Deeds of Company Arrangement – Insured Claims
Destination Brisbane Consortium Integrated Resort Operations Pty Ltd as Trustee v PCA (Qld) Pty Ltd (subject to a Deed of Company Arrangement) [2024] QSC 178 ("Destination Brisbane")
In Destination Brisbane two questions, which concerned the entitlements of insured creditors under a DoCA, arose for consideration in the context of an application for judicial advice:
On November 7, 2024, a 3 (three) judge bench of Hon’ble Supreme Court of India (“Supreme Court”) delivered their judgment in the matter of State Bank of India and Ors. vs. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch and Anr.1,inter alia, ordering liquidation of Jet Airways (India) Limited (“Jet Airways”).
It is not uncommon for contractors, in several industry sectors, to contract with a special purpose vehicle (SPV), whose day-to-day management is effectively controlled by a parent company, and the SPV has with little to no assets beyond cash flow provided by its parent. In this article we look at what a claimant could do outside of the traditional insolvency process in circumstances where the SPV goes into a form of external administration such as administration or liquidation and there are no assets available to the external administrators.
Introduction
Insolvency is a critical financial state that affects both individuals and businesses worldwide. It occurs when a person or organization can no longer meet its financial obligations as they fall due or when liabilities exceed assets. Understanding insolvency is vital to navigate financial challenges effectively and develop strategies for recovery.
Types of Insolvency
1. Cash Flow Insolvency
Contents Introduction 1 Misplaced Restructuring Stigma 2 Rebranding Corporate Reorganization 3 Insolvency Data for First Half of 2024: Highlights 4 Geographic Data Breakdown 10 Final Thoughts 15 Key Contacts 16 The information in this publication should not be relied upon as legal advice. We encourage you to contact us directly with any specific questions. © 2024 Davies Ward Phillips & Vineberg LLP. All rights reserved.
Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
On September 27, 2024, Legislative Decree No. 136 of September 13, 2024 (“Correttivo-ter”) was published in the Official Gazette. This is the third—and currently final—Corrective Decree to the Code of Business Crisis and Insolvency.
The new corrective decree has made substantial changes to all aspects of the Crisis Code. Beyond numerous stylistic and detailed adjustments, the Correttivo-ter both incorporates certain practices or resolves interpretative uncertainties and introduces several long-awaited innovations for practitioners.
The provisions governing the winding-up of co-operatives are reflected in the Co-operatives Act No. 14 of 2005 and its regulations.
How are co-operatives wound up?
Introduction
In this case the Court applied traditional constructive trust principles to disputed facts in order to determine whether a specific property came within the estate of a bankrupt. It will be of interest to practitioners advising in the area of challenged transfers in the context of insolvency.
The Trustees in the bankruptcy of Shaun Collins made an application pursuant to s.339 Insolvency Act 1986, to challenge a disposition of land. The land in question was a flat and the disposition was a 2021 transfer of a flat in London.
On 20 November 2024, the UK Supreme Court delivered its judgment in the case of Kireeva v Bedzhamov1. The court ruled that a Russian bankruptcy trustee has no claim over a bankrupt's property in Belgrave Square on the basis that the court has no jurisdiction to assist a foreign bankruptcy trustee in respect of immovable property located in England and Wales and that such property is unaffected by a foreign bankruptcy order. This decision reaffirms the immovables rule, which (subject to exceptions) protects immovable property such as land from foreign bankruptcy claims.