The Ontario Superior Court of Justice’s decision in Carillion Canada Inc. clarifies how the principles in Montréal (City) v. Deloitte Restructuring Inc. (Montréal) should be applied to contingent obligations that are only quantified after the debtor company files for creditor protection.
The Supreme Court’s decision in BTI v Sequana & Others represents the most significant ruling on the duties of directors of distressed companies of the past 30 years.
This Supreme Court decision considers the balancing exercise which directors are required to carry out between the respective interests of creditors and shareholders when a company is in financial distress.
This note summarises the key points from the ruling and the practical effect of this decision.
The Supreme Court's judgment in BTI v Sequana is long-awaited, and welcome. The court has confirmed that directors do have a common law creditors' duty, and that it works on a sliding scale basis.
The High Court has held that where companies have adopted the model articles without amendment, any sole director acting has the power to pass resolutions acting alone.
The long, long awaited Supreme Court Judgment in the Sequana case is finally here. Firstly, for those who may have forgotten what the Supreme Court was grappling with, the issue was 'whether the trigger for the directors’ duty to consider creditors is merely a real risk of, as opposed to a probability of or close proximity to, insolvency'.
The Supreme Court has refused permission for the case of Lock v Stanley to be appealed, meaning that the Court of Appeal’s approach to questions around the assignment by a liquidator of claims in the insolvent estate stands.
Most notably the Court of Appeal confirmed that a liquidator is under no duty to offer defendants the right to acquire the claims against them unless the failure to do so would be perverse.
2016年破産倒産法および2013年会社法の下、会社法審判所(NCLT)の命令に対しては、会社法上訴審判所(NCLAT)に上訴することができます。上訴期間は、破産倒産法においては最長45日、会社法においては最長90日、となっています。また、2016年NCLAT規則(NCLAT規則)において、上訴または上訴時の添付文書に欠陥があることが判明した場合、上訴を行った当事者は、7日以内に欠陥を修復し、上訴を「再提示(re-present)」しなければならないと規定されています。なお、当該期間は、当事者が十分な理由を示した場合、妥当な期間延長することができます。
To the long list of things people love about lawyers we can add last week’s holding by the Eleventh Circuit Court of Appeals that “Blvd.” is utterly unrecognizable as “Boulevard” – at least by Article 9 of the Uniform Commercial Code as enacted in Florida.
Assignment for benefit of creditors (“ABC”) has existed for centuries under the common law of England and the United States. And the ABC process has worked well under that common law!
ABC Function
ABC has been an effective tool in the toolbox of debtor and creditor remedies for resolving financial stress. Specifically, ABC allows a failing business to shut down with efficiently and credibility:
El Tribunal Supremo confirma la negativa del Registrador Mercantil a inscribir la renuncia del administrador único por no atender la solicitud de presencia de un notario en la junta general en la que se nombra al nuevo administrador, realizada por un socio con posterioridad a la renuncia del administrador, pero antes de la celebración de la junta.
2 | Referencias Jurídicas CMS | Septiembre 2022
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