Duties and Implications of financial Information in s.214 claims

Introduction

This article follows Part 1 in which I set out the key issues we have recently seen and the case law arising in Misfeasance and Wrongful Trading claims. This Part 2 considers the duties and implications surrounding the financial information that is available to directors when faced with a s.214 wrongful trading claim.

In recent years, the Malaysian government has taken various initiatives to revamp insolvency laws with the goal of assisting the public to cope with financial difficulties arising from the Covid-19 pandemic.

With the amendment to the Insolvency Act in 2020, the bankruptcy threshold in Malaysia is currently set at RM100,000, which was raised from the original RM50,000. This was the second increase of the bankruptcy threshold within the span of a few years, with the previous increase from RM30,000 to RM50,000 in 2017.

私は、当事務所にて事務職員として勤務していますが、前職 は大阪地方裁判所の裁判所書記官として、裁判所での倒産 事務に携わっておりました。現在も当事務所の倒産事件につ き弁護士をサポートしていますので、元書記官の視点から、今 回は、前回に引き続き、債権届出書の記載事項のうち、法人 の代表者の記載方法についてお話いたします。

裁判所に提出する債権届出書には、届出債権者の特定の ため「債権者及び代理人の氏名又は名称及び住所」を記載し て届け出ることとされており（破産規則32条1項1号、民事再生 規則31条1項1号及び会社更生規則36条1項1号）、個人であ れば住所と氏名、法人であれば名称と主たる事務所、商号と 本店などを記載して届け出ることになることは前回お話いたし ましたが、代理人を記載すべき規定は法人の代表者について 準用されることから（破産規則12条、民事再生規則11条、会 社更生規則10条及び民事訴訟規則18条）、届出債権者が法 人の場合は代表者の記載も必要となります。

判決書等の裁判書類における代表者の記載方法としては、 ①代表者である旨②登記上の代表資格（肩書）③代表者の 氏名を記載することが通例とされています。

From the West Coast Healthcare Desk is a new ongoing series of Holland & Knight Healthcare Blog articles and alerts focused on healthcare industry developments and points of interest in the West Coast healthcare marketplace. Holland & Knight's nationally ranked healthcare practice has been focused on healthcare compliance, transactional, reimbursement and operational trends that have often started in California before spreading nationwide – managed care and various capitated and quality-based reimbursement models being the most obvious examples.

The Federal Court of Australia recently determined an application brought by the administrators of a company in voluntary administration seeking judicial guidance on how to deal with claims for costs and interests resulting from two prior arbitrations. The key issue was whether the costs and interests awarded in the previous arbitrations were admissible to proof in the administration of the company, having regard to the fact that the relevant arbitral awards were made after the appointment of administrators.

The Court made a distinction between the two arbitrations as follows:

A 2 (two) member bench of the Hon’ble National Company Law Appellate Tribunal, Chennai (“NCLAT”) in the matter of Consortium of Prudent ARC Ltd. vs. Mr. Ravi Shankar Devarakonda & Ors has applied the ratio in the judgment of Vistra ITCL (India) Ltd. Vs. Torrent Investments Private Limited to hold that the committee of creditors of Meenakshi Energy Limited (“CoC”) in its commercial wisdom can allow resolution applicants to submit revised resolution plans through the challenge process.

A pre-pack insolvency sale, which is an expedited liquidation proceeding that allow for the sale of all or part of a debtor’s business as a going concern to the best bidder shortly after the insolvency proceedings are opened, is not formally regulated in the Czech Republic.

2023 has been a remarkable year with the past several months displaying an upward trend for the Business Restructuring + Insolvency Group at Morrison Foerster. We would like to provide our friends and clients with an overview of our current matters, each of which demonstrate our track record of being a go-to firm for complex restructurings across industries and jurisdictions.

Summary

Trustees and officeholders (such as administrators, receivers and liquidators) can ask the Court to approve steps that they propose to take in the administration of their estate (such as the sale of an asset or settlement of a claim).

In insolvency proceedings, it can be difficult to navigate how to close out a transaction with an insolvent counterparty without suffering excessive collateral damage. One question that may arise in this process is whether a contract with the insolvent party can be relied upon. Canadian insolvency laws provide special treatment for a certain category of contracts called eligible financial contracts (EFCs).