On May 31, 2024, the chief judge of the U.S. Bankruptcy Court for the Southern District of New York (SDNY) entered General Order M-634, adopting guidelines for combining the processes for Chapter 11 plan confirmation under Section 1129 of the Bankruptcy Code and disclosure statement approval under Section 1125 of the Bankruptcy Code.
In late May, the Supreme Court of Canada (the SCC) denied an application for leave to appeal a decision of the Court of Appeal of Alberta (the ABCA), which, in turn, had denied leave to appeal of the decision of the Court of King’s Bench of Alberta (the ABKB) in Re Mantle Materials Group, Ltd, 2023 ABKB 488 (Mantle KB).
Following an overhaul of the Singapore insolvency regime which came into force on 30 July 2020, the insolvency and restructuring framework was consolidated in the omnibus Insolvency, Restructuring and Dissolution Act 2018 (IRDA). One of the key features of the IRDA was to amend the then-existing construct of statutory avoidance actions in Singapore.
Overview of statutory avoidance provisions following IRDA
The Business Support and Insolvency Team at Boyes Turner acted for the joint liquidators who made a successful application for their retrospective appointment as liquidators of a company.
The case
Having caught your eye with the catchy heading, don’t stop reading if you are involved in the management or directorship of any business in the Pacific.
Special Purpose Vehicles ("SPVs") – Financing Arrangements
Canstruct Pty Limited v Project Sea Dragon Pty Limited (No. 4) [2024] FCA 112 ("Canstruct")
SPVs are typically incorporated to undertake particular projects either for their holding company or on behalf of joint venturers. The arrangements made to fund the operations of SPVs can have implications for both their directors and their shareholders.
In a recent judgment, the Polish Supreme Court resolved an important question concerning the rights of a creditor to bring legal proceedings after the initiation of bankruptcy proceedings by a debtor.
Legal issue
The Supreme Court considered whether the declaration of a debtor's bankruptcy results in the loss of a creditor's standing to bring a lawsuit to declare a debtor’s attempt to dissipate its assets ineffective (actio pauliana).
What is actio pauliana?
The Austrian Supreme Court recently considered whether the knowledge of a debtor may be attributed to a third party in an avoidance action.
Background
In a recent decision, the German Federal Court of Justice (BGH) further outlined the requirements for the avoidance of a transaction under insolvency law on the grounds of wilful disadvantage to creditors pursuant to section 133 of the German Insolvency Code (InsO).
Background