Elizabeth McGovern

Elizabeth McGovern

Reed Smith

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Is Brexit “materially adverse” to you? Perhaps, if it triggers an ‘event of default’ under your agreement(s).

While the impact of the EU referendum decision on outstanding financing transactions is still to be determined, both lenders and borrowers may be wondering if the ramifications of Brexit have or could be considered to...more

7/8/2016 - Borrowers Currency Fluctuation Default EU Financial Markets Lenders Loan Documentation Material Adverse Effects Triggering Event UK UK Brexit

Which court is which? Brexit could impact on enforcement options for creditors within, and outside, the EU

England has been the jurisdiction of choice for European restructurings. While other jurisdictions have sought to revamp their insolvency law in recent years in an effort to chip away at the English dominance in the...more

7/8/2016 - Automatic Stay Bankruptcy Court Creditors Debt Restructuring EU Insolvency Lenders Member State Multinationals Popular UK UK Brexit Venue

PRA publishes consultation paper on ‘bail-in’ provisions

On 15 March 2016, the Prudential Regulation Authority (PRA) issued a consultation paper on its proposed amendments to the contractual recognition of bail-in provisions in the PRA Handbook. This amendment follows the temporary...more

3/24/2016 - Bank of England Banking Sector BRRD Consultation Periods Contract Terms Derivatives EU European Banking Authority European Commission Phase II Prudential Regulation Authority RTS UK

Ralls Builders Limited – clarification on directors' liability for wrongful trading

In February 2016, Mr Justice Snowden handed down his judgment in the High Court proceedings concerning Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch). This matter concerned an application by the liquidators of...more

3/4/2016 - Board of Directors Commercial Bankruptcy Creditors Director Compensation Liquidation Pari Passu Personal Liability UK UK Insolvency Act

To submit or not to submit – questions of jurisdiction

This appeal arose out of the litigation fallout from the Bernard Madoff Ponzi scheme. In the appeal, the Privy Council considered whether, at common law, an agreement to submit to jurisdiction must be express or whether it...more

2/29/2016 - Anti-Avoidance Bankruptcy Court Bernie Madoff Contract Interpretation Default Judgment English Common Law Foreign Jurisdictions Jurisdiction Ponzi Scheme UK

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

1/27/2016 - Bailout Banking Sector BRRD Consumer Financial Contracts EEA EU Financial Institutions Hedging Shareholders UK

COMI and get it: international approaches to cross-border insolvencies

In our increasingly global world, cross-border insolvencies have become relatively commonplace. Lehman Brothers and Nortel Networks are just two of the matters where parallel proceedings in multiple jurisdictions were...more

1/8/2016 - COMI Insolvency Jurisdiction Scheme of Arrangement UK UNCITRAL

New York Law Governed Bonds are Sufficient “Property” for U.S. Bankruptcy Court Jurisdiction

To qualify as a “debtor” under the U.S. Bankruptcy Code, an entity must reside, have a place of business or property in the U.S. It is common for non-U.S. entities that file for chapter 11 protection to rely on the “property”...more

11/6/2015 - Bankruptcy Code Bankruptcy Court Chapter 11 Chapter 15 Commercial Bankruptcy Debtors Foreign Entities Forum Selection Intangible Property Jurisdiction

Brazil, bribes and backward tracing – only in Jersey

The Municipality of Sao Paulo and the Republic of Brazil successfully defeated an appeal from two BVI registered companies to the Privy Council which considered what the circumstances are, if any, where backward tracing would...more

8/27/2015 - Brazil Bribery BVI Business Companies

English schemes of arrangement: some practical advice for proponents

Van Gansewinkel Groep BV, Re [2015] EWHC 2151 (Ch) - In what appears to be a growing trend, the High Court in England has sanctioned another scheme of arrangement involving non-English companies. Last week’s judgment...more

7/30/2015 - Cross-Border Debtors Financing Foreign Entities Schemes of Arrangement UK

Forum shopping – the end of an era?

