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A review of the Corporate Insolvency Framework: have your say

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure...more

Supreme Court Update: Merrill Lynch V. Manning (14-1132), Huskie Int'l Electronics V. Ritz (15-145), Sheriff V. Gillie (15-338)...

It's that time of year! Fresh on the heels of the six decisions handed down Monday, the Court issued another three yesterday, with more to come on the other side of the weekend. This Update will cover the remaining three...more

Supreme Court Broadly Interprets “Actual Fraud” Exception to Bankruptcy Discharge

On Monday, May 16, 2016, the Supreme Court issued its decision in the case of Husky Int’l Elecs., Inc. v. Ritz, — S. Ct. —, 2016 WL 2842452 (2016) resolving a split between the Fifth and Seventh Circuit Courts of Appeal...more

Organizational Meeting – Phoenix Brands LLC, et al.

Upcoming Committee Formation Meeting: June 1, 2016, 10:00 AM - Case Name: Phoenix Brands LLC, et al. Case Number: 16-11242 (BLS)...more

The Case of Actually Actual Fraud

On May 16, the bankruptcy world of “actual fraud” got larger. In an opinion delivered by Justice Sotomayor, the Supreme Court addressed what it recognized was a deepening circuit split regarding the interpretation of “actual...more

Insolvency and energy insights: The Redwater decision

The Alberta Court of Queen’s Bench decision in Redwater Energy Corporation Re, 2016 ABQB 278, written by Chief Justice Neil Wittmann, clarifies that the provisions of the Bankruptcy and Insolvency Act (BIA) addressing the...more

New Delaware Chapter 11 Filings – Phoenix Brands, LLC et al.

Phoenix Brands, LLC and three affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11242). ...more

New Delaware Chapter 11 Filing – Intervention Energy, LLC

Intervention Energy, LLC, a privately held non-operated oil and gas company based in Minot, North Dakota, has filed a Chapter 11 Petition before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Supreme Court: Fraudulent Conveyance Scheme Renders Debt Nondischargeable in Bankruptcy

On May 16, 2016, the U.S. Supreme Court issued its opinion in Husky International Electronic, Inc. v. Ritz. The opinion is a favorable development for creditors because it expands the types of fraudulent conduct that can...more

Delaware Organizational Meeting – Constellation Enterprises LLC

Upcoming Committee Formation Meeting: Wednesday, May 25, 2016, 10:00 AM - Case Name: Constellation Enterprises LLC - Case Number: 16-11213 (CSS)...more

Will Oil Prices Drop? What’s in Store for the Upstream and Midstream Sectors Ahead

Oil prices hit a seven-month high on Tuesday, with WTI ending the day at $48.31. Prices have been on the rise since hitting lows under $30 in February, with the most recent boost caused by global supply disruptions and...more

High Court Rejects Narrow Bankruptcy Fraud Exemption

In its recently issued decision in Husky International Electronics, Inc. v. Ritz, a 7-1 majority of the Supreme Court has clarified that intentionally fraudulent transfers designed to hinder or defraud creditors can fall...more

New Delaware Chapter 11 Filing – Constellation Enterprises LLC et al.

Constellation Enterprises LLC and nine affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11213). The cases have been assigned to the Honorable...more

New Delaware Chapter 11 Filing – Dex Media Inc. et al.

Dex Media, Inc. (OTC PINK: DXMM) and twelve affiliated companies have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11200). Honorable Kevin Gross will...more

Sands Anderson Report on First Day Hearing in Bankruptcy Filings of Penn Virginia

Lawyers from the bankruptcy team of Sands Anderson attended yestertday’s “First Day” hearings in the chapter 11 bankruptcy case of Penn Virginia Corporation and its affiliates. Penn Virginia is an oil and natural gas...more

EU Technical Standards on Contents of a Business Reorganization Plan and Reporting on Implementation

The European Commission adopted a Delegated Regulation outlining the regulatory technical standards on the elements of a business reorganization plan and the minimum contents for reporting progress in the implementation of...more

Delaware Organizational Meeting – Chaparral Energy, Inc., et al.

Upcoming Committee Formation Meeting: Wednesday, May 18, 2016, 10:00 AM - Case Name: Chaparral Energy, Inc., et al. Case Number: 16-11144 (LSS)...more

Bankruptcy Court Opinion Clarifies California Law on Duties of Directors & Officers Upon Insolvency

It is not unusual in the lifecycle of a start-up for the company to hit road blocks and have cash flow issues. During these times, the board and its members will ask the company’s professionals what their fiduciary duties are...more

Determing remuneration of insolvency practitioners

Having performed their work, insolvency practitioners frequently find their claims for remuneration disputed by the creditors of the insolvent company. This tension is due to a clash of interests: creditors hope to obtain as...more

Bridging the Week - May 2016 #2

FiNCEN Finalizes Rules Requiring Banks, Broker-Dealers, FCMs, Mutual Funds and IBs to Help Verify Beneficial Owners of Certain Accounts: The Financial Crimes Enforcement Network finalized rules requiring banks,...more

Third Circuit Court of Appeals Upholds Carrier’s “Extended” Maritime Possessory Liens

Summary of Holding - In a recent opinion, in a case of first impression at the circuit level, the U.S. Court of Appeals for the Third Circuit held that maritime carriers and their customers may contractually extend the...more

New Delaware Chapter 11 Cases- Chaparral Energy, Inc. and Affiliates

Chaparral Energy, Inc., an independent oil and natural gas exploration and production company, and ten of its affiliates have commenced cases under Chapter 11 of the Bankruptcy Code by filing petitions with the U.S....more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

CR&B Alert - Commercial Restructuring and Bankruptcy News - May 2016, No. 2

Can A Bank-Appointed Director Block A Bankruptcy Filing By A Borrower? The scenario is fairly typical. A loan goes into default and the bank and the borrower enter into a Forbearance Agreement. One of the conditions of...more

Delaware Organizational Meeting – BIND Therapeutics, Inc., et al.

Upcoming Committee Formation Meeting: Thursday, May 12, 2016, 10:00 a.m - Case Name: NephroGenex, Inc. Case Number: 16-11074 (KG)...more

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