Bankruptcy Reform

News & Analysis as of

Material Changes To The Italian Bankruptcy Law

On June 27, 2015 the Italian government enacted the law decree no. 83 (the “New Decree”) that, among others, includes material changes to the Italian bankruptcy law (Royal Decree 267/1942, the “IBL”). The New Decree must be...more

The ABI Commission on Business Bankruptcy Reform: Paying "Critical Vendors" - Will Congress Finally Act?

This is the second in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Select Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s recommendations about the...more

The ABI Commission on Business Bankruptcy Reform: Director and Officer Fiduciary Duties and Lender Liability

Will Congress Finally Act? This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Three...

Earlier this year, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset...more

Will Congress Finally Act? The ABI Commission on Business Bankruptcy Reform: Secured Lenders

Congress rarely accomplishes anything these days, but the need to reform Chapter 11 of the Bankruptcy Code seems to have “crossed over the aisle.” When the Bankruptcy Code was enacted in 1978, America boasted the world’s...more

The American Bankruptcy Institute's Recommendations for Chapter 11 Reform

Last December, the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 released a 400-page report on recommended changes to Chapter 11 of the Bankruptcy Code. Originally published in the April...more

Challenges for the US retail sector, inside and outside bankruptcy

In recent months, the US has seen a staggering increase in the number of retailers, both large and small, filing for bankruptcy. Among others, Dots, Alco Stores, Radio Shack, Deb Shops, Wet Seal, and Delia’s have each filed...more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations - Part Two of...

Last month, Orrick’s Restructuring team began a three-part look at the American Bankruptcy Institute’s Chapter 11 Reform Report. In part one we looked at issues related to confirmation, valuation, financing and asset sales....more

Overview and Analysis of Select Provisions of the ABI Chapter 11 Reform Commission Final Report and Recommendations

In December, the American Bankruptcy Institute issued its Final Report and Recommendations of the Commission to Study the Reform of Chapter 11. The Report is almost 400 pages long and contains more than 200 recommendations....more

"Trends in Chapter 11 Filings, Venue and Proposed Reforms"

Corporate Chapter 11 filings remained relatively low in 2014, down slightly from 2013, due to a robust capital market environment, low interest rates and easy access to financing. These and other factors allowed highly...more

Overview of ABI Commission Report and Recommendation on the Reform of Chapter 11 of the Bankruptcy Code

The last major revision to U.S. business reorganization laws occurred in 1978. Since then, companies’ capital structures have become more complex and rely more heavily on leverage, including secured debt in particular; their...more

American Bankruptcy Institute (ABI) Reform Commission Releases Report Recommending Significant Changes to Chapter 11

On December 8, 2014, the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 published a 400-page report containing far-reaching recommendations. The report is the result of a three-year study...more

Spanish Insolvency Law Reform Extends to Composition Agreements

A second round of material reforms should encourage the viability of distressed companies in Spain. Royal Decree Law 11/2014 (the New Reform) is another clear effort to decrease the number of insolvent companies which...more

Kazakhstan’s New Rehabilitation and Bankruptcy Law

The new law extends the grounds for shareholders’ liability and invalidation of transactions. On 26 March 2014, the new Rehabilitation and Bankruptcy Law (the New Law) took effect in Kazakhstan. The New Law supersedes...more

Be PREPAred: PREPA Bondholders Greet Puerto Rico’s Bankruptcy Legislation With Federal Lawsuit

On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers. Within 24 hours of the statute’s enactment, two mutual fund complexes owning...more

Amendments To Local Rules For The United States Bankruptcy Court For The District Of Delaware

In This Issue: - General - Rule 2002-1: Notices to Creditors, Equity Security Holders, United States and United States Trustee - Rule 2004-1: Rule 2004 Examinations - Rule 3007-2: Service of Objections to...more

Mitigating the “Vitro Effect”: Mexican Lawmakers Approved the Most Ambitious Bankruptcy Law Reform Since its Enactment back in...

On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive...more

Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law  [Video]

Oct. 24 (Bloomberg) -- Detroit's municipal bankruptcy is reason Congress should consider amending Chapter 9 governing municipal debt adjustment, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill...more

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

Introduction - In a recent decision, the Bankruptcy Court for the Northern District of New York broadly interpreted the meaning of “interest” in the context of determining the scope of a sale free and clear of “liens,...more

NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform [Video]

One of the issues that emerged from the MF Global collapse was the complex and often frustrating US bankruptcy process. In the case of MF Global, futures customers’ claims were lumped in with other creditors. As such, it took...more

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