In a significant judgment dated 9 June 2020 titled ‘Indus Biotech Private Limited v.

It is said that Sisyphus, the ancient king of Ephyra, is destined for eternity to roll a boulder uphill, only to watch it roll down again. Perhaps Sisyphus should have been a liquidator. One could certainly forgive the liquidator of Aberdeen All Farm Pty Ltd (In Liq) (Aberdeen) for thinking so.

After taking appointment in February 2018, Aberdeen has been embroiled in Supreme Court litigation, by which certain parcels of land were claimed to have been held on trust for Barry McWhinney as a result of an alleged fraud.

Widespread closures due to the COVID-19 pandemic have generated countless lawsuits across the country over missed rent payments. Defendants in these cases are often commercial tenants with conflicting obligations to pay rent under their leases, while also shuttering their doors in accordance with government stay-at-home orders.

Through the CARES Act and subsequent legislation, Congress provided up to $659 billion in potentially forgivable loans to businesses impacted by the COVID-19 pandemic.

During this time of economic upheaval amidst the COVID-19 pandemic, many corporate borrowers are faced with the inability to service debt obligations, and creditors may seek to hold corporate officers and directors accountable as a result. In these uncertain times, it is wise to review the fiduciary duties of corporate directors and officers and the effects of financial distress on such duties.[1] The following Q&A provides guidance on this issue from a Delaware law perspective, as Delaware is the most commonly cited jurisdiction for corporate governance.

Amid the throes of the COVID-19 pandemic, industries across the U.S. economy have been impacted in unprecedented ways. Small businesses in the service industry, including restaurants, continue to experience significant disruption in their operations and correspondingly their ability to generate cash flow and profits. Since the outbreak of the virus, restaurants have experienced the forced closure of their dining rooms due to government orders, leaving only those that could operate at reduced capacity through take-out or delivery services. Consequently, U.S.

Widespread closures due to the COVID-19 pandemic have generated countless lawsuits across the country over missed rent payments. Defendants in these cases are often commercial tenants with conflicting obligations to pay rent under their leases, while also shuttering their doors in accordance with government stay-at-home orders.

The Fifth Circuit has waded into the debate on whether the SBA must make Paycheck Protection Program ("PPP") loans available to debtors in bankruptcy, clearly answering "No."

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 suspends the applicability of Section 7, 9 and 10 of the Insolvency and Bankruptcy Code for 6 months to protect corporate entities defaulting on payment obligations during the Covid-19 pandemic.

Introduction

The national lockdown in South Africa has left many companies financially distressed and unable to meet their contractual obligations. Looming on the landlord’s horizon may well be its approach to tenants who are placed under business rescue.