There is something to be said for “assume the worst” when it comes to defects in administration appointments and extensions. The court has taken this approach in a few cases where, rather than trying to work out the intricacies and effect of a defect on an appointment or extension, it has assumed the worst (i.e invalidity) and made a retrospective order to remedy the position.
Several significant judicial decisions were released in 2025 that remain relevant to businesses, commercial lenders and restructuring professionals. This bulletin summarizes the key developments of 2025 and highlights areas of significance for restructuring professionals and market participants to monitor in 2026.
1. Hudson’s Bay Company and Assignment of Contracts
In a significant ruling for shareholders, companies and directors, the Supreme Court has confirmed that unfair prejudice petitions under section 994 of the Companies Act 2006 (CA 2006) are not caught by statutory time limits imposed by the Limitation Act 1980 (LA 1980).
The Insolvency and Bankruptcy Board of India released the Report of the Committee on Framing Guidelines for Insolvency Proceedings in the Real Estate Sector, pursuant to directions of the Supreme Court of India in the case of Mansi Brar Fernandes v. Shubha Sharma & Ors., (December 12, 2025). The Court emphasized the need to prioritise project completion and protect homebuyer interests, consistent with broader constitutional principles, including the right to shelter under Article 21.
In Aquino (Re)1, the Court of Appeal for Ontario delivered a significant decision addressing several issues of importance to insolvency practitioners: the right to appeal a bankruptcy order without leave; the incidental authority of a CCAA monitor to seek a bankruptcy order against a judgment debtor; and—perhaps most notably—the continuation of a M
The Court of Appeal’s recent judgment in TAQA Bratani Limited [2025] EWCA Civ 1669 (“TAQA”) has reshaped the risk landscape for directors operating within corporate group structures, particularly complex ones.
In its recent judgment in Re Atlas Capital Markets LLC [2026] CIGC (FSD) 19, the Grand Court considered itself bound to make a supervision order pursuant to s.131(b) of the Companies Act, notwithstanding that the company was the subject of a pending just and equitable winding up (J&E) petition when its voluntary liquidation was commenced; and rejected an attack on the joint voluntary liquidators’ (JVLs) independence, which was principally based on a misreading of the JVLs’ evidence and lacked any objective foundation.
Strategy cannot override practitioner's duties to the court or interfere with the interest of finality and efficiency of the justice system.
Litigation is often a series of strategic plays. The Full Federal Court decision in Madden (Receiver) v Mining Standards International Pty Ltd [2025] FCAFC 142 provides helpful guidance regarding the difference between impermissible tactical claim splitting and legitimate financial constraints influencing a party’s approach in litigation.
In re Caesars Entertainment is one of the major-and-successful bankruptcy cases in the history of these United States.
The Caesars bankruptcy was filed on January 15, 2015, in the Northern Illinois Bankruptcy Court with $18 billion of debt. It achieved a confirmed plan two years later (on January 17, 2017). The bankruptcy case finally closed within the last six months (on December 3, 2025), and its last docket entry [No. 9968] is dated January 12, 2026.
Mediation Controversy—Background