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    How do I recover a debt?
    2023-04-20

    Given the current financial climate you may wonder what options are open to you or your organisation when you are owed money by a third party. There can often be an assumption that lengthy court processes are required to recover sums due. That is not the case and in this article we consider some of the options available to help recover debts in Scotland.

    Pre-Court Action

    Statutory Demand

    Filed under:
    United Kingdom, Scotland, Company & Commercial, Insolvency & Restructuring, Litigation, Brodies LLP
    Authors:
    Sarah Wilson , Lucy McCann
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Section 467 Leases: Maximizing Tax Benefits While Minimizing Bankruptcy Risks
    2023-04-20

    As the economy continues to face challenges and the threat of bankruptcy becomes more prevalent among businesses, landlords must be more vigilant in protecting their interests in commercial leases. One area of particular concern is leases that fall under Section 467 of the Internal Revenue Code (“Section 467 Leases”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Tax, A&O Shearman, Internal Revenue Service (USA), Internal Revenue Code (USA)
    Authors:
    Kris Ferranti , Derek Kershaw
    Location:
    USA
    Firm:
    A&O Shearman
    Hitting reverse: B.C. Court refuses to grant a reverse vesting order
    2023-04-21

    With the recent flurry of reverse vesting orders (RVOs) in Canadian insolvency proceedings in the last two years, courts have warned against over-use of this distressed M&A structure. In PaySlate Inc. (Re), 2023 BCSC 608, the Supreme Court of British Columbia hit reverse.

    Filed under:
    Canada, British Columbia, Insolvency & Restructuring, Litigation, Torys LLP, British Columbia Supreme Court
    Authors:
    David Bish , Scott Bomhof , Jeremy Opolsky , Mike Noel
    Location:
    Canada
    Firm:
    Torys LLP
    Completion of CIRP of Corporate Debtor does not absolve Director’s liability in cases filed under Section 138 of Negotiable Instruments Act
    2023-04-21

    Introduction:

    Filed under:
    India, Insolvency & Restructuring, Litigation, Phoenix Legal, Negotiable Instruments Act 1881 (India), Insolvency and Bankruptcy Code (India), Supreme Court of India
    Authors:
    Neha Naik , Sanjeev Sambasivan
    Location:
    India
    Firm:
    Phoenix Legal
    Court of Appeal Considers Priorities of Receivers Costs over Preferential Creditors
    2023-04-19

    A recent Court of Appeal decision held that receivers are statutorily obliged to discharge preferential costs from assets available after deducting costs and expenses of a receiverirst line

    The issue

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, William Fry, Receivership, Companies Act 2014 (Ireland)
    Authors:
    Fergus Doorly , Ruairi Rynn , Craig Sowman , Simona Mulligan , Ronan Holohan
    Location:
    Ireland
    Firm:
    William Fry
    Delaware Bankruptcy Court Upholds Creditor’s Proxy Rights
    2023-04-19

    In what might prove to be an important ruling, on April 12th the Bankruptcy Court for the District of Delaware ruled that a secured creditor had, before the debtor filed bankruptcy, properly exercised an irrevocable proxy to change the management of the debtor’s subsidiary. The Court also ruled that the creditor had not violated the automatic stay by refusing to relinquish the proxy following the bankruptcy filing. Though a clear victory for secured creditors, the Court’s ruling hinges on a well drafted proxy provision.

    The Facts of the Case

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Paul Hastings LLP, Corporate governance, Proxy voting
    Authors:
    Stephen Sepinuck
    Location:
    USA
    Firm:
    Paul Hastings LLP
    Morrison Foerster Banking Disruption Pulse Survey
    2023-04-19

    Overview/Executive Summary

    In response to the recent collapse of several prominent banking institutions, Morrison Foerster conducted a brief poll to gauge how companies and their employees are faring in the wake of these historic events. Our goal is to understand how this situation has impacted these organizations, including delving into which issues and challenges, if any, will be top of mind for business leaders and their respective organizations in the weeks and months ahead.

    Methodology

    Filed under:
    Global, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Fintech
    Authors:
    Alex Iftimie , Brandon L. Van Grack , Jennifer L. Marines , Benjamin Butterfield , Crystal Kaldjob
    Location:
    Global, United Kingdom
    Firm:
    Morrison & Foerster LLP
    Supreme Court confirms directors' duty to creditors in limited circumstances
    2023-04-19

    Key takeaways

    In BTI 2014 LLC v Sequana SA and others,1 the UK Supreme Court considered for the first time the existence, content and triggers of the obligation on directors to have regard to the interests of creditors when a company becomes insolvent or is bordering on insolvency (the Creditor Duty).

    This decision addresses important issues for directors, stakeholders, and advisors of UK companies.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, DLA Piper, UK Supreme Court
    Authors:
    Tom Laidler , James Carter , Dan Jewell , Maria Scott
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Received a statutory demand? Consider these three proven grounds to dispute the debt
    2023-04-19

    Statutory demands can be issued by a creditor to a debtor company to demand payment of a debt due and owing. Failure to respond to the demand may result in the debtor company facing a winding-up application based on the company’s presumed insolvency.

    However, there are several avenues available to a debtor company to apply for a court order setting aside a demand. The most common grounds are found in section 459H of the Corporations Act 2001 (Cth), where a company can claim:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Holding Redlich, Corporations Act 2001 (Australia)
    Authors:
    Toby Boys
    Location:
    Australia
    Firm:
    Holding Redlich
    Setting Aside Statutory Demands Part 1
    2023-04-19

    If a debtor company receives a statutory demand, it has 21 days to file an application (along with a supporting affidavit) with the Court to set aside that statutory demand. The Court may set aside this statutory demand if:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Corporations Act 2001 (Australia)
    Authors:
    Stipe Vuleta
    Location:
    Australia
    Firm:
    Chamberlains Law Firm

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