Following the introduction of the Dutch Court Approval of a Private Composition (Prevention of Insolvency) Act (the WHOA), the first court approval for a private composition was granted on 19 February 2021.
Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed) [2021] FCAFC 64
CVA challenges have been in the spotlight recently and the story continues with Nero Holdings Ltd v Young in which the court considered an application to strike out a CVA challenge claim. Although there is nothing ground-breaking in the court’s reasoning to dismiss the strike out/summary judgment application, its detailed reasoning will offer some helpful guidance and assistance to those involved in these applications.
In Decision 5A_910/2019, the Swiss Supreme Court considered that an award rendered in a foreign arbitration may be recognised and enforced in Switzerland, even if the award was rendered after a party went bankrupt. The subject matter of the arbitration does not become non-arbitrable following a party's bankruptcy, if the arbitration was initiated before bankruptcy.
In a recently published decision, the Swiss Supreme Court dismissed an appeal against a lower court judgment recognising and enforcing an LCIA award.
In Re:Malaya Sibuku; Ex P: Kaya Karisma Sdn Bhd [2021] 5 CLJ 403, various submissions were advanced by a judgment debtor (“Debtor”) in an appeal against the Senior Assistant Registrar’s (“SAR”) decision in granting leave to the judgment creditor (“Creditor”) to commence bankruptcy proceedings against the Debtor.
When finances become distressed, creditors examine all avenues to recover their debt which can result in any intercreditor agreements being thrown into the spotlight. The recent judgment of Re Arboretum Devon is another helpful reminder to lenders entering into an intercreditor agreement (ICA) that these should be drafted with the worst-case scenario in mind and using the clearest language in order to avoid disputes arising at the time of enforcement.
In the matter of Chandos Construction Ltd v Restructuring Deloitte Inc, the Supreme Court of Canada issued a judgment on the anti-deprivation rule, which is intended to prevent contracts from frustrating statutory and common law rules relating to insolvency. The Court established that a clause triggered by an event of insolvency or bankruptcy and which has the effect of removing value from the insolvent’s estate is void and unenforceable.
On 21 May 2021, the Supreme Court of India, in the case of Lalit Kumar Jain vs. Union of India & Ors, upheld the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”) which permitted banks to proceed against personal guarantors for recovery of loans given to a company. Under the Code, the Government of India (“Government”) has been conferred powers to enforce certain provisions of the Code at different points in time. Accordingly, the Government has notified various provisions of the Code from time to time.
On June 13, 2021, Washington Prime Group Inc. and several affiliates, which administer a REIT and are headquartered in Columbus, Ohio, filed petitions under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Lead Case No. 21-31948).
Wie Bauunternehmen und Bauherren vorbeugen können
Seit dem vierten Quartal 2020 sind die Preise für Baustoffe stark angezogen. Medienberichten zufolge verteuerte sich allein der Preis für Holz um 15-20 %, der Preis für Mineralölerzeugnisse steigerte sich um 15 %, für Dieselkraftstoffe um 20 %. EPS-Dämmstoffe für Fassaden kosten sogar rund 25 % mehr, als dies noch im Dezember der Fall war. Betonstahl ist seit September nochmals um 30 % teurer geworden.