With data privacy issues constantly in the news, what do businesses need to know about handling personal information when they’re considering bankruptcy, especially if some personal information – like customer records – may be a valuable asset?
In bankruptcy as in federal jurisprudence generally, to characterize something with the near-epithet of “federal common law” virtually dooms it to rejection.
Following a government announcement on 16 June, the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) (No. 2) Regulations 2021 (the Regulations) have been laid before Parliament, coming into force on 22 June.
This article first appeared in Offshore Red.
Guernsey is a jurisdiction that is well used to requests from foreign insolvency office holders for assistance in collecting in assets located in Guernsey. Occasionally these requests involve assistance in interviewing former directors of companies in an insolvency process.
On June 17, 2021, the Alberta Court of Appeal (ABCA) dismissed two companion appeals in the receivership proceedings of Accel Canada Holdings Limited (Holdings) and Accel Energy Canada Limited (Energy and together with Holdings, Accel).
In a move largely welcomed by unsecured creditors, on 13 May 2021, the Court of Final Appeal in Hong Kong (CFA) handed down its judgment in Re Hsin Chong Construction Co. Ltd [2021] HKCFA 14 (the CFA Judgment), whereby disposition of a company’s residual rights and interests under a joint venture agreement after the commencement of its liquidation was held to be void.
Facts
Joint Venture
Important developments in insolvency law from Sun Electric Power Pte Limited v RCMA Asia Pte Ltd (formerly known as Tong Teik Pte Ltd) [2021] SGCA 60
Recently, in Sun Electric Power Pte Limited v RCMA Asia Pte Ltd (formerlyknown as Tong Teik Pte Ltd) [2021] SGCA 60, the Singapore Court of Appeal made several important clarifications about the law of insolvency in Singapore. In particular, the Court of Appeal clarified that:
The National Company Law Tribunal (NCLT), Mumbai has held that in a Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, only the debt and default need to be looked in to and that the value of the security would have no bearing on the legal requirement, which when satisfied would trigger the Corporate Insolvency Resolution Process (CIRP).
The Corporate defaulter had plead that assets mortgaged and or hypothecated to the financial creditor were of a very high value and hence, the dues were secured by the said assets.
On June 20, 2021, CP Holdings LLC and Pacrim U.S. LLC, holding companies for a portfolio of non-debtor subsidiaries which own and operate assisted living and memory care residences and offer third-party management services in the senior care space, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10950).
INTRODUCTION:
The Supreme Court in a recent judgment of Indus Biotech Pvt. Ltd. vs. Kotak India Venture (Offshore) Fund [AIR 2021 SC 1638] has settled an important question of law: ‘whetheran application filed under Section 8 of Arbitration & Conciliation Act, 1996 (‘A&C Act’) can be said to be maintainable in a proceeding initiated under Insolvency and Bankruptcy Code, 2016 (‘IBC’)’.