On April 1st, 2021, the Supreme Court of Canada dismissed the application for leave to appeal the decision of the Court of Appeal of Québec in Séquestre de Media5 Corporation, 2020 QCCA 943. As a result, Quebec courts now have clarity regarding their ability to appoint national receivers for secured creditors.
On July 20, 2020, the Court of Appeal overturned the lower court’s decision and confirmed the following principles:
For clarity on this topic, we will explain the priority regime in different scenarios.
In Meltzer and Lamacraft v Amstar New Zealand Ltd the High Court highlighted the interplay between insolvency and construction adjudication issues.
The High Court in Meltzer and Lamacraft v Amstar New Zealand Ltd [2020] NZHC 3510 has confirmed that a payee cannot enforce an adjudication determination and may not be able to maintain charging orders if the payer goes into administration.
The recent Court of First Instance decision in Li Yiqing v Lamtex Holdings Limited [2021] HKCFI 622 (11 March 2021) is a landmark decision in cross-border insolvency law in Hong Kong, in which the Court held that when it is considering the recognition of foreign insolvency proceedings, regard should not simply be had to the place of incorporation of the relevant company, but that in a departure from previous practice, the location of the company’s centre of main interest (COMI) is also a factor.
The breadth and scope of the Bankruptcy Code’s automatic stay and the potential cost a company may face for violating the stay made national news last week in a dust-up between two telecom providers, when the U.S. Bankruptcy Court overseeing Windstream’s bankruptcy case ordered Charter Communications to pay Windstream more than $19 million in damages. The automatic stay is triggered immediately when a bankruptcy petition is filed.
As part of the Federal Government’s suite of reforms to insolvency laws in response to the COVID-19 pandemic, directors of insolvent companies with total debts not exceeding $1 million are eligible to appoint a Small Business Restructuring Practitioner (SBRP).
This new regime allows directors of eligible companies to retain control of their business while working alongside an SBRP to develop a proposed restructuring plan for approval by the company’s creditors.
Last year, temporary changes to the bankruptcy process were brought in by the Scottish Government, to help individuals financially impacted by the pandemic. Scottish ministers have now introduced the Bankruptcy (Miscellaneous amendments) (Scotland) Regulations 2021, to make some of those changes permanent.
The main purpose of these measures is to improve access to minimal asset process bankruptcy ( "MAP" a form of bankruptcy typically aimed at people with low income and few assets) and to reduce the cost for debtors seeking bankruptcy more widely.
On April 12, 2021, Automotores Gildemeister SpA of Santiago, Chile filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-10685) along with several affiliates. The corporate minutes accompanying the petition indicate that the company contemplates a prepackaged chapter 11 filing.
2020年は、新型コロナウイルスの感染拡大の影響により、あ らゆる地域において、またあらゆる業界が経済的損失を被っ た1年であったが、とりわけ石油業界にとっては影響が大き かったということができる。米国の代表的な原油価格指標で あるWTI（West Texas Intermediate）が、2020年4月20日に史 上初のマイナス価格を付けたことは衝撃的な事象として未だ 記憶に新しい。2018年から2019年の間は、WTIは50ドル～80 ドル（1バレル当たり）を推移していたのであるから、このような事 態になるとは誰も想像していなかったであろう。
そこで、今回は、石油を取り巻く環境が大きく変わったといえ る2020年における北米1石油業界のChapter 11の動向を調 査することとした。石油業界は、川の流れに例えられ、上流（探 鉱・開発）、中流（輸送）、下流（加工・流通）と区分されることが 多いが、今回は、その中でも原油価格や生産量の影響を直接 的に受けることになる、原油の生産に関わる上流部門に着目 する。
第１ 石油業界の上流部門のプレーヤー
On April 4th, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) that introduces the Pre-packaged Insolvency Resolution Process (“PPIRP”) for micro, small and medium entities (“MSMEs”). The Ordinance comes into effect from April 4th, 2021.
Earlier, on March 25th, 2020, the Government in light of the pandemic stressed economy, had suspended