Aviation 3030 Pty Ltd (in liq) v Lao, in the matter of Aviation 3030 Pty Ltd (in liq) [2022] FCA 458
Can the remedies available for an unreasonable director-related transaction under section 588FDA of the Corporations Act 2001 (Cth) (Act) be awarded in the case of a solvent company? This was the key legal question in the recent case of Aviation 3030 Pty Ltd (in liq) v Lao, in the matter of Aviation 3030 Pty Ltd (in liq) [2022] FCA 458. Ultimately, Justice Anastassiou answered this question in the affirmative.
This case was an emergency interlocutory application by Mr Hennessy to prevent a receiver – Ken Tyrrell – and Everyday Finance DAC (the "Defendants") from taking possession, marketing and/or selling charged lands in County Laois (the "charged lands" or the "lands").
Overview
一、引言
南财集团旗下 21 世纪资管研究院通过 wind 等公开渠道对债券违约情况进 行了统计。2020 年，中资美元债违约金额 104.19 亿美元，涉及违约只数 32 只， 首次违约主体 15 家；2021 年是中资美元债券集中爆发的一年，违约金额合计 274.36 亿美元，同比大幅增长 163%，折合人民币约 1740 亿元（按照 1 月 20 日汇率 6.34 计算），涉及违约债券 63 只，首次违约主体 14 家。其中，房地产 企业占据了中资美元债违约的绝大部分，2021 年房企违约金额 244.78 亿美元， 占比 90%；涉及违约债券 55 只，占比 87%。
2021 年下半年以来，重庆协信，中国泛海控股，华夏幸福，苏宁电气，蓝 光发展、新力地产、南通三建、阳光城集团、花样年、佳兆业、恒大、当代置业、 启迪科技、阳光 100、新华联、祥生控股、奥园均跨入了海外债务违约的阵营。
This week's TGIF considers In the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228, in which Associate Justice Gardiner found that a Sale Agreement disposing of key assets to a related entity on the day of appointment of liquidators constituted a creditor-defeating disposition and therefore able to be set aside.
Key takeaways
This overview is intended as an introductory summary to the Companies' Creditors Arrangement Act (CCAA), Canada’s principal statute for the reorganization of a large insolvency corporation. The CCAA applies in every province and territory of Canada, and even purports to have worldwide jurisdiction.
The Bankruptcy Protector
This term, Supreme Court Justice Elena Kagan has authored a pair of opinions related to arbitration. The first of these decisions, Badgerow v. Walters, 20-1143, 142 S. Ct. 1310 (2022) came down on March 31, 2022, where Justice Kagan, writing for the 8/1 majority, held that a court must have an independent basis of federal jurisdiction to undertake a petition to confirm or vacate an arbitration award.
In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.
Background
On June 1, 2022, Houston-based petrochemical manufacturer TPC Group Inc., and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware to pursue a “prearranged” financial restructuring (Case No. 22-10493).
Who is a corporate debtor?
A corporate debtor refers to a company, a limited liability partnership or any person who owes a debt to its creditors. Under the Insolvency and Bankruptcy code, a corporate debtor is liable to the financial and operational creditors for the payment of such debt.
What types of creditors are there with respect to a corporate debtor?