In a landmark bankruptcy case judgment issued on 10 October 2021 the Dubai Court of First Instance has held the directors and managers of an insolvent Dubai-based PJSC to be personally liable to pay the outstanding debts of the previously listed company (now in liquidation) pursuant to the UAE Bankruptcy Law. This decision represents a very significant milestone in the UAE insolvency landscape since the enactment of the Bankruptcy Law in late 2016, being the first known instance of a case where such personal liability has been ordered.

On 29 September 2021 the High Court dismissed a challenge to Caffè Nero’s 2020 CVA brought by one of its landlords, Ronald Young. Young asserted that the CVA was unfairly prejudicial and subject to material irregularities (thereby engaging both grounds of challenge under s.6 of the Insolvency Act 1986), and that the CVA nominees and company directors had breached their duties by failing to adjourn or postpone voting on the CVA upon receipt of a late-in-the-day offer for the Caffè Nero group.

8月号（民事再生）、9月号（破産）と法的手続の話が続きまし たが、3回目の今月号は、近時の私的整理（協議会手続・事業 再生ADR）の動向を紹介したいと思います。

１ 協議会の再生手続の利用状況

１ 倒産手続の債権者申立て

債務超過や支払不能等の要件がある場合、債権者が主体と なって、債務者につき倒産・再生手続（破産、民事再生、会社 更生）の申立てをすることができます（債権者申立て一般につ いては、村上寛「倒産手続の債権者申立て」（2019年9月号）に て概説しておりますので、そちらをご参照ください。）。

債権者が債務者の破産申立てを行う事例はそこまで一般的 ではありませんが、それでも、債務の弁済に非協力的である一 方、財産隠匿や偏頗行為、放漫経営等による財産の減少が 疑われる事例は枚挙に暇がないところです。

そこで今回は、債務者が、自らに対する債権の弁済に非協力 的である一方で、既に、金品の持ち出し、預金の解約、不動産 の第三者への廉価売却、役員報酬の増額と回収等の財産隠 匿行為、あるいは全債権を支払うことのできない状態にあるの に、特定の債権者に対してだけ偏った弁済をする等の偏頗行 為が進行してしまい、弁済の対象となるべき財産（責任財産） の会社からの流出が起こってしまっているときに、債権者として 採りうる手段の一つとして、破産法上の保全管理命令を紹介 したいと思います。

２ 保全管理命令について

Third-party, or nondebtor, releases have continued to attract attention from both commentators and legislators in the wake of recent cases such as Purdue Pharma LP, Boy Scouts of America and USA Gymnastics. Most recently, Senators Elizabeth Warren (D-Mass.), Dick Durbin (D-Ill.) and Richard Blumenthal (D-Conn.), and Representatives Jerrold Nadler (D-N.Y.) and Carolyn B.

Payment Orders were originally introduced in the CPC as a fast track route for creditors holding a financial instrument, such as a letter of credit or cheque, to obtain judgment against their debtor for what is a simple and indisputable debt. Payment Orders were rarely issued by the onshore UAE courts. In 2018, Cabinet Resolution No 57 of 2018 (the “2018 Cabinet Resolution”) significantly expanded the scope of application of Payment Orders by extending them to all admitted debts rather than simply those arising out of financial instruments only.

Dans le cadre de l’affaire Bloom Lake relative à la Loi sur les arrangements avec les créanciers des compagnies (la « Lacc »), la Cour supérieure du Québec prononce un jugement au sujet de l'élargissement des pouvoirs du contrôleur dans un contexte où un créancier refusait de produire la documentation demandée par les débitrices.

In Holliday v. Credit Suisse Securities USA LLC, United States District Court for the Southern District of New York ("SDNY") Judge George B. Daniels affirmed the dismissal of state law transfer avoidance claims related to a leveraged securities buyout transaction.

This week’s TGIF looks at In the matter of Gary John Anderson in his capacity as liquidator of G & G Contractors Pty Ltd (In Liquidation) [2021] FCA 1185, the latest of a line of Federal Court decisions confirming the approach to be taken by liquidators of trustee companies that have ceased to be trustees as a result of going into liquidation.

Key Takeaways

INTRODUCTION

This newsletter covers key updates about developments in the Insolvency Law during the month of September 2021.

We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments.