Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of May 22, 2023.
Insolvency legislation is full of trade-offs—chief among them is expediency versus fairness. On the one hand, insolvencies are often urgent matters with the fate of the debtor’s business or the value of its assets resting on a speedy and efficient resolution of its creditors’ claims. On the other hand, those creditors expect to be treated fairly and receive a real opportunity to advance and resolve their claims, which often entails a slow, deliberate process.
The arrangements in Israel’s Insolvency and Economic Rehabilitation Law, enacted in 2018, include a series of special characteristics that must be taken into account when engaging with an Israeli corporation.
The relatively new law incorporates various rulings from previous years, and the legal practice deriving from it is still evolving. Thus, some uncertainty still exists regarding how the courts are likely to implement some of the arrangements prescribed in the law.
In its recent judgment in State Bank of India vs Moser Baer Karamchari Union[1], the Apex court has reiterated the settled legal position of law pertaining to treatment of Employees’ provident fund, pension fund and gratuity Fund (“EPF Dues”) under the Insolvency and Bankruptcy Code, 2016 (“Code”).
In the recent case of Re Guangdong Overseas Construction Corporation [2023] HKCFI 1340 (17 May 2023), the Hon Linda Chan J confirmed the Hon Harris J’s decision in Re Global Brands Group Holding Ltd (in liquidation) [2022] 3 HKLRD 316 in introducing centre of main interest principles in assessing whether or not the Hong Kong court should recognise a foreign liquidation and assist a foreign office-holder.
European leveraged finance transactions (i.e., acquisition financing by fund sponsors of European targets) are often structured through Luxembourg or the Netherlands because those are creditor-friendly jurisdictions for the creation, perfection and enforcement of (certain) security interests. Structuring through Luxembourg or the Netherlands provides a high degree of transaction flexibility compared to other jurisdictions.
Daria Plakhova Freshville, Jenna Burton, Abby Stanglin, Richard Bowles, Nicholas Peck and Warren Feldman, Nardello & Co
This is an extract from the 2023 edition of GIR's Europe, Middle East and Africa Investigations Review. The whole publication is available here.
Martin Rogers, Jonathan K Chang and Clement Sung, Davis Polk & Wardwell
This is an extract from the 2024 edition of The Asia-Pacific Arbitration Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GAR's co-published content. Read more on Insight
APAC and Africa are diverse and multifaceted regions. APAC is set to contribute 70% of global growth whilst Africa is showing remarkable resilience in many sectors. We’ll learn from our members what this means for those looking to do business in these regions.
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