The Part 26A Restructuring Plan (“RP”) is a relatively new addition to the English insolvency regime; despite this, the flexibility it provides to both distressed companies and their creditors has made it an important and attractive option. The recent administration of GoodBox Co Labs Limited (“GoodBox”) only further highlights this flexibility, providing ground-breaking precedent for creditor‑led RPs and the necessity of company consent.
KARL CLOWRY, SEÁN MCGUINNESS, AND AZIZ ABDUL LOOK TO THE LESSONS FOR SHAREHOLDERS, CREDITORS AND ADMINISTRATORS FROM THE FIRST CREDITOR LED RESTRUCTURING PLAN.
The Good Box Co Labs Limited (in Administration) case demonstrates once more the viability of the process for the mid-market and continues a trend of RPs being used by a determined creditor / shareholder constituency to rescue an equity investment within an existing corporate group. In short, the mid-market RP is still a highly situational, albeit flexible, tool."
The Supreme Court handed down its judgment on the case of Rakusen v Jepsen on 1 March 2023, deciding that rent repayment orders cannot be made against superior landlords.
The case considered whether rent repayment orders (RROs) under the Housing and Planning Act 2016, could be made against immediate landlords only, or whether superior landlords are also liable.
Although not directly concerned with directors' liabilities, the recent Supreme Court judgment in Stanford International Bank Ltd v HSBC Bank PLC provides further clarity on the circumstances in which a distressed or insolvent company may seek to make claims against its directors.
INTRODUCTION
The key aspects affecting directors' liabilities presented in the Supreme Court ruling are that:
职工债权是破产程序中常见的债权种类，其在我国破产制度下获得一定的优先保护，是破产企业、管辖法院、职工债权人、担保债权人及其他债权人等主体共同关注的焦点。但实践中不乏关于破产程序中职工债权范围、确认程序、清偿顺序等争议，有关争议处理效果将影响破产程序能否有效推进，关乎劳动关系妥善处理、职工权益保护、债权人利益平衡等目的的实现。鉴于此，本文拟在界定职工债权范围的基础上厘清职工债权在破产程序中的确认程序、清偿顺序、职工债权组分组与表决等问题，为司法实践提供有益参考。
一、职工债权范围
（一） 什么是职工债权？
我国现行法律规定未对职工债权进行明确的定义。实践中，“职工债权”通常又称为“劳动债权”，是职工对用人单位所享有的金钱之债，包括但不仅限于工资、奖金、报销款、应签未签劳动合同双倍工资、年休假补偿、解除或终止劳动合同的经济补偿等，在未涉及破产程序的情况下，职工享有的前述债权并无清偿顺序先后之分。
山东胜通集团股份有限公司（以下简称“胜通集团”）债券信息披露违法案是证监会2021年证监稽查20起典型违法案例之一，相关中介机构均被行政处罚，备受资本市场关注。日前，青岛市中级人民法院（下称“青岛中院”）对“胜通债”虚假陈述诉讼案作出一审判决。
本案系北京金融法院“大连机床”判例后债券虚假陈述诉讼领域的又一经典判例，一审判决诸多亮点值得点赞：（1）新《证券法》实施后全国法院首例认定债券虚假陈述造成的债券投资损失应为投资差额损失而非债券票面本息；（2）全国法院首例在债券虚假陈述案件中剔除系统风险和非系统风险所致债券投资损失；（3）充分考察债券价格、交易量变化，突破性地认定发行人“澄清公告”发布日为揭露日；（4）创新性地认定案涉债券市场并非有效市场，应以破产清偿金额来确定债券基准价。
该案判决对债券虚假陈述投资损失的认定，标志着我国债券虚假陈述损失的司法认定思路已开始理性回归“损害填平”的侵权责任本质。此外，该案判决对债券虚假陈述揭露日和基准价方面的认定，进一步丰富了人民法院审理债券虚假陈述专业性问题的实践，积累了宝贵经验，具有相当的前沿性和示范性。
An overview of Guernsey legislative and regulatory developments for the period 1 December 2022 to 28 February 2023 inclusive.
1 Corporate insolvency regime – update
The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (the Amendment Ordinance) finally came into force on 1 January 2023.
Last year saw the construction industry face significant challenges, insolvency levels were up with over 5,000 company failures and nearly 23,000 companies in distress by the last quarter.
Construction businesses in the North-East had the second highest sector insolvency rates, with an estimated 540 companies suffering from distress in the last quarter of 2022 – the highest of any sector.
This distress has now come to fruition with the recent insolvencies of two of the North East’s largest main contractors, Metnor Construction and Tolent Construction.
Introduction
The long-standing uncertainty about the availability of statutory set-off to unfair preference claims has finally been determined by the High Court. The Court in Metal Manufactures Pty Ltd v Morton unanimously found that section 553C set-off is not available to creditors that are found to have received an unfair preference.
The decision provides much need certainty to liquidators and creditors alike.
The Case