Three years have passed since the COVID-19 pandemic reached the United States and its effects are still being felt today. Even though lockdown measures have largely disappeared and many workers have returned to the office, flexible work has become a fixture in the workplace. The shift to remote and more flexible work arrangements have impacted many segments of the economy, perhaps most directly, commercial real estate companies.

根据英国最高法院 2022 年底 Sequana¹ 的判决 ，新西兰最高法院在涉及 Mainzeal Property and Construction Limited²清算财产的长期案件中，对破产区公司董事所承担的义务问题进行了权衡及作出有力贡献。

当世界各地的董事们正努力应对各种宏观经济因素带来的困难和不确定时期时，这些决策为董事们应采取哪些保护自己及公司的方法提供了有用且及时的指导。

这可能意味着听取有关停止交易的建议，尝试签订重组支持协议或任命官员提供协助。在开曼群岛，新的重组支持官员制度提供了一个有用的体系，为董事提供休整期，以便在适当的情况下促进和实施可行的计划。

Mainzeal 的最新决定再次提醒大家，公司董事未能采纳建议和采取适当行动可能会导致严重后果。

Mainzeal 决定

Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.

In an appeal involving a Chapter 12 bankruptcy, the U.S. Court of Appeals for the Eighth Circuit recently affirmed that the borrower’s use of the 20-year treasury bond rate sufficiently ensured that the total present value of future payments to the lender over the plan period equaled or exceeded the allowed value of the claim.

A copy of the opinion in Farm Credit Services of America v. William Topp is available at: Link to Opinion.

On July 28, 2023, Judge Michael Kaplan of the Bankruptcy Court for the District of New Jersey issued an opinion granting motions to dismiss LTL Management LLC’s second chapter 11 case, finding that it was filed in bad faith due to a lack of imminent and immediate financial distress. See In re LTL Mgmt., LLC, No. 23-12825 (MBK), 2023 WL 4851759 (Bankr. D.N.J. July 28, 2023). Judge Kaplan’s decision follows the U.S. Court of Appeals for the Third Circuit’s dismissal of LTL’s first chapter 11 bankruptcy case in January 2023.

Introduction

In a landmark decision issued in July, Re Leading Holdings Group Limited [2023] HKCFI 1770, the Hong Kong Courts addressed, for the first time, the right of an investor of a global note to present a winding-up petition as a contingent creditor.

The Case

The relevant company was incorporated in the Cayman Islands and was listed on the Hong Kong Stock Exchange. It issued 12% Senior Notes which were due in 2022 and the petitioner was the beneficial owner of a sub-interest in those notes.

The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.

The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).

• Introduction
• Background

This week, the Ninth Circuit addresses whether text messages can violate the Telephone Consumer Protection Act’s prohibition on “prerecorded voice” messages, and it considers whether debtors who paid statutory fees under an unconstitutionally nonuniform bankruptcy provision are entitled to a refund.

TRIM v. REWARD ZONE USA LLC

Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.