In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October 2022.
Johnson Winter & Slattery act for PwC, the appellant liquidators of the Gunns group, in the proceeding.
Briefly stated, the grounds for the appeal are:
Two recent cases examine whether, given the impossibility to liquidate a company due to a corporate deadlock, a court can invalidate certain resolutions at the request of one shareholder.
BITE SIZE KNOW HOW FROM THE ENGLISH COURTS
Injunctions
On September 19, 2022, a panel of three appellate judges for the 3rd Circuit heard oral argument in a closely-watched case, In re LTL Management LLC, Case No. 22-2003.
As another Irish Court year will soon commence, now is an opportune time to look back at some of the more interesting insolvency and restructuring judgments to have been delivered in the Superior Courts during the last 12 months.
The judgments explored below will prove of relevance and importance to practitioners and clients navigating distressed corporates and assets over the coming weeks and years. Please do get in touch with your Walkers Ireland Insolvency and Dispute Resolution contact or any of the contacts listed below with any comments or queries.
The Polyvocal Court
In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.
In a decision holding that surety bonds are not executory contracts, the Fifth Circuit signaled that courts may in the future utilize the functional approach to determine if multiparty contracts are executory in nature. The case, filed in the United States Bankruptcy Court for the Middle District of Louisiana as In re Falcon V, L.L.C., concerned a $10.5 million surety agreement between the Debtor, Falcon V, L.L.C., and Argonaut Insurance Company (“Argonaut”).
La saisie conservatoire est un recours accordé en vertu du Code des Procédures Civiles d’Exécution n° 2004 [dite "PCE"] que les personnes physiques ou morales peuvent solliciter pour leurs créances monétaires. Il a pour effet de « geler » les biens du débiteur et de permettre au créancier / demandeur de procéder à une saisie conservatoire, qui peut néanmoins se transformer en saisie définitive, à la fin d’une procédure judiciaire.