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
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.
Go-To Guide:
Here’s a hard-knocks rule for debtor attorneys:
- Never file Chapter 7 for a corporation or an LLC.
Chapter 7 has always been a grave yard for failed Chapter 11s: that’s where Chapter 11 cases go when debtors can’t get a Chapter 11 plan confirmed. For example, 35.4% of Chapter 11 cases filed between 1989 and 1995 converted to Chapter 7. [Fn. 1]
But Chapter 7 is rarely a good first-choice for corporations and LLCs who want/need to liquidate.
In a recent opinion arising from the Chapter 11 proceedings of Arcapita Bank, Judge Alvin Hellerstein of the US District Court for the Southern District of New York affirmed a bankruptcy court decision denying safe-harbor protection to Shari’a-compliant Murabaha investment agreements.1 Specifically, the district court held that the Murabaha agreemen