Introduction - On 20 May 2015 the European Parliament adopted the recast Insolvency Regulation (the “Recast Regulation”) amending the existing Council Regulation (EC) (No. 1346/2000) on Insolvency Proceedings (the...more

6/1/2015 - Commercial Bankruptcy EU Insolvency Jurisdiction

Schemes of Arrangement for Distressed Shipping Companies – a viable (and cheaper) alternative to chapter 11?

While it is clear that chapter 11 of the U.S. Bankruptcy Code can be an effective tool of reorganisation for distressed foreign shipping companies that are locked in an adversarial dispute with their creditors, should an...more

5/28/2015 - Chapter 11 Commercial Bankruptcy Foreign Entities Schemes of Arrangement Shipping

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

5/21/2015 - Bankruptcy Code Board of Directors Business Assets Business Justification Chapter 9 Commercial Bankruptcy Corporate Officers Debt Restructuring Fraudulent Transfers Insolvency IP License IRS Lien Priority Municipal Bankruptcy Safe Harbors Section 363

Commercial Restructuring & Bankruptcy Alert - May 2015

In this issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

5/20/2015 - Bankruptcy Code Chapter 9 Commercial Bankruptcy Debt Restructuring Fraudulent Transfers IP License IRS Lien Priority Municipal Bankruptcy Safe Harbors Trademarks

Dutch company, New York law – an English scheme of arrangement?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch) - Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs. Justice Rose sanctioned a scheme of arrangement between DTEK Finance B.V. (“DTEK“), a...more

5/15/2015 - Debt Restructuring Energy Sector Schemes of Arrangement UK

Who needs New York law when you can have an English scheme of arrangement instead?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch) - Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs Justice Rose sanctioned a scheme of arrangement between the Dutch company DTEK Finance...more

5/12/2015 - Promissory Notes Schemes of Arrangement UK

Supreme Court considers place of “establishment” in Olympic Airlines appeal

Trustees of Olympic Airlines SA Pension and Life Assurance Scheme v Olympic Airlines SA [2015] UKSC 27 - The Supreme Court was unanimous in its brief judgment, that for the purpose of establishing secondary proceedings,...more

5/8/2015 - Airlines Aviation Industry Commercial Bankruptcy Insolvency Pension Schemes Pensions Trustees UK

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

10/9/2014 - Attorney-Client Privilege Chapter 15 Commercial Bankruptcy Cross-Border Default Gerrymandering Insolvency LLC Pensions Restructuring Right of FIrst Refusal Third-Party Release Agrements Trademarks Waivers Work Product Privilege Work-Product Doctrine

Commercial Restructuring & Bankruptcy Alert - December 11, 2013

In this issue: - Detroit Gets a Fresh Start and Pension Debt is at Risk - UK Supreme Court Finds Certain Pension Liabilities Are Not Entitled to Priority Treatment, in Nortel and Lehman Decisions - Amount of...more

12/11/2013

Commercial Restructuring & Bankruptcy Alert - November 2013

In this issue: - Consequences of the Failure of a Secured Creditor to File a Timely Proof of Claim - Private Equity Funds Potentially Liable for Portfolio Company’s Unfunded Pension Liability -...more

11/26/2013 - Commercial Bankruptcy Debt Debtors Employee Benefits Investment Portfolios Pensions

ReSearch Memo - New security registration regime in the UK

On 6 April 2013 new legislation governing registration of security at Companies House came into force. The new rules apply to any charges created on or after 6 April 2013. The main changes to the registration regime are...more

4/12/2013 - Criminal Sanctions Documentation New Legislation Registration

Commercial Restructuring & Bankruptcy Alert - February 2013

In this Issue: - Lenders Beware - International Insolvency Laws: Will One Size Fit All? The Debate Continues - ‘Fair and Equitable’ Means More Than Amortization Schedule - Pre-Petition Security License...more

2/21/2013 - Amortization Broadcasting Chapter 11 Confirmation Proceedings Creditors Debtors-in-Possession Discrimination FCC Insolvency Lenders Licenses Liens Loans Proximate Cause Restructuring Tortious Interference

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