In the last few years, case law has established several important key principles in trust law in the context of insolvent trustees.
It is now well established that:
Lehman Bros. Int'l (Europe) (In Admin.) v. AG Fin. Prod., Inc., No. 653284/2011 (Sup. Ct. N.Y. County May 17, 2023) [click for opinion]
The Facts – Shortly Stated
Hundreds and hundreds of claims for personal injury and property damage associated with PFAS contamination have been accumulating in the courtroom of a Federal Judge in South Carolina. A little over four years ago the Federal Judicial Panel on Multidistrict Litigation determined that Federal claims that Aqueous Film-Forming Foams (AFFF) containing PFAS used to fight fires had contaminated drinking water had enough in common that they should all be sent to Federal Judge Gergel in South Carolina for disposition.
On 15 May 2023 (with Reasons for Decision delivered on 18 May 2023), the Companies Court made a winding-up order against Dangdai International Investments Ltd (當代國際投資有限公司) (“the Company”) which is in turn wholly owned by Wuhan Dangdai Science & Technology Industries (Group) Company Ltd (武漢當代科技產業集團股份有限公司) (“Wuhan Dangdai”).
The original version of this article was first published in the Trilegal Quarterly Roundup.
These FAQs delve into some key aspects that prospective resolution applicants must consider while devising a robust resolution plan for a corporate debtor.
The appeal challenged an order (“Impugned Order“) passed by the Delhi High Court in a writ petition (“Writ“) filed by Singer. Vide the Impugned Order, the Division Bench of the High Court had referred the Writ to a larger bench as it doubted the correctness of the judgment in Continental Carbon India Ltd. v. Modi Rubber Ltd., 2012 (131) DRJ 291 (DB) (“Modi Rubber”).
The current economic landscape is presenting challenges for many businesses. Our restructuring and business advisory specialists have provided a list of ten top tips if your business is facing financial distress.
The current economic landscape is presenting challenges for many businesses. Our team at Shepherd and Wedderburn is here to help you navigate those challenges.
Adaptability and resilience have never been more important as many businesses are currently facing ongoing challenges, such as:
The judgment of Adam Johnson J in Re Great Annual Savings Company Ltd, (Re Companies Act 2006) [2023] EWHC 1141 (Ch) demonstrates again the rigorous approach the courts are taking in relation to the fulfilment of the conditions required to “cram down” dissenting creditors in restructuring plans as well as in the exercise of the court’s discretion to sanction them.
The recent sanction judgment gives important guidance on the way in which the court's discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own .
Key takeaways from the judgment
No worse off test: expert evidence