Following on from our blog: Does e-filing give you a headache? Does the recent guidance issued by the Chancellor help ease the pain?
We have written before about the virtual dead end faced by marijuana companies who try to seek protection in the bankruptcy courts. Almost uniformly, bankruptcy courts have shut their doors on marijuana companies, including their landlords and suppliers.
It has been widely reported that, post Banking Royal Commission, the Australian Securities Investigation Commission (ASIC) will take a "why not litigate?" approach. As we foreshadowed in an article last month, this scrutiny will not be confined to the banking sector but is likely to extend to anyone subject to ASIC oversight.
In prior posts, we discussed the perplexing issue of how and whether a trademark licensee is protected when the trademark owner/licensor files a bankruptcy petition and moves to reject the trademark license in accordance with section 365 of the Bankruptcy Code.
VE Vegas Investors IV LLC and others vs Shinners and others [2018] EWHC 186 Ch
Background
The applicants were creditors of VE Interactive Limited (In administration) (“VE”). VE encountered financial difficulties and its directors sought insolvency advice from insolvency practitioners at Smith and Williamson (“S&W”) and appointed them to advise on and effect a pre-pack sale of VE’s business and assets.
The English High Court has sanctioned a scheme of arrangement for Algeco Scotsman PIK SA, a Luxembourg-incorporated company, after the creditors consented to the New York governing law and jurisdiction clause being altered in favour of the jurisdiction of the English courts. The issues discussed were:
- the fair representation of a class of creditors;
- cross-jurisdictional schemes; and
- early tender fees offered to creditors.
Background
A recent opinion by the Bankruptcy Court for the District of Delaware underscores how important it is for creditors to file complete and well-reasoned proofs of claim. The opinion also highlights the problems creditors may encounter if they have to amend their claims.
The recent Court of Appeal case of JCAM Commercial Real Estate Property XV Limited v. Davis Haulage Limited [2017] EWCA Civ 267 has set out the importance of there being a settled intention to enter administration and indicated that this is a pre-requisite to an out of court appointment being validly made.
Apport de la loi de modernisation de la justice du XXIe siècle
In an address last week to the Insolvency Lawyers Association, Sir Geoffrey Vos,
the new Chancellor of the High Court, looked at the future for Insolvency and Business Litigation in London, especially after Brexit.