In the recent decision of Base Realtors Private Limited v. Grand Realcon Private Limited, the National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has upheld the maintainability of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) relating to the component of interest due and payable, without asking for the principal amount which has not yet become due and payable.
Brief Facts
In the recent judgement of In the matter of SPARC Group Limited (en désastre) [2022] JRC 194 (SPARC Group), the Royal Court of Jersey considered the appropriate test for the making of a disqualification order against a director, with the stark nature of the facts justifying a lengthy term of disqualification.
Background
The application for a disqualification order was made by the Viscount, in respect of Andrew Jeremy Mills (Mr Mills), who was the sole director of SPARC Group Limited (the Company), a property development business.
The Irish High Court (Court) has pierced the corporate veil in Powers -v- Greymountain Management Ltd [In Liquidation] & Ors [2022] IEHC 599, to hold passive resident directors and non-resident shadow directors personally liable for funds lost to investors as a result of fraud.
The Facts
Introduction
Recent development
The European Court of Justice’s (“ECJ”) Plessers judgment seemed to cause a serious threat for the applicability of the Belgian reorganisation procedure by transfer under judicial supervision, and the right of the interested buyer of the debtor’s activities to choose which particular employees it would take over (see hereand
When an Event of Default is "continuing" is not defined or addressed in the ISDA Master Agreement. Until now it does not appear to have been expressly considered in case law either.
On November 11, 2022, FTX, the world’s third-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy protection in the United States. Reports suggest that the exchange might have a shortfall of as much as US$8 billion. The collapse has sent shockwaves through the cryptocurrency market, undermined investor confidence and led to renewed calls for authorities to accelerate the implementation of fit-for-purpose regulations.
Chapter 11 Bankruptcy
On 17 October 2022, the Italian Supreme Court issued its judgment in case no. 30383, ruling on the liability actions brought by an insolvency practitioner against the statutory auditors. In particular, the Supreme Court ruled that an insolvency practitioner bringing a liability action against the statutory auditors must provide evidence of the existence of the damage, the relevant amount and the causal link existing between such damage and the unlawful conduct of the auditing body of the bankrupt company.
Yeni Gelişme
Yargıtay İçtihadı Birleştirme Büyük Genel Kurulu’nun 3 Haziran 2022 tarih ve 2021/1 E., 2022/3 K. sayılı Kararı (“İçtihadı Birleştirme Kararı“), 26 Kasım 2022’de Resmi Gazete’de yayımlandı. İçtihadı Birleştirme Kararı uyarınca, aleyhine icra takibi başlatılan borçlu, takibe vekili aracılığıyla itiraz etse dahi, alacaklının açacağı itirazın iptali davasında dava dilekçesi vekile değil asıla (borçlunun kendisine) tebliğ edilmelidir.
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