On 28 March 2022, the Insolvency Service announced the end to all COVID-19 temporary measures, effective from 1 April 2022. Most measures had previously been revoked with the last of these measures being the restriction on winding up companies. This restriction was partially lifted in October last year in the course of the gradual phasing out of the restriction on winding up and it has now been lifted in its entirety. This could well lead to a significant increase in creditor activity following the inability to pursue most winding up petitions for a period of approximately two years.
Thorn (liquidator), in the matter of South Townsville Developments Pty Ltd (in liq) (Company) involved an ex parte application by a liquidator seeking approval under section 477(2B) of the Corporations Act 2001 (Cth) (Corporations Act) to enter into agreements to fund existing litigation and a request for the suppression and non-publication of certain details in those agreements.
Background
The government has now announced that the remaining temporary restrictions created by the Corporate Insolvency and Governance Act 2020 are being lifted and that the insolvency regime will return to its pre-pandemic position with immediate effect from 1 April 2022. This includes removing the temporary restrictions placed on creditors when presenting winding-up petitions against debtors who are unable to pay debts they owe.
Letters of support take many forms and are issued for a variety of purposes and can generate a serious tension between the interests of various stakeholders — parents, subsidiaries, boards and auditors.
簡介
最近在關於申請罷免清盤人的Shearman & Sterling (a firm) and others v Asia-Pac Infrastructure Development Limited (in creditor’s voluntary liquidation) and others [2022] HKCFI 218一案中，法院在詳細考慮提出此項申請所需的資格後駁回申請，裁定申請人欠缺所需資格。
背景
第一被告人（「該公司」）是一間正在進行債權人自願清盤的公司。第二及第三被告人（分別為「鄧先生」及「侯女士」）是該公司的清盤人。該公司在高院民事訴訟2006年第806號（「高院訟案」）是原告人之一，而本案的原告人（「謝爾曼等人」）是高院訟案的被告人。
Tribunal Supremo
Calificación de un crédito en el concurso de un hipotecante no deudor que es además fiador solidario. Cumplida la contingencia el crédito debe reconocerse como privilegiado especial (art. 270.1º TRLC)
On March 30, 2022, MD Helicopters, Inc. of Mesa, AZ filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10263). The company is a helicopter supplier for military, law enforcement, utility, emergency medical services and VIP customers, with more than 2,500 aircraft in service globally.
The first case to consider the requirement of a monitor to terminate a moratorium if they think a company is unable to pay certain debts was heard by the High Court on 4 February 2021. The case provides further clarity on the UK standalone moratorium process and is an example of a moratorium being used in order to restrain secured creditor action.
Introduction
In the recent case of Shearman & Sterling (a firm) and others v Asia-Pac Infrastructure Development Limited (in creditor’s voluntary liquidation) and others [2022] HKCFI 218, which concerns an application for removal of liquidators, the Court, after having considered the requisite locus standi for making such an application in detail, dismissed the application, finding that the applicants lacked the standing.
Background
It’s time for a uniform law on the subject of assignment for benefit of creditors.
Description
Assignment for benefit of creditors laws are commonly known by the acrostic “ABC Laws”–for obvious reasons.
Such laws are a tool for owners of a distressed business in shutting the business down.
Here’s what happens in an ABC: debtor’s assets are transferred to an assignee, who then liquidates those assets and distributes proceeds to creditors.
Various Tools