Bankruptcy Updates

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ISDA Master Agreement: English court considers meaning of “Default Rate”

The English High Court in Lehman Brothers International (Europe) (In Administration) [2016] EWHC 2417 (Ch), in one of a series of cases arising from the Lehman insolvency, has had to consider (among other issues) the meaning...more

Recognising foreign insolvency proceedings arising in jurisdictions other than the place of incorporation - A case study of Re...

The central question in the case of Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108 (Opti-Medix) was whether insolvency proceedings in a jurisdiction other than the place of incorporation could be...more

SDNY Bankruptcy Rules Are About to Change: What You Need to Know About the @USBCSDNY Proposed Amendments

Last month, the United States Bankruptcy Court for the Southern District of New York proposed amendments to its local rules. Although the amendments are not sweeping, they include some very important updates and tweaks to...more

Supreme Court Watch 2016-2017 - Part I: Structured Dismissals and Insider Claims

The Supreme Court’s 2016–2017 term began last week with attention to two bankruptcy issues: Structured dismissals and insider claims. Structured Dismissals: - Structured dismissals occur when a company’s assets in...more

Lenders to SPEs: Be Aware, You May Not Have Standing to Appeal a Substantive Consolidation Order

A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We...more

SOPA takes a backseat: The role of cross-demands in setting aside statutory demands issued pursuant to judgments made in terms of...

The High Court has ruled that a statutory demand based on a judgment pursuant to an adjudication determination made under the Building and Construction Industry Security of Payment Act (SOPA) can be set aside on the ground...more

Supreme Court to Resolve Circuit Split Over Filing Bankruptcy Proof of Claim on Time-Barred Debt

The U.S. Supreme Court granted certiorari last week in Midland Funding, LLC v. Aleida Johnson, a decision of the 11th Circuit that held that Midland’s filing of a proof of claim in the plaintiff’s bankruptcy case on a...more

Executive Compensation Under Section 503(c) – The Sports Authority Story

A recent, and highly publicized, decision from the case formerly known as Sports Authority, In re TSA WD Holdings, Inc. et al., Case No. 16-10527 (MFW), Bankr. D. Del. (Docket #2863, Aug. 31, 2016), allowed the defunct...more

Louisiana State Mechanics’ Lien Law Trumps Parties’ Contract Terms

With U.S. oil and gas prices dipping low over the past year and a half, a large number of companies have declared bankruptcy. In the next year and a half, it is forecasted that more companies who are limping along, may seek...more

Balancing the Equities: Default Interest Rate Adjusted as Bankruptcy Court Weighs in on Critical Issue

Can a bankruptcy court apply its equitable powers to adjust the default rate for post-petition interest owed to over-secured creditors? The Bankruptcy Court for the District of Puerto Rico recently held that the Bankruptcy...more

The Ultimate Arizona Bankruptcy Guide – Pt. 6 – The Meeting of Creditors

After your bankruptcy case is filed with the Arizona bankruptcy court the clerk of the bankruptcy court will send out written notification of your bankruptcy to all of your creditors that were provided in the bankruptcy...more

Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case...more

Commercial Restructuring & Bankruptcy Alert - October 2016

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Lehman Brothers International (Europe) (In Administration) – Two Recent Judgments

Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more

U.S. Sixth Circuit Holds that Customary Language in Amendment and Restatement Agreements May Extinguish Existing Security...

On August 23, 2016, the U.S. Court of Appeals for the Sixth Circuit held in the Chapter 7 bankruptcy case In re Fair Finance Company that an amendment and restatement of a loan and security agreement may have been a novation...more

Court Finds that Parents Convicted of Ponzi Scheme Received Value from Tuition Payments

Do parents receive something of value when they pay for their child to attend college? The Massachusetts Bankruptcy Court (Hoffman, J.) recently considered this exact question in DeGiamcomo v. Sacred Heart University, Inc.,...more

Review of the Corporate Insolvency Framework consultation

Insolvency Service receives a mixed response to its Review of the Corporate Insolvency Framework consultation. The Insolvency Service has now published a summary of responses to its May-July 2016 consultation on reform...more

Proposed New Local Rules for the Southern District of New York

The United States Bankruptcy Court for the Southern District of New York recently announced proposed amendments to its local rules. The proposed amendments will not take effect until December 1, 2016, but we could not wait...more

Delaware Organizational Meeting – IMX Acquisition Corp.

Upcoming Committee Formation Meeting: Wednesday, October 19, 2016, 10:00 a.m. Case Name: IMX Acquisition Corp. Case Number: 16-12238 (BLS)...more

Bankruptcy Avoidance Litigation Part II – Do I Really Have To Give That Payment Back?

In the first installment of this article, we discussed the prevalence of preference litigation and some of the commonly-available defenses to business vendors to limit or even eliminate liability to the bankruptcy estate....more

Reed Smith Prepares Enforceability Opinion for IECA New Master Netting Agreement

On October 7, 2016, Reed Smith assisted the International Energy Credit Association (“IECA”) in preparing an enforceability opinion for the release its Master Netting Agreement (the “MNA”) under both English and U.S. law....more

Make Your Hanjin Bankruptcy Claims Now!

There is a lot of press coverage about the Hanjin bankruptcy, but very little of it provides tangible facts for traders to rely on. One thing we know for sure is Hanjin filed a Chapter 15 bankruptcy in the U.S. What that...more

Unsecured Creditor Carve-outs: Chapter 11 Misery Makes Strange Bedfellows

There are a number of "creditor remedies" that can be utilized to maximize recovery from an insolvent customer. This article addresses one such "remedy": a carve-out from the pre-petition secured lender. Please see...more

One Appellate Court’s Message to Debtors: Do What You Say!

Mortgage lenders received some good news from the Eleventh Circuit Court of Appeals last week! In Failla v. Citibank, N.A., Case No. 15-15626 (11th Cir. Oct. 4, 2016), the Court affirmed a bankruptcy judge’s order for a...more

The Eleventh Circuit has spoken: “Debtors who surrender property must get out of the creditor’s way”

In recent years, there has been a hotbed of litigation across the nation, particularly in Florida state and bankruptcy courts, regarding a debtor’s ability to contest a secured creditor’s foreclosure notwithstanding the...more

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