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    Court of Appeal summaries (April 15 - April 19)
    2024-04-19

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of April 15, 2024.

    Filed under:
    Canada, Ontario, Company & Commercial, Family, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Personal Injury, Professional Negligence, Blaney McMurtry LLP, Abbott Laboratories, European Securities and Markets Authority, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Singapore: Court of Appeal sets out test to ascertain when a director must prioritise creditor interests
    2024-04-19

    In brief

    When would the directors of a company be bound to consider the interest of the company's creditors? This was the issue at the heart of the Singapore Court of Appeal's (SGCA) watershed decision in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10, which comes hot on the heels of the UK Supreme Court's pronouncements on the same issue in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25.

    Filed under:
    Singapore, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporate governance, Singapore High Court
    Authors:
    Nandakumar Ponniya , Emmanuel Chua , Darrell Lee
    Location:
    Singapore
    Firm:
    Baker McKenzie
    A Liquidator May Apply to Court for Judicial Advice during Winding Up
    2024-04-24

    Under sections 90-15 and 90–20 of Schedule 2 of the Insolvency Practice Schedule (Corporations) (Practice Schedule) of the Corporations Act 2001 (Cth) (the Act), a liquidator may apply to the court for directions and judicial advice in winding up.

    Purpose of Judicial Advice

    The purpose of judicial advice was to give the liquidator advice as to the proper course of action to take in the liquidation, as noted by Goldberg J in Re Ansett Australia Ltd and Korda [2002] FCA 90 (Ansett).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Liquidation, Financial Conduct Authority (UK), Corporations Act 2001 (Australia)
    Authors:
    Stipe Vuleta
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    The Court of Appeal on arbitration clauses in the context of winding-up petitions: Re Simplicity & Vogue Retailing (HK) Co Limited [2024] HKCA 299
    2024-04-24

    In Re Simplicity & Vogue Retailing (HK) Co., Limited[2024] HKCA 299, the Court of Appeal (Kwan VP, Barma and G Lam JJA) held that the approach regarding exclusive jurisdiction clauses in bankruptcy proceedings laid down by the Court of Final Appeal in Re Lam Kwok Hung Guy, ex p Tor Asia Credit Master Fund LP (2023) 26 HKCFAR 119 (“Guy Lam CFA”) (upholding the Court of Appeal’s judgm

    Filed under:
    Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Des Voeux Chambers
    Location:
    Hong Kong
    Firm:
    Des Voeux Chambers
    UK National Security and Investment Act Update: what’s new on the horizon for restructuring & insolvency
    2024-04-24

    The UK National Security and Investment Act came into force on 4 January 2022, significantly extending the UK Government’s power to investigate and intervene in transactions which pose, or could pose, threats to the UK’s national security.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Public, Freshfields Bruckhaus Deringer, Artificial intelligence, Insolvency, National Security and Investment Act 2021 (UK)
    Authors:
    David Bor , Katharina Crinson , Ken Baird
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Bygherrens håndtering af entreprenørens konkurs
    2024-04-23

    Bygge- og anlægsbranchen har i de seneste år oplevet en kraftig stigning i antallet af konkurser og toppede foreløbigt i 2023 med hele 1.282 erklærede konkurser. Da konkurserne ofte er forbundet med store tab, hvis de indtræder under et igangværende byggeri, har tendensen i stigende grad aktualiseret en belysning af de muligheder, der er for at sikre sig imod sådanne tab.

    Filed under:
    Denmark, Insolvency & Restructuring, DLA Piper, Bankruptcy
    Authors:
    Alexander Grønlund
    Location:
    Denmark
    Firm:
    DLA Piper
    Guidelines on Adjudication of Debts for Compromises and Arrangements
    2024-04-23

    On 1 April 2024, the Companies Commission of Malaysia issued the Guidelines for the Adjudication of Proof of Debts under section 369B of the Companies Act 2016 (“the Guidelines”).

    Filed under:
    Malaysia, Banking, Insolvency & Restructuring, SKRINE
    Authors:
    Sharon Chong Tze Ying
    Location:
    Malaysia
    Firm:
    SKRINE
    A Dilemma In Mass Tort Bankruptcies: Maximizing Value v. Wreaking Vengeance (In re Bestwall)
    2024-04-23

    Bankruptcies with large tort claims are common:

    • some involve a limited number of claimants (e.g., a drunk driver hits a bus or a restaurant serves bad food one evening); and
    • others have large numbers of claimants, some of whom won’t even be known for at least another decade (e.g., asbestos cases).

    Often in tort bankruptcies, the total amount of claims overwhelms the debtor’s ability to pay: i.e., existing assets, insurance coverages and projected future income streams are, simply, insufficient.

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Píldoras Concursales Abril
    2024-04-25

    1. Introducción

    En la edición de este mes de abril destacamos la ya famosa sentencia de la Audiencia Provincial de Valencia del 27 de marzo que declara la ineficacia total del plan de restructuración de Das Photonic, S.L.

    Sobre esta sentencia se ha hablado mucho porque es la primera declaración de ineficacia de un plan de restructuración.

    La sentencia tiene casi 150 páginas pero reseñamos abajo los puntos clave de su contenido que hemos extractado porque creemos pueden servir de lección para casos futuros.

    Filed under:
    European Union, Insolvency & Restructuring, Litigation, Ashurst
    Authors:
    Jorge Vazquez , Jose Christian Bertram , José Antonio Rodríguez , José Ramón Casado
    Location:
    European Union
    Firm:
    Ashurst
    Restructuring plans: an international perspective
    2024-04-25

    On Tuesday 23 April 2024, Macfarlanes hosted a roundtable discussion on the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, Directive) and the method of, and tools offered by, its implementation across a number of EU member states and equivalent domestic legislation – namely Part 26A of the Companies Act 2006 (Part 26A) and restructuring plans (for more on restructuring plans under Part 26A of the Companies Act 2006, see our more in-depth article on “

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Macfarlanes LLP, Insolvency, Companies Act 2006 (UK)
    Authors:
    Jatinder Bains , Paul Keddie , Simon Beale , Katherine Hensby
    Location:
    European Union, United Kingdom
    Firm:
    Macfarlanes LLP

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