Howard Morris and Sonya Van de Graaff, Morrison & Foerster LLP and Katten Muchin Rosenman LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Scope of the chapter

1. はじめに

新型コロナウイルス禍により業績が悪化した中小企業の資金繰りを支えた実質無利子・無担保融資（いわゆるゼロゼロ融資）が 2022 年 9 月末で終了した。コロナ禍における各種の危機対応については、企業の倒産を歴史的な低水準に抑えた一方で、慢性 的な経営不振企業を延命させているといった声もあるが、ともあれ出口に向かうこととなる。かかる出口を見据え、2022 年 3 月 4 日、中小企業の事業再生等に関する研究会より「中小企業の事業再生等に関するガイドライン」（以下「本ガイドライン」という。） が策定・公表され ¹²、同年 4 月 15 日より適用が開始されている。

For a decade or more, restructuring professionals have predicted the coming of a bankruptcy boom. This may be the year those predictions finally come true. Inflation, interest rates, supply chain issues, global conflict and domestic politics have created a challenging macro environment. At the same time, dry powder abounds, with new distressed debt funds cropping up daily. Will this result in a bankruptcy tidal wave, or an increase in workouts and distressed M&A? Perhaps all of the above.

The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.

The Supreme Court considered the circumstances in which company directors must exercise their duties under s.172 Companies Act 2006 (CA06) with regard to the interests of the creditors and affirmed the position reached by the Court of Appeal.

Comment

Former One Nation senator, current Great Australian Party Leader and self-styled ‘senator in exile’ Rod Culleton has vowed to fight charges that he knowingly provided false or misleading information to a Commonwealth entity.

The basis of the allegations

Este mes apenas se han publicado resoluciones que consideremos reseñables, sólo tres de tres audiencias provinciales nos han parecido dignas de atención. A cambios las tres hacen pronunciamentos muy interesantes.

Audiencias Provinciales

Compensación de pagos entre un hotel y su operador por derivarse de una misma relación contractual.

Overview of corporate insolvency in Australia

On 28 September 2022, the Federal Government, through the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) commenced an inquiry into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy.

The UK High Court has ruled that the obligations of third-party guarantors are not affected by a part 26A restructuring plan being sanctioned in respect of the underlying obligations. This approach mirrors the way guarantees are dealt with in a part 26 scheme of arrangement.

The case of Oceanfill Ltd. v Nuffield Health Wellbeing Ltd & Cannons Group Limited examined whether a restructuring plan under part 26A of the Companies Act 2006 (the “Act”) had the effect of releasing liability arising under a third-party guarantee.

BTI 2014 LLC v Sequana SA and Others [2022] UKSC 25

In a judgment handed down yesterday the Supreme Court has affirmed that a so called “creditor duty” exists for directors such that in some circumstances company directors are required to act in accordance with, or to consider the interests of creditors. Those circumstances potentially arise hen a company is insolvent or where there is a “probability” of an insolvency. We explore below the “trigger” for such a test to apply and its implications.

In this Article, José-Antonio Maurellet SC (a member of DVC and an Associate Member of 3 Verulam Buildings) and Michael Lok discuss the landmark decision just handed down by the Supreme Court of the United Kingdom in BTI 2014 LLC v Sequana SA and others