The Supreme Court in its recent judgement Kotak Mahindra Bank Limited v. Kew Precision Parts Private Limited & Others1, has held that an application to initiate corporate insolvency resolution process (“CIRP”) against a corporate debtor is maintainable in respect of a time barred debt, if the debtor has after the expiry of the limitation period, agreed to repay the same.
Brief Facts
In The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 (Australian Sawmilling), the Victorian Supreme Court of Appeal (VSCA) dismissed an appeal by the liquidators of The Australian Sawmilling Company Pty Ltd (TASCO) against a decision of Garde J of the Victorian Supreme Court (VSC) setting aside the liquidators’ disclaimer of land subject to significant environmental ‘clean up’ costs (Primary Judgment).
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
Maritime
Introduction
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This week’s TGIF examines a recent NSW Supreme Court decision that illustrates the circumstances in which a person will be regarded as a ‘de facto director’ and the duties owed to creditors when facing insolvency.
Key takeaways
Good afternoon. Here are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of August 8, 2022.
Debt recovery can often be a tricky exercise, as debtors are adept at avoiding and/or delaying payment where there is a debt outstanding.
A cost-effective avenue for debt recovery, where the debtor is a company, is by way of a statutory demand.
In the latest issue of the Restructuring Department Bulletin, we highlight recent decisions impacting the restructuring arena, including an order in the Southern District of New York finding that U.S.
The crypto winter has overcast the summer for many Voyager customers. Upon the commencement of Voyager’s chapter 11 filing in July, customer accounts were frozen. Unable to trade their own crypto assets, some frustrated customers rushed to consult with legal counsel. Others began studying bankruptcy law in the hopes of finding a legal solution. It was only late last week, on August 4, when some customers found relief from the crypto storm: Judge Michael Wiles approved Voyager’s motion to allow certain customers who had cash in their accounts to withdraw cash, up to $270 million.