The First-tier Tribunal (FTT) has made what is understood to be the first Remediation Contribution Order under the Building Safety Act 2022 (BSA) in connection with the remediation of building safety defects at a high-rise residential block at 9 Sutton Court Road, in London.
As the Grand Court of the Cayman Islands reopens for 2023, it is a good time to reflect on what transpired in 2022. A review of the filings made in the Grand Court throughout 2022 shows a very significant number of cases concerning large-scale cross-border insolvency and restructuring proceedings, as well as various complex commercial disputes.
Statistics from the Grand Court
Introduction for Insolvency & Restructuring Case Summaries 2021-2022 It gives us great pleasure to introduce our Insolvency & Restructuring Case Summaries 2021-2022.
This is the first year that we have published a collated version of the Case Summaries in addition to our regular insolvency InFocus updates. The Case Summaries have been produced in response to feedback that this would be a useful resource.
This monthly legal roundup is a compilation of our thought leadership articles and primers published in the month of December 2022 on key legal and regulatory topics. Please click on the access links to read more.
A. INSOLVENCY LAWS
1. Leasehold right: An intangible asset
“The [Subchapter V] Trustee shall— . . . facilitate the development of a consensual plan of reorganization.” 11 U.S.C. § 1183(b)(7).
That’s what we Subchapter V trustees are supposed to do.
Ok, fine. But how are we supposed to do that?
A facilitation tool that many Subchapter V trustees are using is this: Zoom facilitation meetings.
What follows is an explanation of how such meetings can work.
Initial Meeting
HFW DISPUTES DIGEST 2022 Welcome to our first annual digest, in which we collate our 2022 global HFW LITIGATION and International Arbitration publications in one place. This edition includes updates from the whole Disputes arena across England, AsiaPac, and the Middle East. HFW is one of the world’s largest and most active disputes practices, litigation is in our DNA. We have more than 350 specialist disputes lawyers in offices across the Americas, Europe, the Middle East, and AsiaPac.
On December 5, 2022, in In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022) (“Global Cord”), the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) denied recognition of a proceeding pending in the Grand Court of the Cayman Islands (the “Cayman Proceeding” and the court, the “Cayman Court”) because it was more like a corporate governance and fraud remediation effort than a collective proceeding for the purpose of dealing with reorganization or liquidation, as Chapter 15 of the Bankruptcy Code requires.
The Alberta Court of King's Bench (the Court) has confirmed that the abandonment and reclamation obligations owed to the Orphan Well Association (OWA) and the Alberta Energy Regulator (AER) rank in priority to claims of municipalities for unpaid property taxes in insolvency proceedings.
Flight v. Leblanc 2022 ONCA 831, argued by Lucy Sun and Jason Squire of Lerners, involved an interesting intersection of limitations law and insolvency practice. We were retained by the respondent on the appeal of a summary judgment motion dismissing the action (we did not act at first instance).
Chapter 15 of the Bankruptcy Code provides a mechanism for United States cooperation and coordination with insolvency proceedings abroad, often affording foreign debtors wide-ranging relief and expansive rights through the United States Bankruptcy Court system. Not all proceedings in foreign jurisdictions are eligible — in order to be so, a proceeding must constitute a “foreign proceeding” under the Bankruptcy Code.