On June 1, 2021, JDS Fourth Avenue LLC, a New York-based real estate development company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10888). The company estimated $1 million to $10 million in both assets and liabilities.
The following company law cases have been reported in CCH Pinpoint:
Insolvency: nunc pro tunc orders made for liquidators of corporate trustee
The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.
Suffering with mental health problems and being in financial difficulty are often strongly linked, with one frequently causing or worsening the other. The introduction of The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (referred to in this article as the ‘debt respite regulations’), which, with very limited exceptions, came into force on 4 May 2021, allows an eligible individual breathing space from any action a creditor may take for a ‘problem debt’.
Introduction
COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
On May 31, 2021, Kumtor Gold Company CSJC, a Kyrgyz Republic-based operator of the Kumtor mine located in the Kyrgyz Republic, along with Kumtor Operating Company CSJC, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-11051). The company estimated $1 billion to $10 billion in assets and $100 million to $500 million in liabilities.
“On May 31, 3031, Avadim Health, Inc. along with several affiliates, which operate an Asheville, North Carolina-based privately held skincare and wellness company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10883). The company reports $10 million to $50 million in assets and $50 million to $100 million in liabilities.
On 14 May 2021, Hong Kong’s Secretary for Justice and the Vice-President of the Supreme People’s Court (SPC) signed a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong (Record of Meeting), which signifies the consensus on the mutual recognition of and assistance to insolvency proceedings between the two jurisdictions in accordance with the principle of reciprocity and with a view to promoting closer cross-border judicial cooperation on insolvency matters.
A recent judgment finds a Personal Insolvency Arrangement (the PIA) is not permissible where the term of the restructured loan is likely to exceed the lifespan of the debtor.
The key facts
The PIA in question involved a mortgage term extension of 372 months (ie 31 years) which would have required the Debtor to continue making repayments until she was 98 years of age which is well beyond the Central Bank's recommended age of 70 years of age.