Finance & Banking Bankruptcy

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Application for leave to continue action against an insolvent defendant: A balancing act - A case study of W Y Steel Construction...

The issue before the High Court was whether leave should be granted to the plaintiff to proceed with an action for breach of contract against an insolvent defendant. The court held that in deciding whether leave should be...more

Consumer Financial Services Newsletter - June 2016

Seventh Circuit Held No Implicit Threat to Proceed to Trial by Debt Collector When Filing a Collection Lawsuit - St. John v. CACH, LLC, No.14-2760, 2016 WL 2909195 (7th Cir. May 19, 2016) - On May 19, 2016, the...more

Indah Kiat – A Scheme Pulped

On 12 February 2016 Snowden J handed down his judgment in Indah Kiat International Finance Company B.V. [2016] EWHC 246 (Ch). Indah Kiat International Finance Company B.V. ("Indah Kiat"), part of the global Asia Pulp & Paper...more

Supreme Court to Hear Truck Drivers’ Challenge to Structured Dismissals in Bankruptcy

The U.S. Supreme Court will hear a group of truck drivers’ challenge to the dismissal of a chapter 11 bankruptcy case that was designed to avoid paying the drivers’ claims. The truck drivers are appealing the Third Circuit’s...more

New Chapter 11 Petition – Triangle USA Petroleum Corporation

Triangle USA Petroleum Corporation and five of its affiliates, including its Ranger Fabrication business, have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Wealth Management Update - July 2016

July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The July § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Do You Need a Confirmation Hearing When a Receiver is Appointed Ex Parte?

Question: Do you need a confirmation hearing when a receiver is appointed ex parte and are there any exceptions? Answer: Yes and no. In early practice in California, the appointment of a receiver on an ex parte basis was...more

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

Delaware Organizational Meeting – iON Worldwide, Inc.

Upcoming Committee Formation Meeting: Wednesday July 6, 2016, 10:30 AM - Case Name: iON Worldwide, Inc. Case Number: 16-11543 (LSS)...more

Bitcoin after Brexit: Safe Haven or Harbinger of Future Distress?

What a difference a week makes! On June 17, 2016, bitcoin was trading at more than $750. Five days later, as polls showed the Brexit vote leaning heavily to “remain,” bitcoin dropped as low as $585....more

Court Holds Drafting Contracts Violates Sarbanes-Oxley

Section 802 of the Sarbanes-Oxley Act added the following provision to 18 U.S.C. § 1519: “Sec. 1519. Destruction, alteration, or falsification of records in Federal investigations and bankruptcy - Whoever knowingly...more

To whom does privilege belong in insolvency?

The Court ordered a law firm to stop acting for the main creditor of a bankrupt individual in circumstances where it had reviewed documents privileged to that individual. The law firm, which also acted for the trustees in...more

Brexit – No Short Term Regulatory Change but Significant Longer Term Implications

The United Kingdom (UK) has voted to leave the European Union (EU). Although the vote will have long term implications, in the short term there will be no change to the current legal and regulatory status quo; the UK will...more

Does Federal Bankruptcy Law Preempt State Law Fraudulent Transfer Claims Assigned to a Bankruptcy Estate Representative?

The U.S. Bankruptcy Court for the District of Delaware recently issued an opinion that addresses, among other issues, the question of whether section 546(e) of the Bankruptcy Code preempts certain fraudulent transfer...more

New Delaware Chapter 11 Filing – iON Worldwide LLC

iON Worldwide, LLC, a maker of point-of-view video cameras, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 16-11543)....more

New Putative FCRA Class Action May Signal a Trend

A borrower recently filed a putative class action against Fannie Mae under the Fair Credit Reporting Act (FCRA) in federal court in Washington, D.C., alleging that Fannie engaged in unauthorized inquiries into borrowers'...more

Alberta Energy Regulator releases interim measures in response to Redwater Decision

On May 19, 2016, the Alberta Court of Queen’s Bench issued their decision, Redwater Energy Corporation Re, 2016 ABQB 278 (“Redwater Decision”), which we discussed in our recent alert, “Insolvency and energy insights: The...more

Delaware Organizational Meeting – Maxus Energy Corporation, et al.

Upcoming Committee Formation Meeting: Tuesday June 27, 2016, 10:00 AM - Case Name: Maxus Energy Corporation, et al. Case Number: 16-11501 (CSS)...more

Delaware Bankruptcy Court: provision granting creditor veto over debtor’s decision to file bankruptcy violates federal public...

In a case of first impression, DLA Piper argued before the US Bankruptcy Court for the District of Delaware that a consent provision in a Delaware LLC operating agreement effectively granting a creditor a veto right over a...more

Supreme Court Holds That “Actual Fraud” Under Section 523(a)(2)(A) of the Bankruptcy Code May Include Fraudulent Transfers That...

On May 16, 2016, the United States Supreme Court in Husky International Electronics v. Ritz held that the phrase “actual fraud” under section 523(a)(2)(A) of the Bankruptcy Code may include fraudulent transfer schemes that...more

Bankruptcy Preferences and the Ordinary Course Defense: Recent Decision Rescues Supplier

Suppliers and vendors sometimes find themselves unpleasantly surprised by the bankruptcy of a customer, leaving a trail of unpaid invoices and little hope of recovery. To make matters worse, after licking their wounds and...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Supreme Court Strikes Down Puerto Rico’s Local Restructuring Law

In a 5-2 decision, the Supreme Court of the United States in Commonwealth of Puerto Rico et al. v. Franklin California Tax-Free Trust et al., 579 U.S. ___ (2016), rejected the Puerto Rico Public Corporation Debt Enforcement...more

Middle East focus: the Dubai International Financial Centre as a conduit jurisdiction

In DNB Bank ASA v. Gulf Eyadah Corporation and Gulf Navigation Holdings PJSC CA 007/2015, the Dubai International Financial Centre (DIFC) Court of Appeal has delivered a landmark judgment which expands the jurisdiction of the...more

Delaware Bankruptcy Court Invalidates on Public Policy Grounds a “Golden Share” Provision in LLC Agreement Designed to Limit LLC’s...

In a June 3, 2016 decision, the United States Bankruptcy Court for the District of Delaware (“the Bankruptcy Court”) invalidated, on federal public policy grounds, a provision in the debtor-LLC’s operating agreement that it...more

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