We recently published some useful guidance on how to deal with main contractor insolvency during a live project. You can find it here.

Bankruptcy-remote LLC Agreement Did Not Impermissibly Restrict

LLC’s Right to File Bankruptcy

In re 301 W. North Ave., LLC, Case No. 24-02741 (Bankr. N.D. Ill.

Jan. 6, 2025), the Bankruptcy Court dismissed the chapter 11 case

of a Delaware limited liability company for “cause” under section

1112(b) of the Bankruptcy Code because the company had not been

properly authorized to file for chapter 11 relief. The court found that

the underlying LLC agreement prohibited the company from filing a

The Sino-Ocean restructuring plan is the first to be sanctioned in 2025 – but it starts the year off with a very interesting bang. In a relatively short (and commendably clear) judgment, the Court addresses head on:

The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal, Delhi (NCLAT), have recently issued judgments in the case of Rishabh Infra v. Sadbhav Engineering Ltd1., which, despite their partially correct conclusions, appear to exhibit significant judicial overreach. These rulings warrant critical scrutiny on several grounds, particularly because their reasoning raises concerns about the implications for litigants, especially operational creditors, within the framework of the Insolvency and Bankruptcy Code, 2016 (IBC).

In Re Proex Logistics, 2025 ONSC 51, Justice Steele of the Ontario Superior Court of Justice (Commercial List) recently made a number of holdings related to the process for trustees accepting claims in a bankruptcy and other parties seeking to challenge those decisions. The Court held that:

Macfarlanes and Burness Paull recently advised Dobbies Garden Centres, the UK’s largest operator of garden centres, on its restructuring plan under Part 26A of the Companies Act 2006, which was approved by Lord Braid in the Court of Session in Scotland on 9 December 2024.

Introducción

Este mes las resoluciones más interesantes están en los juzgados de lo mercantil.

El auto del Juzgado de lo Mercantil nº 1 de Málaga de 4 de noviembre de 2024 confirma la posibilidad de una segunda prorroga de los efectos de la comunicación de apertura de negociaciones con los acreedores, como ya hizo auto del Juzgado de lo Mercantil nº 2 de Madrid de 1 de octubre de 2024.

The decision in York, in the matter of Exactech, Inc [2024] FCA 1522 reaffirms the scope to recognise a US chapter 11 bankruptcy in Australia as a foreign main proceeding ^[1] and demonstrates the importance of interim stay orders in protecting the assets of debtors and the interests of creditors until the final determination of the recognition application.

​​​​​​​The legal position on whether internal restructurings within South African businesses require prior approval from the competition authorities has been uncertain for some time. In a welcome development, on 24 January 2025, the Competition Commission took steps to clarify this issue by publishing draft guidelines on internal restructurings.

Discriminating DOCAs: when the courts will terminate a deed of company arrangement that seeks to discriminate against particular creditors.

With rising levels of corporate insolvencies, it is no surprise that the use of the voluntary administration regime for the purposes of putting forward a deed of company arrangement (DOCA) has increased. DOCAs have proven to be a time and cost-effective tool to recapitalise or restructure a distressed business.