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Acquisitive Reorganization Under Section 367(b)

This outline discusses, in plain English, the regulatory provisions called into play under IRC § 367(b) on acquisitive mergers and other non-divisive corporate reorganizations. A Section 367(b) acquisitive reorganization...more

Bennett Jones Spring 2014 Economic Outlook [Video]

Bennett Jones senior advisor David Dodge, OC, presents the Bennett Jones Spring 2014 Economic Outlook, written by himself and other firm advisors Richard Dion and John M. Weekes. In the Outlook, the authors describe the most...more

Statutory Exemption from U.S. Withholding Tax on Dividends Remains

Generally, a non-U.S. taxpayer that is not engaged in a U.S. trade or business is taxable in the United States only on U.S.-source “fixed determinable, annual or periodical” income (FDAP)....more

Cayman Liquidation Committees – What Prospective Members Need to Know

In this guide Harneys considers the role and function of a liquidation committee appointed under the Cayman Islands’ Companies Winding Up Rules. A vital component in the liquidation of a Cayman Islands company is the...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

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

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

"Central European Distribution Corporation’s Chapter 11 Plan Incorporates Dutch Auction"

On May 13, 2013, the U.S. Bankruptcy Court for the District of Delaware confirmed a prepackaged Chapter 11 plan of reorganization in the case of Central European Distribution Corporation (CEDC) that incorporated an unmodified...more

Global Insights - Issue 6, Q2 2013: News, Views and Analysis from DLA Piper’s Global Restructuring Group

In This Issue: - (UK) The Validity Of Exit Consents Under English Law - (UK) When A Charity Faces Financial Difficulty - (UK) Are You At Risk From Financial Distress In Your Supply Chain? - (Global Europe)...more

Second Circuit Determines the Relevant Date for Determining a Chapter 15 Debtor’s “COMI”

A. INTRODUCTION - Courts in the Southern District of New York and elsewhere have issued conflicting decisions regarding the appropriate time period to consider in determining a foreign debtor’s “center of its main...more

Second Circuit Establishes Relevant Time Period for "Center of Main Interests" Determination Under Chapter 15 of the Bankruptcy...

In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir. April 16, 2013), the United States Court of Appeals for the Second Circuit (the "Second Circuit") held that...more

Can't You Hear Me Knocking? The Dreaded Preference Demand

You are in your office finishing your morning espresso when you receive an email from the CFO of your companies' U.S. subsidiary. Attached to the email is a letter from a U.S. law firm. Instinctively, you know this can't be...more

Vitro Update: “Savings Clause” Fails to Save Vitro Subsidiaries From Involuntary Bankruptcy

Shortly after the U.S. Court of Appeals for the Fifth Circuit refused to enforce Vitro SAB’s Mexican plan of reorganization in the United States (covered here), Judge Harlin D. Hale of the U.S. Bankruptcy Court for the...more

Supreme Court of Canada Upholds Priority for DIP Lenders in CCAA Proceedings

Overview - On February 1, 2013, the Supreme Court of Canada (the “SCC”) affirmed the priority granted to Debtor-In-Possession (“DIP”) lenders who provide capital to debtor companies undergoing the restructuring process...more

Skadden's 2013 Insights: Corporate Restructuring

The global reach of capital markets, financial difficulties in the eurozone and the multinational nature of many businesses and financial institutions have increased the importance of understanding legal, business and other...more

"Landmark UK Supreme Court Ruling Restricts Enforcement of Foreign Bankruptcy Judgments"

In a ruling disposing of two appeals, the U.K. Supreme Court has held that the enforcement of foreign bankruptcy rulings in England will in certain circumstances be more difficult than had previously been thought. The two...more

Enforcing orders made in foreign insolvency proceedings

The UK Supreme Court decision in Rubin v Eurofinance SA and what it means for BVI and Cayman - This article sets out the potential impact in the BVI and Cayman of the much anticipated Supreme Court decision in Rubin v....more

Commercial Restructuring & Bankruptcy Alert - October 2012

In This Issue: - Announcing Our New Cross-Border Insolvency and Restructuring Practice, and New Singapore Office - ‘Unfinished Business’ Doctrine in Law Firm Dissolutions is the Subject of Recent Opposing Decisions...more

ICLG: The International Comparative Legal Guide to: Corporate Recovery and Insolvency 2012: Chapter 10: Canada

1 Issues Arising When a Company is in Financial Difficulties - 1.1 How does a creditor take security over assets in Canada? Personal Property - Personal Property Security Acts (“PPSA”) in force in all of...more

$40 Million Settlement Approved in Lehman Brothers Case

On June 21, 2012, Judge Lewis A. Kaplan of the Southern District of New York approved a $40 million settlement in an RMBS class action brought by Locals 302 and 612 of the International Union of Operating Engineers –...more

Vitro: Chapter 15 and the Limits of Comity: Texas Bankruptcy Court Refuses to Enforce Third Party Release Provisions in Mexican...

On June 13, 2012, Judge Harlin D. Hale of the United States Bankruptcy Court for the Northern District of Texas refused to enforce provisions of a Mexican plan of reorganization that purported to extinguish guarantees by the...more

“Abandon hope all ye who enter here?” – First Practical Experiences with the New German Bond Restructuring Act

In response to a need for a modern bond restructuring law permitting extensive financial restructurings outside formal insolvency law proceedings, the German legislator introduced a new German Bond Restructuring Act...more

Commercial Restructuring & Bankruptcy Alert - March 2012

In this issue: - Foreclosures in New Jersey - Substantive Rights' Not Assignable, Intercreditor Voting Rights Assignment Nullified - Offshore Bankruptcy-Remote Entity is Not Bankruptcy-Proof; Trust...more

Managing the various arrangements

British Virgin Islands (“BVI”) company law usually takes pride in simplifying itself to try and keep the jurisdiction as “user-friendly” as possible for the users of offshore companies. Although in...more

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