In Re Intellicomms Pty Ltd (in liq) [2022] VSC 228, it was determined that a sale agreement was a creditor-defeating disposition within the meaning of section 588FDB of the Corporations Act 2001 (Cth) (Act) and voidable pursuant to section 588FE(6B) of the Act.
On July 5, 2022, Scandinavian airline SAS AB, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10925), reporting $10 to $50 billion in assets and $1 to $10 billion in liabilities.
The case before the U.S. Supreme Court is MOAC Mall Holdings LLC v. Transform Holdco LLC, Case No. 21-1270.
The bankruptcy question upon which the U.S. Supreme Court granted certiorari is this:
The Alberta Court of Appeal (the “ABCA”)’s anticipated decision in Manitok Energy Inc (Re), 2022 ABCA 117 (“Manitok”) confirmed that the sales proceeds of a debtor estate’s valuable petroleum and natural gas assets that are subject environmental claims including, notably, abandonment and reclamation obligations, must first be applied to abandonment and reclamation obligations, even where such assets are “unrelated” to the abandonment and reclamation obligations.
In this article, Jose Maurellet SC and Michael Lok consider a recent judgment by Aedit Abdullah J of the Singapore High Court exploring issues arising out of the Model Law, including how and when the presumptive COMI may be displaced and whether a publicly held real estate investment trust falls within the scope of COMI.
An Insolvency Professional (IP) is entrusted with the management and administration of a Corporate Debtor’s affairs throughout the Corporate Insolvency Resolution Process (CIRP). He is responsible for managing, operating, and running the Corporate Debtor as a going concern during the said period by taking over the day-to-day affairs of the Corporate Debtor, complying with all the applicable laws, etc.
Companies work with experts to secure litigation favorable judgments only to face obstacles to enforcement. By learning how to “think like a bad debtor,” creditors can work with specialists to pursue multimillion judgments and uncollected awards.
In the year 2018, Videocon, an Indian multinational business, ceased operations and declared corporate bankruptcy. The NCLT (National Company Law Tribunal) authorized Vedanta Groups, the parent company of Twin Star, to buy Videocon for Rs. 2,962 Crores in June 2021.
The ‘roaring twenties’ of this century have left the business world in constant turmoil. After emerging from the pandemic, geopolitical tensions and the resulting economic uncertainty have pushed companies to rethink their organisational structures and rework their operating models and supply chains. Digitalisation and automation of the workforce is now at the forefront as businesses respond to rapidly changing customer needs. All of this requires companies to focus strategically on change management, as well as major workforce restructurings and reorganisations.
On 26 June 2019, the Directive on restructuring and insolvency[1] of the European Parliament and of the Council was published in the Official Journal of the European Union.