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Russian subsidiary of Google made a decision to file for bankruptcy

Google LLC posted a notice of the impending bankruptcy on the "Fedresurs" website. Since March 22, 2022, the company representing the interests of an international IT corporation has not been able to fulfill the financial obligations previously imposed on it by the judicial authorities. The company was the first in the Russian Federation to receive a turnover fine of 7.22 billion rubles. The company had previously suspended a significant part of its operations in the country, but it...

Bankruptcy of the Episcopal corporation in Canada did not involve the sale of cemeteries

On April 20, the Supreme Court of the Canadian province of Newfoundland and Labrador had to reconsider the appeal in the bankruptcy case of the Roman Catholic Episcopal Corporation of St. John. Lawyers representing various participants in the scandalous trial appeared in court in person or online to discuss the sale of assets to a religious organization. One of the topical issues of discussion was the cemetery land, which the corporation's lawyers asked not to put up for sale. As a result, the...

Escada has filed for bankruptcy of its US subsidiary

A well-known brand of women's clothing and perfumery from Germany appealed to the court of America, having taken the advantage of the provisions of Chapter 11 of the Bankruptcy Code, and declared the insolvency of its North American branch Escada America. The reason for the bankruptcy of the company was a pandemic and difficult negotiations with landlords to reduce rental payments. It is noted that during the process of litigation, many of the company's debts can be challenged. The company's largest...

Supreme Court of Russia outlined the right of creditors to challenge the results of auction

The Economic Board considered the complaint of a buyer of property sold at the auction. A bankrupt farm machinery was put up for sale in the framework of insolvency case, and the winner paid for the purchase and received goods. However, the debtor's creditors turned out to be dissatisfied with this state of affairs and challenged the auction. The first-instance court upheld the claim and canceled the transaction. The court of appeal, however, found no violations, but the district court agreed...

Bankruptcy trustee convinced the Supreme Court of Russia of fictitiousness of transaction due to data of the Federal Tax Service

The Supreme Court considered the complaint of a bankruptcy trustee, who was dissatisfied with the rulings issued by the lower courts. The question concerned the claim of one of the creditors, which the latter asked to include in the register of creditors’ claims. The lower courts did not see this as a problem, but the Supreme Court of Russia found this opinion to be erroneous. As part of the company's insolvency case, one of the creditors asked to include the subcontracted debt to the register...

CHINESE ELECTRIC VEHICLES STARTUP BYTON IS AT RISK OF BANKRUPTCY

Founded in 2016-2017, the electric crossover brand Byton is on the verge of ruin. Having discovered another delay in payments under a loan contract, Shanghai Huaxun Network System filed for bankruptcy in the court of Nanjing. Future Mobility company, which planned to produce modern cars under the Byton brand, was founded by the former heads of BMW and Nissan dealerships in Hong Kong. Thanks to the support of the Chinese leadership, the startup has received hefty subsidies, giving investors hope...

The court recognized the mediation agreement as the basis for the initiation of bankruptcy

The case on the claim to declare the guarantor under the mediation agreement insolvent was referred to the arbitration court. The applicant argued that there was a debt of six million, which was secured within the framework of an agreement signed during the mediation of the parties. At the same time, the potential debtor contested the claim, arguing that there were no grounds for initiating a case. The courts of two instances in the Chelyabinsk Region considered the issue of initiating a bankruptcy...

ALL SAINTS EPISCOPAL CHURCH OF TEXAS DECLARES BANKRUPTCY

The All Saints religious congregation of North Texas, based in Fort Worth, has filed a petition for bankruptcy protection in the US Bankruptcy court. The reason for this was the ‘scorched earth tactics’, carried out by the ACNA (Anglican Church in North America). The All Saints congregation has about 1,500 parishioners, and its annual income reaches $ 1.5 million. According to sources, the church is the most affluent community in the diocese, known as the Episcopal Church of North Texas. On October...

District court allowed control of creditors over the debtor's expenses

The Arbitration Court of the Northwestern District considered the issue of the manager's obligation to convene a meeting of creditors. The applicants demanded consideration of the issue of the anti-crisis manager's report on his financial activities and approval of the cost estimate. In their opinion, the bankruptcy trustee was abusing his right, and the lack of a current estimate of expenses impeded the control over the funds spending. The court of first instance established that the creditors'...

Subsidiary of Johnson & Johnson company is driven to bankruptcy over talc claims

Johnson & Johnson company has taken drastic measures to combat the claims it received over talc powder. The management made a decision to drive the subsidiary to bankruptcy, which may free the company from the obligations to pay about $ 3.5 billion in compensation. The company in question is LTL Management LLC (LTL), which was created to deal with claims. The day before, the company filed a lawsuit for voluntary bankruptcy protection, according to the information posted on the Johnson & Johnson’s...

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