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    Sending disclaimer to the sawmill: A liquidator’s power to disclaim land subject to environmental liabilities following the Australian Sawmilling case
    2022-08-16

    In The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 (Australian Sawmilling), the Victorian Supreme Court of Appeal (VSCA) dismissed an appeal by the liquidators of The Australian Sawmilling Company Pty Ltd (TASCO) against a decision of Garde J of the Victorian Supreme Court (VSC) setting aside the liquidators’ disclaimer of land subject to significant environmental ‘clean up’ costs (Primary Judgment).

    Filed under:
    Australia, Victoria, Capital Markets, Insolvency & Restructuring, Litigation, Corporations Act 2001 (Australia), Australian Securities and Investments Commission
    Location:
    Australia
    Insolvency Remedies Available to Combat Preferential Transactions
    2022-08-11

    A preferential transaction occurs where an insolvent person or debtor makes a transfer of property or a payment that has the effect of favouring one creditor over another. Creditors and bankruptcy trustees can use federal or provincial legislation to attack preferential transactions. A recent Ontario Court of Appeal decision, Golden Oaks Enterprises Inc v Scott, 2022 ONCA 509, upheld the finding that certain transactions were an unlawful preference under section 95(1)(b) of the Bankruptcy and Insolvency Act, RSC 1985 c B-3 (“BIA”).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation
    Location:
    Canada
    The Airline Insolvency Bill - the slow path to reform
    2022-07-19

    The UK Government recently responded to The House of Commons Transport Committee’s Report, titled “UK aviation: reform for take-off”. The Report makes a number of recommendations to address ongoing problems facing the UK aviation sector as it moves towards post-pandemic recovery. Alongside other issues, it raises the idea of reform to the airline insolvency procedure and passenger protections to be addressed by way of an Airline Insolvency Bill.

    Filed under:
    United Kingdom, Aviation, Insolvency & Restructuring
    Location:
    United Kingdom
    Commercial rent arrears - know your options
    2022-01-21
    • Commercial rent arrears continue to accumulate as a result of the pandemic, such that arrears are estimated to reach £9 billion by March 2022 and comprise a much larger slice of the typical debt stack than they did pre-pandemic.
    • The UK government has proposed a binding arbitration scheme to help resolve the arrears and further extend the existing protections from enforcement and insolvency procedures that
    Filed under:
    United Kingdom, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Real Estate, Reed Smith LLP, Coronavirus, Commercial tenant
    Authors:
    Colin Cochrane
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    Recognition of insolvency and restructuring proceedings - ten months after Brexit
    2021-10-29
    • Brexit ripped up the rules on automatic cross-border recognition of formal insolvency proceedings and restructuring tools between the UK and the EU.
    • Recognition will now depend on a patchwork of domestic legislation, private international law and treaties and may lead to different outcomes depending on the jurisdiction.
    • Cross-border recognition is still achievable but involves careful navigation and a more tailored approach in individual cases to selection of the most effective process and its route to recognition.

    Legal landscape

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Public, Reed Smith LLP, Brexit
    Authors:
    Kathleen Garrett , Patrick Schumann , Colin Cochrane , Dr. Katharina Schaub
    Location:
    European Union, United Kingdom
    Firm:
    Reed Smith LLP
    Dislocation in energy markets - navigating the legal landscape
    2021-10-01

    The consequent distress in the market is evident with 9 supplier insolvencies in the last few weeks alone, including Avro Energy, Utility Point and People’s Energy.

    Today, 1 October 2021, is important as Ofgem is due to increase tariff caps from that date. This is also the date when the restrictions on petitioning for the winding up of companies on the basis of insolvency will be eased.

    Legal landscape – energy regulations

    In distressed situations, there are a number of issues to navigate, including:

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Reed Smith LLP
    Authors:
    Kathleen Garrett , Patrick Schumann , Colin Cochrane , Dr. Katharina Schaub
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    Updates to the laws regarding winding up petitions and Part 1A moratoriums in England and Wales
    2021-09-21

    There have been two recent changes to the insolvency laws in England and Wales relating to winding up petitions1 and Part 1A moratoriums.

    Winding up petitions – Relaxation of restrictions

    Filed under:
    United Kingdom, Insolvency & Restructuring, Reed Smith LLP, Coronavirus
    Authors:
    Kathleen Garrett , Patrick Schumann , Colin Cochrane
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    Delaware Supreme Court dismisses an appeal and vacates a Court of Chancery judgment based on a bankruptcy court’s confirmation of a plan of reorganization relating to the appellee-corporation
    2021-09-07

    In SolarReserve CSP Holdings, LLC v. Tonopah Solar Energy, LLC, C.A. No. 78, 2021 (Del. Aug. 9, 2021), the Delaware Supreme Court recently dismissed a books-and-records appeal as moot and vacated a judgment issued by the Court of Chancery after appellee Tonopah Solar Energy, LLC (Tonopah) emerged from a Chapter 11 bankruptcy proceeding as a new limited liability company operating under a new limited liability company agreement.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP
    Location:
    USA
    Firm:
    Reed Smith LLP
    Cross-class cram downs - no longer Virgin territory for the Court
    2021-05-20

    Following the landmark decision by Justice Trower in Re DeepOcean 1 UK Ltd,1 Justice Snowden delivered another important judgment on the use of cross-class cram downs as he sanctioned the Virgin Active2 restructuring plans.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Reed Smith LLP, Coronavirus
    Authors:
    Patrick Schumann , Colin Cochrane
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    UK Government extends the moratorium on commencing winding-up proceedings until 30 June 2021
    2021-03-24

    In addition to the extension to the commercial eviction ban until 30 June 2021, the UK Government has now also extended the moratorium on commencing winding-up proceedings until 30 June 2021.

    You may view the regulation from the UK Government at gov.uk.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Reed Smith LLP
    Authors:
    Katherine A. Campbell
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP

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