Cayman Islands liquidation
    2024-07-03

    Following the recent conflicting decisions in HQP Corporation (in official liquidation)1(HQP) and Direct Lending Income Feeder Fund, Ltd (in official liquidation)2 (DLI), Simon Dickson and Laura Stone of Mourant Ozannes (Cayman) LLP consider whether shareholder misrepresentation claims can be admitted in a Cayman Islands liquidation.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Mourant, Private equity
    Authors:
    Simon Dickson , Laura Stone
    Location:
    Cayman Islands
    Firm:
    Mourant
    The General Court of the EU annuls the Commission decision on restructuring aid to Condor
    2024-07-02

    On 8 May 2024, the General Court of the EU annulled the Commission decision of 26 July 2021 approving restructuring aid to German airline Condor following an annulment action lodged by Ryanair. The Commission should have opened a formal procedure because of doubts about the compatibility of the aid. The General Court rejected Ryanair’s argument relating to the impact of the aid on its competitive position.

    Background

    Filed under:
    Belgium, European Union, Insolvency & Restructuring, Litigation, CMS Belgium, Liquidation, State aid, Coronavirus, European Commission
    Authors:
    Annabelle Lepièce , Sébastien Willems
    Location:
    Belgium, European Union
    Firm:
    CMS Belgium
    北京西城法院最新案例:债权人在执行程序中主张股东出资义务加速到期获支持
    2024-07-04

    引言

    在新《公司法》实施的第一天,即2024年7月1日,北京市西城区人民法院微信公众号发布了其审结的首例适用新《公司法》第54条规定的加速到期规则的案件。

    在该案中,经债权人申请,西城法院在执行程序中追加案涉公司的股东张某为被执行人。进而,西城法院根据新《公司法》第54条,对案涉公司股东张某适用加速到期规则,判决其履行提前缴纳出资的债务,在其未出资的范围内向债权人承担补充赔偿责任。

    一、西城法院案例简析[1]

    (一)案情概要

    李某系案涉公司的前员工。因该公司拖欠工资,李某提起劳动仲裁。经仲裁委调解,双方达成调解协议,约定:公司应于2023年4月底前支付拖欠李某的工资70,000余元。随后,仲裁委据此出具了《调解书》。

    因该公司未履行《调解书》项下的付款义务,李某以该公司为被执行人向西城法院提出强制执行申请。由于该公司名下没有可供执行的财产,西城法院裁定终结本次执行程序。

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Enterprise Bankruptcy Law 2006 (China)
    Authors:
    Xu Xiaodan , Li Feng , Wu Han
    Location:
    China
    Firm:
    King & Wood Mallesons
    Sian Participation Corp v Halimeda International Ltd
    2024-07-04

    In December 2012, Halimeda International Ltd lent $140m to Sian Participation Corp. The loan agreement provided that any claim, dispute or difference of whatever nature arising under, out of or in connection with the loan should be referred to arbitration. In September 2020, in proceedings akin to a winding up petition, Halimeda applied to have liquidators appointed over Sian under the BVI Insolvency Act 2003. Wallbank J held that Sian had failed to show that the debt was disputed on genuine and substantial grounds and ordered that the company be put into liquidation.

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Wedlake Bell, Liquidation, UK Supreme Court
    Authors:
    Edward Saunders
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    It’s All Peakhill From Here: Appellate Confirmation of Courts’ Jurisdiction to Grant Reverse Vesting Orders in Receivership Proceedings
    2024-07-03

    On July 2, 2024, the Court of Appeal for British Columbia (the “Court”) released its highly anticipated decision in British Columbia v. Peakhill Capital Inc., 2024 BCCA 246 (“Peakhill”) concerning the use of reverse vesting orders (“RVOs”) to effect sale transactions structured to avoid provincial property transfer taxes for the benefit of creditors.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Receivership
    Authors:
    Matilda Lici , Sam Babe
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Termination of commercial leases in French insolvency proceedings
    2024-07-03

    The opening of safeguard or reorganisation proceedings does not automatically terminate a current agreement notwithstanding any contractual clause providing for termination.

    Termination by a lessor

    Filed under:
    France, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Court of Cassation (France)
    Authors:
    Alfred Fink , Inès Slougui
    Location:
    France
    Firm:
    Taylor Wessing

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