German real estate group restructuring plan sanctioned in London
Having failed to get its restructuring solution through in its home jurisdiction, beleaguered German real estate group, Adler, turned to London. After substituting a UK plc as issuer of six series of notes in order to propose an English restructuring plan, and in the face of fierce opposition from an ad hoc committee of 2029 noteholders (AHG), the group successfully forced the plan through just in time.
Le 27 avril 2023, le projet de loi C-228, Loi sur la protection des pensions (« LPP ») a reçu la sanction royale et est entré en vigueur au Canada. Comme la LPP vient modifier considérablement le traitement des exigences au titre des régimes de retraite dans le cadre des procédures d’insolvabilité, il y a lieu pour les prêteurs de veiller à bien comprendre la nature et les répercussions de cette loi.
In a recent judgment, Justice Doyle considered the principles applicable in agreeing to adjourn the hearing of a winding up petition. He granted only a short adjournment to allow opposing experts time to prepare a joint memorandum to assist the Court in determining issues related to the standing of the petitioner and issues in relation to its debt. The debtor's application for a longer adjournment was dismissed.
Following are our summaries of the civil decisions of the Ontario Court of Appeal for the week of April 24, 2023.
De rechtbank Noord-Holland heeft recent beslist dat een moeder en zoon aansprakelijk zijn voor het boedeltekort van een failliet beleggingsfonds omdat zij hun taak als (defacto) bestuur onbehoorlijk hebben vervuld (Rechtbank Noord-Holland 8 februari 2023, ECLI:NL:RBNHO:2023:1723).
JPMorgan Chase Bank assumed all of First Republic Bank's deposits and nearly all assets, making all depositors of First Republic Bank depositors of JPMorgan Chase Bank as of Monday, May 1, 2023.
Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our market-leading London Technology Companies Group (TCG), with contributions from other practice members. Our Band 1 ranked London TCG team closed over 320 growth financings and tech M&A deals totalling US$9.76bn in 2022 and has dominated the European venture capital tech market for 7 years in a row (PitchBook, FY 2022).
Introducción
Este mes destacamos especialmente dos resoluciones judiciales recaídas en relación a dos planes de restructuración: (i) una es la sentencia de la audiencia provincial de la Coruña que resuelve sobre la impugnación del plan de XELDIST cuya homologación fue tan discutida por su peculiar formación de clases (4 de 8 de ellas eran unipersonales) (ii) otra la homologación del plan de SINGLE HOME que sale adelante con el voto favorable tan solo de la clase de los especialmente relacionados.
Adler Group S.A. (together with its subsidiaries, the “Group”) owns and manages a portfolio of multi-family residential rental properties in Germany. The Group has faced financial headwinds caused by a downturn in the German property market and a negative global macroeconomic landscape exacerbated by, amongst other things, the COVID-19 pandemic and the ongoing war in Ukraine.
我国现行的《环境保护法》、《民法典》侵权责任编、《企业破产法》以及最高人民法院相关司法解释对于追究企业的环境侵权民事责任作出了相应的规定，但对于企业破产阶段的环境侵权之债的清偿顺序问题，并未作出明确规定，如果仅将其作为普通债权进行处理，往往导致企业的环境债务无法得到清偿。在此前提下，破产程序中的环境债务问题已引起司法部门高度重视。2022年11月4日，贵阳市中级人民法院出台的《贵阳市中级人民法院关于审理企业破产案件中涉生态环境问题处理的工作指引》，体现出法院不断强化环境保护司法力度的趋势；2023年2月，最高人民法院发布的推进碳达峰碳中和典型案例四“杭州某球拍公司破产清算案”[1]，将案涉危废物处置费用作为破产费用列支，充分反映出司法对生态环境保护愈加强化。
破产企业环境债务与职工债务、税务债务一样，均具有社会性、公益性的特殊性质，同时环境债务所承载的环境治理长远性意义尤甚。因此，破产企业环境债务的清偿问题亟待厘清。
一、企业破产程序中的环境债务
（一）环境债务的形成