Divorce and Family partner Lisette Dupré and Commercial Litigation partner Elaina Bailes were among 500 lawyers from more than 50 countries who gathered for the AIJA International Young Lawyers’ Congress in Rio between 20 and 26 August. This year’s theme was rethinking the law in four dimensions, which called upon speakers to think more about how the law may develop in the next five years than simply looking at how it stands today.
INTRODUCTION:
In a recent judgement of Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Ltd. and Ors. (being Civil Appeal No.7976 of 2019), the Hon’ble Supreme Court has held that Section 238 of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”) overrides the provisions of the Electricity Act, 2003, despite the latter containing two specific provisions being Section 173 and 174 which have overriding effect over all other laws.
FACTUAL BACKGROUND:
Die Immobilienbranche steht aktuell vor großen Herausforderungen: Explodierende Baustoffpreise, hohe Inflation, etc. vergrößern die wirtschaftlichen Risiken.
Die Immobilienbranche gilt als eine der akuten Krisenbranchen in Deutschland. Die Corona-Pandemie, der Ukraine-Krieg, die Inflation und die Zinswende haben zu einem Einbruch der Bauaufträge, der Flächennachfrage und der Immobilienpreise geführt. Die Baukosten sind enorm gestiegen, während die Investoren* zurückhaltender geworden sind.
Immobilienkrise in Zahlen
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.
In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.
Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.
In BRASS Trustees Ltd v Goldstone the High Court has approved a decision by a scheme trustee to issue winding up petitions against the pension scheme's sponsoring employers. The trustee sought the court's approval under rules which allow a trustee to seek the court's approval where the decision a trustee is about to make is "particularly momentous".
Interest rates remain high, and for many markets and asset classes, prices have yet to fall. However, there’s at least one way real estate investors can buy a property at the right price in this cycle: Distressed sales.
“It’s a main mechanism for price correction,” said Matthew Scoville, a New York-based attorney and partner at Hunton Andrews Kurth who has represented both lenders and real estate developers. In many cases, distressed sales allow investors to acquire properties that would otherwise not be available. “Opportunities are the name of the game,” he said.
‘Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here’[1] — John J Ray III
The recent failure of the FTX cryptocurrency exchange highlights the need for investors and market participants to do their due diligence when it comes to corporate governance. Assumptions around the competency of individual directors and the corporate governance standards in various jurisdictions left some FTX investors writing off hundreds of millions of dollars invested in FTX.
Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of August 28, 2023.
I hope everyone is enjoying the last long weekend of the summer.
Chippewas of Nawash Unceded First Nation v. Canada (Attorney General) is a 125-page decision dealing with the claim of the Saugeen Ojibway Nation to submerged lands in Lake Huron and Georgian Bay. The claim was mostly unsuccessful.
In a recent case, the High Court has had one of its first opportunities to consider BTI v Sequana [2022] UKSC 25 (see our previous update here), in which the Supreme Court gave important guidance on the existence and scope of the duty of company directors to have regard to the interests of creditors (the so-called “creditor duty”, which arises in an insolvency scenario).
Dlouho očekávaný zákon o preventivní restrukturalizaci čeká na podpis prezidenta a v následujících dnech nabude účinnosti. Nabídne podnikatelům nové nástroje, jak zavčas řešit své finanční potíže a vyhnout se úpadku.
Dne 23. srpna 2023 schválil Senát návrh zákona o preventivní restrukturalizaci, kterým se značným zpožděním dochází k transpozici směrnice Evropského parlamentu a Rady (EU) 2019/1023 ze dne 20. června 2019 o restrukturalizaci a insolvenci („Zákon“ a „Směrnice“).