Rabindra S Nathan, Shearn Delamore & Co
This is an extract from the 2025 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight
In a recent decision of the Supreme Court of Canada in Poonian v. British Columbia (Securities Commission), the Court determined that while disgorgement orders made by the British Columbia Securities Commission (the “Commission”) survive bankruptcy under the Bankruptcy and Insolvency Act (the “BIA”), administrative penalties may not.
On August 31, 2022, significant amendments to Part V of the Cayman Islands Companies Act (“Act”) took effect to revamp the Cayman Islands restructuring regime. These amendments introduced the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition.” The Cayman Islands restructuring officer regime (“RO Regime”) shares certain features with the Chapter 11 bankruptcy procedure in the US and Canada’s Companies’ Creditors Arrangement Act.
The general rule in bankruptcy is that a debtor receives a “fresh start” and is discharged from prior debts, but this is subject to certain exceptions. Subsection 178(1) of the Bankruptcy and Insolvency Act (BIA) sets out eight classes of debts that are not released by an order of discharge including an exception for debts that arise out of fraud. In Poonian v.
Executive Summary:
昨今、ケイマン諸島の判決で、債権者との間のスキーム・オブ・アレンジメントを取り扱ったRe In the Matter of E-House (China) Enterprise Holdings Limited [1]において、セガル裁判官が米国、英国、ヨーロッパにおける制裁措置がスキーム・オブ・アレンジメントにどのような潜在的な法的影響をもたらすか、また、当該スキームが国際的にどのような法的効果を有するのかを明確にする判断を示しました。
現在のマクロ経済環境およびグローバル市場の激動状況に照らせば、誠実な企業再建実施後も継続した企業の事業活動が可能となるような方策を模索することにつき、柔軟で積極的な役割を果たす意思が裁判所にあることを確認したものです。
なお、ケイマン諸島が企業再建における最先端の法域であることは、裁判官による会社債権者との調整案策定のために会社を代理するリストラクチャリング・オフィサーの選任にかかる第一号事例からも示されています。この事例については「ケイマン諸島における新たな企業再建の幕開け」をご参照ください。
背景およびスキーム・オブ・アレンジメントの提案
There have been a string of high-profile celebrity bankruptcies over the decades, and most recently, Katie Price. A common theme among these celebrities, many of whom were former contestants on the ITV hit show “I’m a Celebrity,” is that they were bankrupted by HMRC for unpaid taxes.
This week’s TGIF considers a recent Federal Court of Australia decision (Connelly (liquidator) v Papadopoulos, in the matter of TSK QLD Pty Ltd (in liq) [2024] FCA 888). In the case, it was determined that a restructuring adviser who engineered an asset-stripping scheme may be found liable for the full value of the loss arising out of the scheme.
Key Takeaways
Four U.S. Supreme Court justices (Kagan, Kavanaugh, Roberts and Sotomayor) provide the following summary of their Purdue Pharmadissent in the Purdue Pharma case.
Wrong & Devastating
Today’s five-justice majority opinion is wrong on the law and devastating for more than 100,000 opioid victims and their families:
The recent English High Court decision of Wright v Chappell related to the collapse of British Home Stores provides a landmark ruling of which directors of Cayman Islands companies need to be aware. This is the first time damages have been awarded against directors for 'misfeasant trading'. Directors may be held liable for any 'insolvency deepening' activity in failing to file for insolvency when it would be in the creditors' interests to do so.
Introduction