The U.S. Bankruptcy Court for the Southern District of Florida created a three-factor test to help determine the ownership interests of social media accounts. The court in In re Vital Pharm[1] found that (1) documented property interests, (2) control over access, and (3) use, each play a role in establishing ownership over social media accounts.
On June 30, the Supreme Court ruled that the Biden administration did not have authority to forgive student loans under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act). Despite this defeat, the Biden administration is still working to reduce the burden of student loans. Advocates for student loan relief argue that student loans can be a crushing form of debt in part because of their treatment in bankruptcy. It is the common belief that student loans, unlike other forms of unsecured debt, are not dischargeable in bankruptcy.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.
A recent High Court decision in Mac Interiors[1] determined whether a company needs to be formed and registered in this jurisdiction in order to enter into the examinership rescue process.
Mac-Interiors Limited (the "Company”), which has its registered office in Newry, Co. Down, Northern Ireland, presented a petition to the Irish High Court for the appointment of an examiner. Where the registered office of the Company is outside Ireland it does not fall within the definition of a 'company' under the Companies Act, 2014 being one which is formed and registered within the State.
In our latest article, Financial Advisory Partner, Jim Davies, explores the valuation element of Restructuring Plans.
Three years in, how is the RP valuation debate evolving?
Letting a single property for a limited period of time can amount to “carrying on business” for the purposes of section 265(2)(b)(ii) of the Insolvency Act 1986 (IA 1986), as confirmed in the recent case Durkan v Jones [2023] EWHC 1359 (Ch).
Background
Eine Herausforderung für Gläubiger im Insolvenzverfahren: Die Informationsbeschaffung zur Steuerung der Geschäftsbeziehung und Geltendmachung von Rechten.
Der Insolvenzverwalter oder in der Eigenverwaltung der eigenverwaltende Schuldner (in der Regel der Geschäftsführer) wird dem ihm bekannten Gläubiger nach Eröffnung des Insolvenzverfahrens schriftlich die Gelegenheit geben, Forderungen zur Insolvenztabelle anzumelden. Damit ist der Gläubiger zumindest über die Eröffnung informiert.
Summary
July, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Delhi High Court: An arbitration clause contained in a contract perishes upon its novation. * NCLT Hyderabad rejects resolution plan for being incompliant with Regulation 36B 4(A) of the CIRP Regulations. * Madras High Court rejects enforcement of a foreign arbitration award which was passed without considering FEMA violations and fraud in share valuations. * NCLAT: NCLTs and NCLAT have the power to recall their judgments.
In this week’s TGIF, we consider Jahani, in the matter of Ralan Property Services Pty Ltd (receivers and managers appointed) (in liq) [2023] FCA 738, a Federal Court decision approving the liquidators’ entry into funding agreements.
Key takeaways