International Trade Bankruptcy

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Half-Pie or No Pie? News for Kaisa’s Offshore Creditors

Kaisa Crisis - The recent financial crisis of Kaisa Group Holdings Ltd. (“Kaisa”), a large-scale Chinese property developer listed on the Hong Kong Stock Exchange (“SEHK”), has been in the headlines for several months....more

Implementing the Cape Town Convention in the UK

Repossession and Insolvency - The UK has decided to override existing insolvency law by adopting Alternative A of Article XI of the Protocol. Where a creditor has a correctly registered its international interest, the...more

Mainbrace: March 2015 No. 2

In this issue: - A Note from the Editor - Congress and Administration Take Cautious Approach to Crude Exports as Oil Prices Fall - Meet Blank Rome—Fairfield Sentry: Comity, Seller’s Remorse, and Chapter...more

Update: Banca Privada d’Andorra Succumbs After FinCEN Action

On March 16, 2015, the Spanish subsidiary of Banca Privada d’Andorra, Banco de Madrid, sought bankruptcy protection in the midst of a run on the bank by depositors. ...more

New Thai insurance acts facilitate foreign ownership of insurers

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

TOO BIG TO FAIL 2: EMIR: "Too Big To Fail", Again?

This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

Membership Access Restricted

This article is addressed to clients and groups considering restructuring and aims to clarify one of the key obstacles in restructuring involving Cypriot companies, by explaining which structures are permitted and which...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

Oil and Gas Contractor Cal Dive International Inc. Decides to Explore Bankruptcy

On March 3, 2015, Cal Dive International, Inc. and five affiliates filed voluntary chapter 11 bankruptcy petitions in Delaware. The cases are docketed at 15-10458 and have not, as of this posting, been assigned to any...more

Amendments to Insolvency Law

In December 2014, amendments were introduced to the Federal Law “On Insolvency (Bankruptcy)” No. 127-FZ, dated 26 October 2002 (“Insolvency Law”). This alert analyses some of the amendments that are of crucial importance to...more

Business Restructuring & Insolvency Year in Review

Excerpt from A Year in Review: We are pleased to say that 2014 was another successful year for Morrison & Foerster’s Business Restructuring & Insolvency Group. Despite continuing market headwinds, the last year brought...more

Effect Of Cross-Border Insolvency On Contractual Time Bar

In Bank of Tokyo-Mitsubishi UFJ Ltd v Owners of the MV Sanko Mineral [2014] EWHC 3927 it was held that, as a matter of English law, a claimant should have commenced arbitration within 12 months, in accordance with contractual...more

Retention of Title

PROTECTING YOUR BUSINESS FROM YOUR CUSTOMER’S INSOLVENCY - In the second article in our series on risk and opportunity in the fashion retail sector, Rob Russell and Peter Manley assess one of the most prominent areas...more

"Europe's New Toolbox Aims to Minimize Impact of Troubled Banks"

Europe's latest legislative response to the recent financial crisis — the Bank Recovery and Resolution Directive (BRRD) — is intended to establish a minimum common toolbox for regulators in each member state to address bank...more

"A Question of Behavior: Foreign Sovereign Debt Restructuring Before US Courts"

The impact of Argentina's prolonged dispute with the holdouts of its defaulted debt continues to reverberate in the context of foreign sovereign debt restructuring. What has been called the "trial of the century" because of...more

"Ruling on Extraterritoriality May Protect Foreign Investors in US Bankruptcies"

The Bankruptcy Code authorizes a bankruptcy trustee to avoid (i.e., obtain the return of) certain types of prepetition property transfers so that the bankrupt estate can be divided among creditors fairly. For example, a...more

The Fall in Crude Oil Prices: Headline Issues to Watch

Oil price movement through 2014 and into 2015 is a consequence of market fundamentals. Europe’s continued economic woes, paired with the slowdown in China’s economy, have led to a fall in demand for oil....more

Anguilla publishes draft bill for new insolvency legislation

The Anguillan government has published a bill for a new Insolvency Act for public review and consultation. Background - Reform of Anguillan insolvency law is long overdue. Personal bankruptcy is presently...more

Second Circuit Denies Petition for En Banc Review of Fairfield Decision

On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the...more

Orderly Unwinding: Here to Stay?

The International Swaps and Derivatives Association (ISDA) recently issued the ISDA 2014 Resolution Stay Protocol (Protocol), which takes effect on 1 January 2015. The Protocol aims to prevent adhering parties from...more

Global Insight - Issue 12, Q4 2014

In This Issue: - Americas: Chapter 15: Section 363 Review Trumps Comity - Continental Europe: ..Update On Spanish Insolvency Laws - Refinancing Agreements And Purchase Of Business Units Of Companies...more

U.S. Court Asserts its Authority in a Cross-Border Bankruptcy Case

The United States Court of Appeals for the Second Circuit recently asserted its authority in addressing an asset sale in a cross-border bankruptcy case where the main insolvency proceeding was conducted in the British Virgin...more

APCOA – The Key Highlights of 2014’s Most Discussed Scheme

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new...more

Phones for who? Focus on technology companies

PHONES 4U COLLAPSE: PART 1 Phones 4U Limited, the leading independent mobile phone retailer with an annual turnover of £1bn, went into administration on 15 September, closing all its 720 outlets and placing 5,596 jobs...more

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