The recent case of Re China Bozza Development Holdings Ltd [2021] HKLRD 977 demonstrated the attitude and increased scrutiny of the Hong Kong Companies’ Court towards offshore soft-touch provisional liquidation.
The leading authority on the meaning of soft-touch is the British Virgin Islands case of Re Constellation Overseas Ltd BVIHC (Com) 2018/0206,0207,0208, 0210 and 0212 . (§3) :
Whether a contract is "executory" such that it can be assumed, rejected, or assigned in bankruptcy is a question infrequently addressed by the circuit courts of appeals. The U.S. Court of Appeals for the Third Circuit provided some rare appellate court-level guidance on the question in Spyglass Media Group, LLC v. Bruce Cohen Productions (In re Weinstein Company Holdings LLC), 997 F.3d 497 (3d Cir. 2021).
This week’s TGIF considers a recent decision of the Supreme Court of New South Wales, Re Antqip Pty Ltd (in liq) [2021] NSWSC 1122, concerning whether section 588FL of the Corporations Act2001 (Cth) applied to vest a security interest in the company that was granted after the ‘critical time’.
Key Takeaways
Test for risk of dissipation
The United States District Court for the District of Minnesota recently rejected a creditor’s argument that when a Chapter 11 case is converted to one under Chapter 7 and the estate is administratively insolvent 11 U.S.C. § 726(b) requires disgorgement of amounts approved and paid to Chapter 11 administrative claimants.
A recent case out of the Bankruptcy Court for the Eastern District of New York—Mendelsohn v. Roslyn, Dkt. No. 22, Adv. Proc. No. 8-20-08012-reg (Bankr. E.D.N.Y. June 21, 2021) (Grossman, J.)—imparts important lessons for pleading and proving fraudulent transfer claims.
INTRODUCTION
今回のニュースレターでは、2021 年 7 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をまとめると共に、2016 年破産倒産法の改正についても触れています。
1) THE LOAN AGREEMENT SHOULD BE IN WRITING BETWEEN THE FINANCIAL CREDITOR AND THE CORPORATE DEBTOR IN TERMS OF INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016
Matter: Pawan Kumar v. Utsav Securities Pvt. Ltd. and Anr.
Order dated: 03 August 2021.
The article provides a summary of the Judgement passed by the Hon'ble Supreme Court of Indian in Indus Biotech Private limited v. Kotak India venture fund .2 wherein the court has discussed that whether an Application filed under Section 8 of the Arbitration and Conciliation Act , 1996 be maintainable if a petition under Section 7 of the Insolvency and Bankruptcy Code is pending ?
FACTS OF THE CASE :
The questions that an insurer asks prospective insureds on an application for insurance, and the answers given in response, can have important ramifications on the parties’ rights and obligations going forward. The proper interpretation of those questions can often prove crucial in determining whether the insured has complied with their obligation to disclose material facts and give a fair presentation of risk. The consequences of any misrepresentation or material non-disclosure can be significant, including denial of coverage by the insurer.
It is said that the word bankruptcy originated in the middle ages from the term “breaking the bench.” At that time, rupturing a craftsman’s bench was the punishment for defaulting. Later, debtors were punished for their failure to pay their debts through imprisonment. Neither approach helped the creditor. Rather, it punished those dependent upon the debtor for support. In the late 19th Century, the American system of bankruptcy was created to break from these policies and provide debtors a fresh start.