The High Court has provided useful guidance on the interplay between the JCT regime for payment and claims in insolvency proceedings, in the recent case of Levi Solicitors LLP v Wilson and another [2022] EWHC 24 (Ch).

The application

The following 6 cases have been reported in our Bankruptcy & Insolvency practice area:

Walton v ACN 004 410 833 Ltd (formerly Arrium Ltd) (in liq) — Insolvency | High Court upholds shareholders’ application for examination summons

INTRODUCTION 今回のニュースレターでは、2022 年 2 ⽉の破産倒産法関連の主なアップデートについて取り扱ってい ます。最⾼裁判所（＝SC）、会社法上訴審判所（＝NCLAT）、会社法審判所（＝NCLT）にて下された 重要な判決についてまとめました。 1) NCLT CAN ENTERTAIN PETITION RELATED TO PERSONAL GUARANTEES OF CORPORATE DEBTOR, EVEN IF THE CORPORATE DEBTOR WAS ADMITTED INTO CORPORATE INSOLVENCY RESOLUTION PROCESS AND RESOLUTION PLAN IS APPROVED Matter: State Bank of India v. Savita Gowda Order date: 20 January 2022 Summary: Sharon Bio-Medicine Ltd. （＝Sharon Bio-Med）に対して会社破産処理⼿続（＝CIRP）が開始され、 NCLT にて再建計画が承認されました。

The corporate attribution doctrine concerns the attribution of the actions of a corporation’s directing mind to the corporation itself. On March 10, 2022, in Ernst & Young Inc. v. Aquino [Aquino], the Court of Appeal released what it described as a decision of first impression in which the Court considered the doctrine in the bankruptcy and insolvency context.

The latest chapter in the Mainzeal saga played out last week with the Supreme Court hearing the directors' appeal (and the liquidators' cross-appeal) against the Court of Appeal's decision in Yan v Mainzeal Property and Construction Ltd (in liq) [2021] NZCA 99.

A bankruptcy court’s recent decision in Bailey Tool & Mfg. Co., et al. v. Republic Bus. Credit (In re Bailey Tool & Mfg. Co.), Adv. No. 16-03025-SGJ (Bankr. N.D. Tex. Dec. 23, 2021) serves as a reminder for lenders that they should avoid certain actions when dealing with distressed borrowers. Specifically, in Bailey, a bankruptcy judge found a lender squarely at fault for its borrower’s bankruptcy and subsequent liquidation, and held the lender liable to the borrower’s bankruptcy estate for various breach of contract, tort, and bankruptcy claims.

In a recent case involving key stakeholders in the ‘Century Mine’ (Mine) – located in the lower Gulf of Carpentaria region in Northwest Queensland – the Supreme Court of Queensland considered an application brought by a liquidator and creditor for the termination of a winding up of pursuant to section 482(1) of the Corporations Act 2001 (Cth) (Application).

Background

The Mine was operated by Century Mining Ltd (formerly Century Zinc Ltd) (Century). It was one of the largest zinc mines in the world.

This week’s TGIF examines the decision of the Supreme Court of New South Wales in In the matter of Jana Pty Ltd [2022] NSWSC 112, considering whether a ‘genuine dispute’ exists  in relation to a debt claimed in a statutory demand where the debt arises from a poorly drafted deed.

Key Takeaways

Mr Badcock (the Respondent) was an undischarged bankrupt, and Mr Ambrose (the Applicant) was the trustee of his bankruptcy. The key issue for determination was the definition of property under the Bankruptcy Act, and whether the moving of monies into an interesting-bearing account by the Respondent was sufficient to change the character of income to after-acquired property which would vest in the Trustee’s Estate.

Overview