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International Trade Bankruptcy

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Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

by Jones Day on

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

Recent Case Law Developments Impact Claims of Unpaid Suppliers for Goods Delivered Immediately Prior to Customer Bankruptcy

by Dickinson Wright on

Section 503(b)(9) of the Bankruptcy Code (11 U.S.C. §503(b)(9)) provides a special administrative priority claim for someone that supplies goods to a debtor in the 20 day period before the bankruptcy filing, but is unpaid as...more

European Commission Consultation: Developing the Secondary Market for Non-Performing Loans

by Jones Day on

The European Commission ("Commission") has released a consultation paper to evaluate the merits of introducing measures to support secondary markets for distressed debt and the development of a new, contractual-based loan...more

Suppliers Beware: Two Recent Cases (in Third Circuit and Delaware) Hold that Debtor Must Physically Possess Goods Within Statutory...

Amidst a surge in retail bankruptcies, two recent decisions construing section 503(b)(9) of the Bankruptcy Code directly limit suppliers’ ability to seek administrative claims for goods shipped to a debtor in the period...more

ECJ: Clarification on Withdrawing State Aid from Companies Deemed "Undertaking in Difficulty"

by Jones Day on

The notion of "undertaking in difficulty" is a key element in State aid law because undertakings in difficulty can receive State aid only under the restrictive conditions for so-called rescue and restructuring aid. Any other...more

Restructuring and Insolvency Bulletin - Issue 1 - 2017 - Supreme Court Lehman Waterfall I decision - foreign currency creditors...

by Dechert LLP on

98% of the liabilities of Lehman Brothers International (Europe) (in administration) (“LBIE”) were denominated in non-sterling currencies. The fall in sterling after LBIE entered administration resulted in significant paper...more

Shipped Goods Deemed “Received” Upon Physical Possession for Allowed Claims for Administrative Expenses in Bankruptcy

by Burr & Forman on

Signed, sealed, delivered, but am I yours? Apparently not, according to the United States Court of Appeals for the Third Circuit, at least in the context of allowed administrative expense claims under Section 503(b)(9) of the...more

Courts, Cooperation, and More: A Review of Cross-Border Insolvency Protocols

by Jones Day on

In cross-border restructuring cases, including cases under chapter 15 of the U.S. Bankruptcy Code and versions of the UNCITRAL Model Law on Cross-Border Insolvency enacted in 42 other nations or territories, interested...more

Review of amendments to the insolvency legislation

by White & Case LLP on

This review concerns a number of amendments to Federal Law “On insolvency”1 (the “Law”) introduced by federal laws No. 222-FZ2 and No. 488-FZ3, and the interpretation of the amendments in the Review of Court Practice on...more

Restructuring and Insolvency Bulletin Issue 1 - 2017 - United Kingdom: New Insolvency Rules streamline communication with...

by Dechert LLP on

The existing insolvency rules in the UK have been recast with the aim to "modernize and consolidate" the procedural framework for insolvency processes in the UK and promote efficiency. The Insolvency (England and Wales) Rules...more

Restructuring and Insolvency Bulletin Issue 1 - 2017 - Cross border restructuring landscape continues to evolve – EU and Singapore...

by Dechert LLP on

Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU...more

Takata Declares Bankruptcy: What are the Key Next Steps for Suppliers?

by Foley & Lardner LLP on

On June 25, 2017, Takata’s US arm, TK Holdings Inc. and certain affiliates excluding certain foreign debtors such as Takata Corporation (Japan) (the “Takata US Debtors”), filed chapter 11 cases seeking bankruptcy protection...more

Countering counterparty insolvency

by Hogan Lovells on

These days, the threat of counterparty insolvency looms over the energy sector: whether it is a natural disaster or precipitous decline in the price of oil, perhaps no industry is more susceptible to the financial decline and...more

Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

In In re FAH Liquidating Corp., Case No. 13-13087 (Bankr. Del. June 13, 2017), the Bankruptcy Court for the District of Delaware recently followed the Fourth Circuit and Bankruptcy Court for the Southern District of New York...more

Germany introduces legislation to facilitate corporate group insolvencies (Konzerninsolvenzrecht)

by DLA Piper on

Germany’s major legal reform aiming to facilitate group insolvencies takes effect on April 21, 2018 (full German text). The new law will allow insolvency proceedings over companies within a corporate group to be concentrated...more

Foreign-based Companies Considering a U.S. Chapter 11: What You Need To Know

by Hogan Lovells on

Hogan Lovells partners Chris Donoho and Ron Silverman spoke to DebtWire Radio about current issues concerning cross-border restructurings. They addressed the factors that prompt foreign-based companies to avail themselves of...more

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

Foreign Representative Had "Independent" Standing to Prosecute State Law Avoidance Claims in Chapter 15

by Jones Day on

If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more

Group Insolvency Proceedings Under the Revised EU Insolvency Regulation

by Jones Day on

Restructuring an international group of companies in Europe continues to be challenging. While companies can transact business freely across European borders, coordination between the stakeholders involved in a cross-border...more

Client Alert: Chapter 15: A Sword and A Shield

THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW - On March 23, 2017, the United States Bankruptcy Court for the Southern District of Florida, Miami Division, ruled that a foreign debtor could...more

Amendments to Companies Act Aim to Transform Singapore into Debt Restructuring Hub

by Morgan Lewis on

Singapore’s firm trajectory towards becoming an international hub for debt restructuring received a boost with the Companies (Amendment) Act 2017 coming into force on 23 May 2017....more

Keeping pace with global trends in debt restructuring: Indonesia must act

by DLA Piper on

In the past year, the global corporate default rate reached its highest level since the 2008 financial crisis, and continues to climb. In response, both Singapore and the European Union are exploring new approaches to debt...more

Hong Kong: Financial Restructuring and Insolvency Update

by White & Case LLP on

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (the "Amendment Ordinance") came into effect on 13 February 2017 seeking to revamp and modernize the winding-up regime in Hong Kong, but does...more

Upside Down in Chapter 15

by WilmerHale on

Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more

Chapter 15 and Cross-Border Insolvency

One by-product of the “globalization” of business is the homogenization of business practices. Businesses naturally seek and promote an environment and “rules” that are predictable, which allow for effective risk management....more

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