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U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign...

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that...more

Madoff Bankruptcy Decision Offers Protection for Foreign Investors

In re Madoff Securities Extends Morrison Framework to Prevent Avoidance of Purely Foreign Transfers under SIPA and the Bankruptcy Code - Applying the U.S. Supreme Court’s landmark decision in Morrison v. National...more

Corporate Recovery and Insolvency in Bermuda

1 Issues Arising When a Company is in Financial Difficulties - 1.1 How does a creditor take security over assets in Bermuda? Bermuda is a self-governing British Overseas Territory. The systems of law...more

Global Insight: News, Views and Analysis from DLA Piper’s Global Restructuring Group - Issue 10, Q2 2014

In This Issue: - WHAT DOES THE DELAWARE CHANCERY COURT’S RURAL/METRO RULING MEAN FOR ADVISORS TO DISTRESSED COMPANIES? - US: OUTLOOK FOR CORPORATE RESTRUCTURING - RABOBANK DECISION — SPECIAL DUTY OF...more

Second Octaviar Chapter 15 Petition Clears Hurdle Set by Second Circuit

In December 2013, the Second Circuit ruled that recognition of a foreign proceeding under chapter 15 of the Bankruptcy Code required proof that the debtor in the foreign proceeding also met the eligibility standards to be a...more

The Gateway to Chapter 15: An Evolving Issue

Chapter 15 of the United States Bankruptcy Code is a relatively recent addition to the American bankruptcy statute and it incorporates the United Nations Commission on International Trade Law Model Law on Cross-Border...more

Clawback Suit Targets International Investors

In 2008, a few months before the $65 billion Madoff Ponzi scheme fell apart, the $3.65 billion Petters Ponzi scheme made headlines. Tom Petters told investors that they were financing the purchase and sale of consumer...more

Apcoa Parking: Availability of UK Scheme of Arrangement to foreign corporates extended

One of the recent hot topics in the European restructuring market has been whether the UK Courts would sanction a scheme of arrangement in relation to a foreign company, with no previous connection to the UK whatsoever, where...more

Privy Council rules on Fairfield

On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company. The BVI Commercial Court and the Eastern...more

Insurance and Reinsurance Newsletter: Italy - April 2014

1. IVASS (ITALIAN INSURANCE SUPERVISORY AUTHORITY) – NEW REGULATIONS ON COMPLAINTS MANAGEMENT - On 1 April 2014, the draft measure containing amendments to ISVAP (former Italian Insurance Supervisory Authority)...more

Bankruptcy Beat: Luck of the Irish Cannot Save Debtor’s Bankruptcy Appeal of Order Granting Relief from the Stay

The importance of obtaining a stay pending appeal of a bankruptcy court order lifting the automatic stay was recently illustrated in Dunne v. Ulster Bank (In re Dunne), 13 cv 00996-JBA (Mar. 11, 2014). In the Dunne case,...more

February 2014: Bankruptcy & Restructuring Update

Second Circuit Holds that Section 109 Eligibility Requirements Apply to Foreign Entities in Chapter 15 Bankruptcy Cases. Recently, the United States Court of Appeals for the Second Circuit held that the eligibility...more

Zlomrex International Finance S.A. – completion of restructuring via Scheme of Arrangement

On 4 February 2014, our client, Zlomrex International Finance S.A. (“ZIF”), completed the restructuring of its approximately €118 million senior secured high yield notes due 2014 (the “Existing High Yield Bonds”). ZIF, a...more

Second Circuit Ruling Appears to Limit Ability of U.S. Bankruptcy Courts to Assist Foreign Debtors

In Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), Case No. 13-612, 2013 WL 6482499 (2d Cir. Dec. 11, 2013), the United States Court of Appeals for the Second Circuit held that in order for a foreign...more

PBGC Finds Deep Pocket in Japan: U.S. Court Finds Parent Liable for Termination Underfunding

As the U.S. Pension Benefit Guaranty Corporation (PBGC) faces increasing strain on the pension insurance program it runs, it has become more aggressive in pursuing deep pockets after underfunded defined benefit plans are...more

Capital Infusion: Case Spotlight: In re SemCrude, L.P.

Sudden interruptions in oil supplies caused by the 1973 Arab oil embargo, the Iranian revolution of 1979 and the outbreak of the war between Iran and Iraq in 1980 led to the energy crises of the 1970’s and 1980’s, forcing...more

Business Litigation Report -- September 2013

In This Issue: ..Private Antitrust Litigation in the UK ..First Decision by PTO Under America Invents Act Invalidates Business Method Patent ..September 2013: Bankruptcy & Restructuring Litigation...more

Storm Cloud for Insolvency Practitioners?

Cloud and Insolvency - With the increasing popularity of cloud computing, more companies are taking advantage of cheap, efficient and globally available data storage options....more

Strict UK Litigation Privilege Test for Joint Liquidator Reports

High Court holds that reports used by the Serious Fraud Office to obtain search and arrest warrants are not subject to litigation privilege in subsequent civil proceedings. ...more

Don’t Cry for Me Argentine Bondholders: The Second Circuit Rules

On August 23, the Second Circuit issued its long-awaited opinion on Argentina’s appeal from the Southern District’s amended injunction requiring that Argentina make “ratable payment” to the plaintiffs when it next makes...more

German insolvency reforms (part III): Insolvency of group companies

In January 2012 the first step of the reform plans for German insolvency law came into effect, remodeling the restructuring opportunities for companies in insolvency proceedings and increasing the influence of creditors. The...more

July 2013: Russia Litigation Update - Case Study: Russian Courts Adopt Practical, Less Formalistic Analysis of Activities of...

In two recent cases, the Presidium of the Supreme Arbitrazh Court of the Russian Federation (the “Presidium”) addressed important issues concerning activities of representative offices of foreign companies in Russia and...more

BVI Case Notes, July 2013

Below is a summary of recent cases out of the British Virgin Islands (BVI) Commercial Court, compiled by Harneys’ Litigation team....more

Chartis Case

“Limited Judicial Discretion: The Superior Court Refuses to Compel an Insurer to Renew to Provide Coverage in the Context of Liquidation.”...more

Orrick's Financial Industry Week In Review - June 17, 2013

In This Issue: Rating Agency Development; Second Circuit Rules That Payments Made to Purchase Notes Are Exempt from Avoidance Under Section 546(e) of the Bankruptcy Code; Lehman Derivative Litigation Still Looms Large;...more

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