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    Clear as mud
    2022-10-21

    As the tile suggests the state of recognition and assistance jurisprudence & practice in Hong Kong is less than clear. This follows the recent (mostly) conflicting 1st instance decisions of Up Energy and Global Brands. Here are my views about (i) what I believe is settled; (ii) the points of judicial difference; and (iii) what remains unclear.

    Settled

    Filed under:
    Asia-Pacific, China, Hong Kong, Insolvency & Restructuring, Stephenson Harwood LLP, Insolvency
    Authors:
    Jamie Stranger
    Location:
    Asia-Pacific, China, Hong Kong
    Firm:
    Stephenson Harwood LLP
    Keeping it in the Family (Court): successful application to transfer insolvency proceedings
    2022-10-21

    This week’s TGIF examines the decision in Re Farley Bay (in liq) [2022] VSC 604, where an insolvency proceeding was successfully transferred to the Federal Circuit and Family Court despite the Supreme Court of Victoria considering the Applicant’s ultimate proprietary claims to be ‘weak’.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Insolvency, Australian Taxation Office, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    The Restructuring Directive and its impact on Belgian judicial reorganisation by means of a collective agreement
    2022-10-21

    The Restructuring Directive of 20 June 2019 harmonises insolvency legislation for the first time at the European level.

    An important part of this Directive concerns preventive restructuring frameworks, which aim to limit the unnecessary liquidation of viable companies.

    In Belgium, this will mainly impact judicial reorganisation, and more specifically judicial reorganisation by means of collective agreement.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, Andersen, Insolvency
    Authors:
    Leo Peeters , Joost Van Genechten
    Location:
    Belgium
    Firm:
    Andersen
    “Momentous decision” by UK Supreme Court impacts duty of Australian directors to creditors
    2022-10-23

    This is an important update in the Australian corporate and insolvency law context because, in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25, the UK Supreme Court (being the UK’s highest court) confirmed the existence of a duty owed by directors to creditors in certain circumstances (creditor duty). Under the common law and equity (together, general law), there is a gateway to applicability of the creditor duty in Australia.

    Filed under:
    Australia, Hong Kong, New Zealand, Singapore, South Africa, United Kingdom, USA, England, Company & Commercial, Insolvency & Restructuring, Litigation, Ironbridge Legal, Dispute resolution, Insolvency, Corporations Act 2001 (Australia), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Trevor Withane
    Location:
    Australia, Hong Kong, New Zealand, Singapore, South Africa, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Revenue’s debt warehousing scheme extended
    2022-10-24

    An extension to the Debt Warehousing Scheme has been announced by the Revenue Commissioners.

    The Debt Warehousing Scheme (DWS) was introduced during the COVID-19 pandemic to provide support to businesses that were experiencing liquidity and trading difficulties. It has permitted businesses to “warehouse” or defer payment of their tax debts for a specified period.

    Filed under:
    Ireland, Insolvency & Restructuring, Tax, LK Shields, Debt, Insolvency
    Authors:
    Jill Callanan , Clare Dowling , Redmond Arigho
    Location:
    Ireland
    Firm:
    LK Shields
    Clarity provided on what debts a director or individual involved in a company using a ‘prohibited name’ could be liable for under sections 216 and 217 of the Insolvency Act 1986.
    2022-10-24

    The recent case of PSV 1982 Limited v Langdon [2022] has clarified what is a ‘relevant debt’ of a company which uses a ‘prohibited name’ and for which a director or person who manages that company can be personally liable for. 

    Who will be interested in this article?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Boyes Turner LLP, Insolvency
    Authors:
    Oliver Fitzpatrick
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Ultra IV: Make-Wholes, Never Say Never Again
    2022-10-24

    Executive Summary

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Insolvency, U.S. Court of Appeals
    Authors:
    Gabriel A. Morgan
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Guide to Restructuring in Australia - Receivership
    2022-10-25

    Objective

    In the context of an insolvent or near insolvent company, a receiver will be appointed, in the ordinary course, by a secured creditor seeking to have the assets which are the subject of its security realised to enable the payment of its claim. The appointment, most often, will be made under the agreement by which the security is granted or might be made under one of the property law statutes which authorise the appointment of a receiver by the court for the purpose of enforcing a security.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Ashurst, Insolvency, Receivership, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Ashurst
    Sequana: implications for directors in the zone of insolvency
    2022-10-20

    The Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v Sequana SA on 5 October 2022. This important case addresses the duties of directors to consider the interests of creditors as a company approaches insolvency.

    While the judgment will be welcomed by many as providing some useful guidance on a number of issues, there still remain some key areas of uncertainty which, as we consider in further detail below, will present clear challenges for directors seeking to navigate their way through a company’s financial difficulties.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Insolvency, UK Supreme Court
    Authors:
    Matthew Padian , Louise Corcoran
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Supreme Court Rules on Directors’ Duty to Creditors
    2022-10-20

    The Supreme Court of the United Kingdom (“SC”) has recently handed down a decision in the case of BTI v Sequana, dealing with the powers and duties of company directors. The appeal was expected to be of considerable importance.

    This alert is especially relevant to companies, and directors of companies, in financial distress, as well as creditors and insolvency practitioners.

    Key Takeaways

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Insolvency
    Authors:
    Howard Morris
    Location:
    United Kingdom
    Firm:
    Morrison & Foerster LLP

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