14 July 2022 Borden Ladner Gervais LLP To print this article, all you need is to be registered or login on Mondaq.com. What this means for the shareholders of a business facing insolvency Of Concrete Equities Inc. (Re), the Alberta Court of Queen’s Bench determined that the receiver of a dissolved entity was…
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Investors in a scheme that seems too good to be true should be aware that they may be liable to return the funds under principles of unjust enrichment or bankruptcy preference laws. The claims in Golden Oaks Enterprises Inc. v. Scott, 2022 ONCA 509 (CanLII)arose from a Ponzi scheme in Ottawa that was advertised as…
In its June 6, 2022 opinion in Siegel v. Fitzgerald, the United States Supreme Court resolved a circuit split and invalidated a 2017 statute that increased US Trustee fees in 48 states—but not Alabama or North Carolina—as unconstitutional under the uniformity requirement of the Constitution’s Bankruptcy Clause. See Siegel v. Fitzgerald596 US ___ (2022). US…
To print this article, all you need is to be registered or login on Mondaq.com. COVID measures created a false level of comfort around mounting debts. Insolvency is rarely something that happens overnight like your overnight oats or pizza dough. It is multiple factors accumulating over time, leading to an endemic shortage of…
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To print this article, all you need is to be registered or login on Mondaq.com. The Australian Taxation Office (ATO) has begun advising taxpayers of their outstanding tax debts as part of the resumption of debt collection actions. In this first article of a two-part series on ATO debt collection, we address the current communications…
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Uncertain times have a knock-on effect on all aspects of life including business. The pandemic, Brexit, ever-rising inflation and now an energy crisis against the backdrop of war in Europe have made many businesses face financial difficulty. Suppliers and customers alike are facing extraordinary pressures, and this can affect key supply contracts. This has meant…
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Enforcement law is, first of all, a formal branch of law, and the constraints in the law are of greater importance than the material law itself. In so far, the formal legal arrangements stipulated by the 2004 Execution and Bankruptcy Law (“EBL“or”law“), especially the period of limitations, need to be handled carefully in terms of…
To print this article, all you need is to be registered or login on Mondaq.com. By Michael Magotsch, LL.M. (Georgetown), and Kathrin Schlote Introduction Restructuring business operations, in if connected with a reduction in force (RIF), is often particular complex and demands careful advance planning. This is especially true for companies having a works council…
To print this article, all you need is to be registered or login on Mondaq.com. Executive Summary Where multiple Cayman Islands entities in the same corporate structure become subject to insolvency proceedings (eg Cayman Islands master/ feeder fund structures), the Cayman Islands Courts will typically seek to appoint the same liquidators at each level where…
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To print this article, all you need is to be registered or login on Mondaq.com. New Developments Banking Regulation and Supervision Agency (“BRSA“), with its decision dated 24 June 2022 and numbered 10250 (“Decision“) companies subject to independent audit, other than banks and financial institutions (“Companies“) brought restrictions on the use of Turkish lira cash…
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