On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.
Introduction
On May 8, 2020, the Supreme Court of Canada (SCC) released its written reasons in 9354-9186 Québec Inc. v. Callidus Capital Corp.[1](the Bluberi case).
Americans are in an unemployment crisis due to COVID-19 business closings, and many are accruing debt in order to maintain their basic lives – unpaid utilities, buy food on credit, etc. For many, the vehicle to obtain that debt is credit cards, home-equity loans, or simply failing to pay creditors who invoice customers after providing goods and services, such as doctors.[1]
On May 8, 2020, the Supreme Court of Canada (Supreme Court) issued its reasons in the restructuring proceedings of Bluberi Gaming Technologies Inc., now 9354‑9186 Québec Inc., et al.
The Small Business Administration (SBA) violated federal law by imposing conditions for loans under the Paycheck Protection Program (PPP) that were not enacted in the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, P.L. 115-136 (CARES Act), Judge David Thuma has held.
The daily news reminds us of the growing grim economic toll wrought by the COVID-19 pandemic. As discussed in some of our prior Alerts, federal, state and local governments have adopted various measures to moderate some of these effects, including offering stimulus payments and loans, and restraining certain types of creditors’ collection activities. Despite the latter restraints, there still are some things creditors can do to try to enhance the collectability of past-due commercial payment obligations.
Communicate, communicate, communicate
The number of bankruptcies in the Netherlands is rising.
Therefore, in mid-April, a number of professors, insolvency practitioners, employers and labour unions petitioned to accelerate the introduction of WHOA (Wet Homologatie Onderhands Akkoord – the Act on Dutch Court Confirmation of Extrajudicial Restructuring Plans to Avert Bankruptcy), the introduction of which was already planned.
According to German law, managing directors of limited liability companies are personally liable for payments made despite insolvency. Directors may even be liable when third parties make payments to the insolvent company's current account that has a negative balance because such payment will constitute a payment by the insolvent company to the bank
As a result of the unprecedented impact of the COVID-19 pandemic and its containment measures on the Canadian economy and the lives of Canadian citizens, the legislatures and courts have granted wide-ranging relief for businesses and individuals from, among other things:
certain filing and payment deadlines such as for tax filings, payments and remittances and intellectual property filings; and
In our latest installment of our series “Bankruptcy On Ice”, we tackle temporary suspension of bankruptcy proceedings in response to the closure of “non-essential businesses” and other critical protective measures being imposed to fight the spread of COVID-19.