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    UK court considers whether a fully paid secured creditor's consent is required for an administration extension
    2024-07-03

    Background

    The administrators of Toogood International Transport and Agricultural Services Ltd (in administration) issued an application seeking an extension of the administration. Their application also asked the court whether consent to a previous administration extension should have been obtained from a secured creditor which had been paid in full before the extension process.

    Once a creditor, always a creditor?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Restructuring Department Bulletin - July 2024
    2024-07-03

    In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.

     

    Filed under:
    USA, Insolvency & Restructuring, Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    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
    Provisional liquidators bag prize promotion
    2024-07-04

    In Davis-Jacenko v Roxy’s Bootcamp Pty Limited [2024] NSWSC 702, McGrath J delivered an extempore decision, appointing provisional liquidators in respect of Roxy’s Bootcamp Pty Limited (theCompany). His Honour stated that it was “a paradigm case” for the court to intervene to preserve the status quo.

    Key Takeaways

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Authors:
    Craig Ensor
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Chancen durch Transformation: Fokus Arbeitsrecht
    2024-07-04

    Unsere Blog-Serie führt durch die verschiedenen Phasen einer Umstrukturierung und beantwortet damit verbundene Fragen – auch abseits juristischer Themen.

    Filed under:
    Germany, Employment & Labor, Insolvency & Restructuring, Legal Tech, Litigation, CMS Germany
    Authors:
    Dr. Ricarda Müller
    Location:
    Germany
    Firm:
    CMS Germany
    Sian Participation - revisiting the boundary between Insolvency and Arbitration under English Law
    2024-07-04

    In the recent decision Sian Participation v Halimeda (Sian), the Judicial Committee of the Privy Council (the Privy Council) held on a BVI appeal that a winding-up petition should not be stayed or dismissed merely because the underlying debt is subject to a generally-worded arbitration agreement.

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Insolvency, Arbitration Act 1996 (UK)
    Authors:
    Billy Liu , Craig Montgomery , Neil Golding , John Choong
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Judgment on wrongful trading and trading misfeasance claims against BHS directors
    2024-07-04

    On 11 June 2024, the judgment of Re BHS Group Limited (In Liquidation) (BHS) was handed down by Leech J in the English High Court, bringing in key developments and clarifications on directors duties in the zone of insolvency.

    This is especially relevant in offshore jurisdictions such as Guernsey where English insolvency legislation is often replicated in local legislation. English common law remains highly persuasive in relation to directors duties and claims by liquidators against former directors are relatively common.

    Summary of claims

    Filed under:
    Guernsey, United Kingdom, Insolvency & Restructuring, Litigation, Ogier, Liquidation, Insolvency, Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Margeaux Newman , Alex Horsbrugh-Porter
    Location:
    Guernsey, United Kingdom
    Firm:
    Ogier

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