The Eastern Caribbean Supreme Court of Appeal has dismissed an application to stay the appointment of liquidators pending the outcome of an appeal against a landmark first instance decision by the BVI Commercial Court, in which it was determined that ultimate beneficial interest holders of notes are 'creditors' under the BVI Insolvency Act and so have standing to issue liquidation applications against defaulting note issuers.
Background
In this edition of Gilbert + Tobin's Corporate Advisory Update, we focus on key legal developments over the last month which are particularly relevant to in-house counsel.
The ACCC’s recommended merger reforms: a deeper dive
The ACCC’s recommended reforms have several significant implications for merging parties:
In late 2022, the European Commission proposed a new Directive with a view to harmonise certain aspects of insolvency law. One of the most important innovations to be introduced in this Draft Directive is pre-pack proceedings.
What is a pre-pack sale?
Three years have passed since the COVID-19 pandemic reached the United States and its effects are still being felt today. Even though lockdown measures have largely disappeared and many workers have returned to the office, flexible work has become a fixture in the workplace. The shift to remote and more flexible work arrangements have impacted many segments of the economy, perhaps most directly, commercial real estate companies.
根据英国最高法院 2022 年底 Sequana1 的判决 ，新西兰最高法院在涉及 Mainzeal Property and Construction Limited2清算财产的长期案件中，对破产区公司董事所承担的义务问题进行了权衡及作出有力贡献。
当世界各地的董事们正努力应对各种宏观经济因素带来的困难和不确定时期时，这些决策为董事们应采取哪些保护自己及公司的方法提供了有用且及时的指导。
这可能意味着听取有关停止交易的建议，尝试签订重组支持协议或任命官员提供协助。在开曼群岛，新的重组支持官员制度提供了一个有用的体系，为董事提供休整期，以便在适当的情况下促进和实施可行的计划。
Mainzeal 的最新决定再次提醒大家，公司董事未能采纳建议和采取适当行动可能会导致严重后果。
Mainzeal 决定
Laurus Group Pty Ltd (admin apptd) v Mitsui & Co. (Australia) Ltd (No 2) [2023] VSC 412
INTRODUCTION AND PROCEEDINGS
Executive Summary
Aktuelle Rspr. des BGH zur Hinweis- und Warnpflicht eines Rechtsberaters bei möglichem Insolvenzgrund.
How close is too close? The answer to this question can have dire implications for people and companies involved in the cannabis industry who wish to seek bankruptcy protection.
In a report which was made public in May 2023, the IMF reviewed its 2023 GDP growth predictions for Portugal at 2.6%. This is just after it had predicted a growth rate of 1% in April (in itself, a leap from the projections made in October 2022 which set growth at 0.7%). According to public sources, these predictions are based on an analysis of the country's economic performance in 2022 and the first quarter of 2023.