The Court of Appeal has delivered the highly anticipated Mainzeal judgment after hearings in July 2020. The Court held that the directors breached both of the two core duties which protect creditors from the risks of insolvent trading, but overturned the controversial measure of damages for reckless trading adopted by the High Court. The High Court is now required to reconsider the quantum of loss but on a "new debt" measure.
The conflict between Insolvency and Arbitration is almost of near polar extremes. The difference in focus of the two was well illustrated in Re United States Lines Inc[1] as a:
Introduction
According to the Hong Kong SAR government’s statistics, the Hong Kong economy for 2020 contracted by 6.1% overall, which was the sharpest annual drop on record. The COVID-19 pandemic continues to hit the city’s livelihoods and economic development.
It is well-settled that if you are a debtor in chapter 11, you do not have the unfettered right to convert the case to a chapter 7 liquidation. A recent 10th Circuit decision shows why. Kearney v. Unsecured Creditors Committee et al., BAP No. 20-33, 2021 WL 941435 (B.A.P. 10th Cir. Mar. 12, 2021).
Rechtbank Noord-Holland heeft op 19 februari 2021 de eerste twee akkoorden onder de WHOA gehomologeerd. Het betroffen akkoorden van Jurlights B.V. en Jurlights Holding B.V., een werkmaatschappij en een holding actief in de evenementen-branche.
Late on April 5, 2021, TECT Aerospace Group Holdings, Inc., along with certain affiliates that manufacture high precision components and assemblies for the aerospace industry, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10670).
Good afternoon.
Following are this week’s summaries of the civil decisions of the Court of Appeal for Ontario.
Introduction
In order to preserve a bankrupt's assets for distribution to creditors, any disposition of the bankrupt's property from the date of the bankruptcy application is considered void. However, this position is not absolute – the Court may consent to or ratify the disposition. In Sutherland, Hugh David Brodie v Official Assignee [2021] SGHC 65, the Singapore High Court set out the applicable principles that it would take into account when considering whether to ratify such disposition.
On April 5, 2021, The Collected Group, LLC, along with certain affiliates that design, distribute, and retail three contemporary, consumer-inspired, apparel lifestyle brands: Joie, Equipment, and Current/Elliott, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10663).