Corporate insolvency numbers continued to appear artificially low in 2022. The expectation is that they will rise once businesses need to deal with the aftermath of Government pandemic supports and, in particular, start to pay warehoused taxes.
Background
Decision
Key takeaways
The recent High Court decision in Re Nostrum Oil & Gas plc [2022] EWHC 2249 (Ch) considers a scheme of arrangement where creditors are the target of Russian sanctions.
In the recent decision of Base Realtors Private Limited v. Grand Realcon Private Limited, the National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has upheld the maintainability of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) relating to the component of interest due and payable, without asking for the principal amount which has not yet become due and payable.
Brief Facts
In the recent judgement of In the matter of SPARC Group Limited (en désastre) [2022] JRC 194 (SPARC Group), the Royal Court of Jersey considered the appropriate test for the making of a disqualification order against a director, with the stark nature of the facts justifying a lengthy term of disqualification.
Background
The application for a disqualification order was made by the Viscount, in respect of Andrew Jeremy Mills (Mr Mills), who was the sole director of SPARC Group Limited (the Company), a property development business.
The Irish High Court (Court) has pierced the corporate veil in Powers -v- Greymountain Management Ltd [In Liquidation] & Ors [2022] IEHC 599, to hold passive resident directors and non-resident shadow directors personally liable for funds lost to investors as a result of fraud.
The Facts
Introduction
Recent development
Stay up to date with us
With our Employment Tracker, we regularly look into the "future of labour law" for you! At the beginning of each month, we present the most important decisions expected for the month from the Federal Labour Court (BAG) and the European Court of Justice (ECJ) as well as other courts. We report on the results in the issue of the following month. In addition, we point out upcoming milestones in legislative initiatives by politicians, so that you know today what you can expect tomorrow.
Employment Tracker
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Recent decisions
Introducción
En las Píldoras de este mes de noviembre destacamos dos sentencias de audiencias provinciales:
la de la AP de Tarragona que anula la garantía hipotecaria de la filial en favor de la deuda de su matriz a pesar de que había sido la matriz quien le aportó los fondos para comprar los inmuebles que se hipotecan. La audiencia adapta la doctrina de la compensación equivalente y considera que se sacrifica más de lo que se gana y por tanto el sacrificio patrimonial es injustificado.
We have previously blogged about Siegel v. Fitzgerald, the Supreme Court decision last June that invalidated the 2018 difference in fees between bankruptcy cases filed in Bankruptcy Administrator judicial districts and U.S. Trustee judicial districts.