Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck. Gleichzeitig gewinnen alternative Restrukturierungsmethoden, die außerhalb oder bereits im Vorfeld eines formalen Insolvenzverfahrens stattfinden, zunehmend an Bedeutung.
Vor diesem Hintergrund fällt auch vermehrt das Stichwort “StaRUG“, wenn es um die Restrukturierung von immobilienhaltenden Gesellschaften geht.
The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).
In its recent judgement of Foo Kian Beng v OP3 International Pte. Ltd. [2024] SGCA 10, the Singapore Court of Appeal laid down some key principles regarding the scope of directors' duties to creditors, i.e. the "creditor duty". These principles serve as useful guidance not just for directors to understand how they should discharge their duties but also for creditors seeking to hold directors to account. We set out some practical guidance for creditors on ensuring that directors discharge the "creditor duty".
What does the "creditor duty" of directors encompass?
While franchising has typically been a more robust business model than others, it remains susceptible to broader economic and sectoral pressures, as The Body Shop’s recent entry into administration demonstrates.
In the unfortunate event that a franchisor or franchisee becomes insolvent, disruption is inevitable. However, insolvency doesn’t necessarily spell a terminal outcome. In this article we consider some of the key considerations for both franchisors and franchisees.
Handling franchisee insolvency: the franchisor’s approach
2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343
On May 6, 2024, the Ontario Court of Appeal upheld a summary judgment motion decision in favour of The Toronto-Dominion Bank (“TD Bank”) in 2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343.[1]
In the case of Shiv Charan and Ors.
Introduction
For initiating proceedings under the Insolvency and Bankruptcy Code 2016 (“IBC”), categorisation of a creditor as either a “financial creditor” or an “operational creditor” is a rather significant first step. Such categorisation is not merely organisational, but essential since the rights, obligations and procedural requirements for realisation of debt by financial and operational creditors also differ under the IBC.
Across 2023, the rate of corporate insolvencies in England and Wales fluctuated but trended significantly higher than the previous year, peaking in an especially tumultuous November. Turning from statistics to the news headlines, it was striking but perhaps not surprising to see many household name businesses forced into administration.
1. Introduction
The longstanding debate surrounding the prioritization of crown debts vis-à-vis private debts has entered a new chapter with the advent of the Insolvency and Bankruptcy Code, 2016 (“IBC”). Prior to the IBC, the common law principle generally granted crown debts preferential status over unsecured debts. This historical primacy stemmed from the sovereign's role as the embodiment of the public good, requiring unimpeded revenue collection for the smooth functioning of the State.
第3回は、「フリーマネーからオペレーショナル・エクセレンスへ」
世界経済は2023年の多くの予想を上回り、2024年に順調なスタートを切ったようだ。中央銀行は、景気後退を回避しながらインフレを抑制するという、捉えどころのないソフトランディングを成し遂げようとしている。
金利は今年中に低下し始めると見込まれるが、中央銀行はインフレを確実に抑制するために金利を高い水準に維持する決意を示している。市場では高金利の長期化のムードが続いており、昨年の米国金利は10年ぶりの高水準を記録し、10年国債の利回りは16年ぶりに5％の閾値を超え、低格付けクレジットの利回りは2008年の金融危機以来のピークに達した。アリックスパートナーズが毎年発表しているディスラプション・インデックスでは、CEOが2024年に自社のビジネスが直面する最大の脅威として「金利」と「インフレ」を挙げている。
このような事業環境を考えれば、倒産が増加しているのは当然だ。昨年、米国の倒産件数は金融危機以来の水準となった。とはいえ、歴史を振り返ってみると、現在の資本コストは特別に高いわけではないことは認識しておくと良いだろう。いまこそ企業は10年間にわたるフリーマネー時代に萎縮した筋肉を鍛えるタイミングだ。これ以降で３つのポイントを紹介する。