From today (1 April), creditors can present a winding up petition without (a) having to give 21 days to the debtor company to make proposals to pay, and (b) being owed a debt(s) of £10,000. Given that all temporary restrictions and processes have now ended, the ‘gloves are off’ when it comes to debt collection.
Although presenting a winding up petition incurs a hefty court fee, the effect (or even threat) of a winding up petition can elicit a swift payment to avoid the consequences that an outstanding petition can present to a debtor company, including
Introduction
R&I | Mar 2022 | www.vda.pt
CORPORATE RESTRUCTURING
Practical Guide Prepare the Future : The essentials of restructuring and insolvency mechanisms
A comparative analysis of the changes arising from Law no. 9/2022 of 11 January
1
VdA EXPERTISE
Index
Extrajudicial Company Recovery Scheme | RERE Special Revitalisation Procedure | PER Extraordinary Company Viability Procedure | PEVE Insolvency Proceedings
7 15 25 31
On March 25, 2022, the Alberta Court of Appeal issued its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc, 2022 ABCA 111. Briefly, the Court held that abandonment and reclamation obligations (ARO) of oil and gas assets operate to depress the value of those assets for the purposes of fraudulent preferences legislation, notwithstanding that they are not provable claims in bankruptcy. The Court also held that serial summary dismissal applications on different grounds are an abuse of process.
Decided on 18 January 2022| Supreme Court of India
How should liquidators deal with the administrative burden of adjudicating thousands of low-value proof of debts in a liquidation estate, without exhausting the limited assets available in the liquidation estate? The Grand Court of the Cayman Islands recently approved a pragmatic solution.
In its unanimous decision, Ernst & Young Inc. v. Aquino, the Ontario Court of Appeal modified the common law doctrine of corporate attribution in the bankruptcy and insolvency context to uphold a decision of Ontario Superior Court’s Commercial List, which ordered a corporate officer and his associates, whom collectively orchestrated a fraudulent invoicing scheme, to repay over $30 million to company creditors pursuant to s. 96 of the Bankruptcy and Insolvency Act (“BIA”).
Background
Perhaps surprisingly given the rarity of such cases, a handful of high-profile court rulings recently have addressed whether a solvent chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims "unimpaired" under a chapter 11 plan and, if so, at what rate.
This week’s TGIF considers In the matter of Guided Knowledge Group Pty Ltd [2022] NSWSC 255 in which a liquidator sought approval for his remuneration under Schedule 2 of the Corporations Act 2001 (Cth).
Key Takeaways