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    Is a Change in Culture Coming to Chapter 11?
    2021-12-16

    Chapter 11 plans are a form of stakeholder democracy. Elaborate rules govern voting and its consequences, and, in Section 1125(b), how acceptances—and rejections—may be solicited. Well, sort of.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP
    Authors:
    John C. Goodchild, III
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    The Supreme Court finally clarifies the rules of compensation in restructuring and sends a clear message to public bodies seeking to establish the fraudulent nature of certain claims
    2021-12-16

    On March 23, 2020, we commented on the Quebec Court of Appeal’s decision in the Arrangement relating to Consultants SM inc. case. The City of Montreal (the “City”) appealed this decision to the Supreme Court of Canada and the appeal was heard on May 20, 2021.

    On December 10, 2021, the Supreme Court of Canada (the “Supreme Court”) dismissed the City’s appeal, thereby rendering an important decision with respect to “pre-post compensation” and “non-dischargeable debts” under the Companies’ Creditors Arrangement Act (the “CCAA”).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Fasken, Due diligence
    Authors:
    Luc Béliveau , Marc-André Morin , Nicolas Mancini , Éliane Dupéré-Tremblay
    Location:
    Canada
    Firm:
    Fasken
    Supreme Court of Canada: "Pre-post set-off rights can and should be stayed by an initial order"
    2021-12-16

    In 2017, the Quebec Court of Appeal had issued a decision in the matter of Arrangement relatif à Métaux Kitco inc., 2017 QCCA 268 ("Kitco") to the effect that the Companies' Creditors Arrangement Act (the "CCAA") prohibited the exercise of all rights of set-off between pre-filing and post-filing claims.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Gowling WLG, Supreme Court of Canada
    Authors:
    Virginie Gauthier , Kate Yurkovich
    Location:
    Canada
    Firm:
    Gowling WLG
    Insolvency Law Newsletter for November 2021
    2021-12-16

    INTRODUCTION

    今回のニュースレターでは、2021 年 11 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)の各裁判所に おいて下された重要な判決についてまとめる共に、2016 年破産倒産法の改正についても解説しています。

    1) A DEL CREDERE AGENT IS NOT AN OPERATIONAL CREDITOR UNDER THE CODE

    Matter: Alturas Trading Corp. v. VRMX Concrete India Pvt. Ltd.

    Order dated: 04 October 2021

    Summary:

    Filed under:
    India, Insolvency & Restructuring, Litigation, Acuity Law
    Location:
    India
    Firm:
    Acuity Law
    Full court affirms bankrupt not entitled to review of objection decision
    2021-12-17

    The Full Federal Court has held that a bankrupt taxpayer had no standing to seek review of an objection decision as she was not a person “dissatisfied” within the meaning of s 14ZZ of the Taxation Administration Act 1953.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Wolters Kluwer Asia-Pacific
    Location:
    Australia
    Firm:
    Wolters Kluwer Australia
    Collective redundancies: Personal criminal liability
    2021-12-17

    An important decision for employers and administrators has been handed down by the High Court in the case of R (Palmer, Forsey) v Northern Derbyshire Magistrates' Court [2021] EWHC 3013. The Judgment acts as a stark reminder to employers and company personnel about the criminal liability they can face for failing to notify the Secretary of State of proposed collective redundancies as well as confirming that that an administrator can be prosecuted personally.

    Background

    Filed under:
    European Union, United Kingdom, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP
    Authors:
    Kate Brearley , Leanne Raven , Julian Cahn , Ian Benjamin
    Location:
    European Union, United Kingdom
    Firm:
    Stephenson Harwood LLP
    Conservatory measures despite the freezing of assets under EU sanctions?
    2021-12-15

    On 11 November 2021, the CJEU (C-340/20) ruled that the freezing of assets and economic resources under the EU restrictive measures (economic sanctions) precludes protective measures by creditors. Therefore, creditors should proactively seek protective measures or rely on a sanctions regime’s exception.

    Restrictive measures

    Filed under:
    Belgium, European Union, Insolvency & Restructuring, Litigation, ALTIUS, European Commission, CJEU, Court of Cassation (France)
    Authors:
    Alexander Hansebout
    Location:
    Belgium, European Union
    Firm:
    ALTIUS
    New Chapter 11 Filing - TW LaQuay Marine LLC
    2021-12-15

    On December 14, 2021, All Year Holdings Limited, a Brooklyn-based real estate development, construction, acquisition, leasing and management firm, owned by Yoel Goldman, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-12051).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    National Debtors Register - a new source of information in Poland
    2021-12-16

    The National Debtors Register (Krajowy Rejestr Zadłużonych “KRZ”) began operating in Poland in July 2021.

    The KRZ is a new valuable tool providing, among other things, information on debtors. It is a statewide, public register and can be accessed by any person who has the debtor's PESEL (Polish national identification number) or NIP (Polish taxpayer's identification number) or the file reference number of the debtor's case.

    Filed under:
    Poland, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Ewelina Stobiecka
    Location:
    Poland
    Firm:
    Taylor Wessing
    The quandary of realizing “Statutory Lien” as a Security Interest under IBC - Impact on Secured Financial Lenders
    2021-12-16

    Introduction

    The Insolvency & Bankruptcy Code, 2016 (“IBC”) has been one of the most talked about debated, evolving legislations of recent times. It has brought with itself, a sea change in the manner that debt is resolved in India. From its very advent in late 2016, IBC has been embroiled in long fought interpretational tussles which have resulted in various gaps being filled in by the Supreme Court of India. In fact, the legislation itself has undergone several and frequent amendments.

    Filed under:
    Asia-Pacific, European Union, Global, India, United Kingdom, USA, Insolvency & Restructuring, Litigation, Khaitan Legal Associates, Supreme Court of India
    Authors:
    Dhiraj Mhetre , Smiti Tewari
    Location:
    Asia-Pacific, European Union, Global, India, United Kingdom, USA
    Firm:
    Khaitan Legal Associates

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