BGH, Urt. v. 9.2.2021, Az. II ZR 28/20
Nach ständiger Rechtsprechung des BGH haften Kommanditisten im Rahmen eines Insolvenzverfahrens nach §§ 171 Abs. 1 und 2, 172 Abs. 4 HGB gegenüber der Insolvenzmasse nur insoweit, wie die Inanspruchnahme zur Gläubigerbefriedigung erforderlich ist.
When a Cayman Islands company (CayCo) goes into official liquidation, various antecedent transactions entered into in the lead up to that liquidation may be set aside, thereby allowing the recovery of assets of the CayCo to maximise the return to its stakeholders. This snapshot sets out a summary of challenges that may be made to antecedent transactions in the Cayman Islands. These may also apply to Limited Liability Companies, Partnerships, Exempted Limited Partnerships and, in certain circumstances, to foreign companies, but this snapshot focuses on CayCos.
The following 10 cases have been reported in our Bankruptcy & Insolvency practice area:
Re Total Truss Systems — Retrospective orders made for liquidators of corporate trustee
Introduction
Under Singapore bankruptcy law, when a person is adjudged bankrupt, any disposition of property made by him from the date of the bankruptcy application is void unless the court consents to or ratifies the disposition. However, will the court ratify the disposition of assets made pursuant to an order for division of assets in divorce proceedings, and in what circumstances will it do so? These were the issues considered in the Singapore High Court case of Ong Dan Tze Magdalene v Chee Yoh Chuang & Anor [2021] SGHC 129.
- The judgment in Bresco Electrical Services Limited (in liquidation) v Michael J Lonsdale (Electrical) Limited recognised that insolvent parties have an unfettered right to adjudicate.
- In so doing the judgment opened the door for Insolvency Practitioners to use adjudication, or the threat of adjudication, to resolve disputes arising under construction contracts.
PRIOR TO BRESCO
In the latest High Court decision relating to Company Voluntary Arrangements in the UK, the judge held that the Regis hairdressing group CVA should be revoked on the basis that it favoured shareholders at the expense of landlord creditors
The Bottom Line:
The Bottom Line:
Breaking with the Third Circuit and the Fifth Circuit, on June 28, 2011, the Seventh Circuit held that a debtor's plan of reorganization that provides for the sale of the debtor's assets free and clear of an existing security interest may only be confirmed over the objection of its secured creditor if the plan's sale procedure permits the secured creditor to credit bid its secured debt for the assets being sold. River Road Hotel Partners, LLC v. Amalgamated Bank, -- F.3d --, Nos. 10-3597 & 10-3598 (7th Cir. June 28, 2011).
TOWNSQUARE MEDIA v. BRILL (July 21, 2011)