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Bankruptcy Reform

Tyson & Mendes LLP

A Seat at the Table: Supreme Court Rules Insurers Have a Right to Be “Heard on Any Issue” in Chapter 11 Cases

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On June 6, 2024, the United States Supreme Court issued its long-awaited ruling in Truck Insurance Exchange v. Kaiser Gypsum Co., Inc., et al. The Court held an insurer with financial responsibility for claims in bankruptcy...more

Patterson Belknap Webb & Tyler LLP

Popularity of Subchapter V Bankruptcy Filings

In 2019, Congress enacted the Small Business Reorganization Act, which created subchapter V within chapter 11 of the Bankruptcy Code. Congress’ intent was to create a more cost-efficient and streamlined restructuring process...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Spain (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER SPANISH LAW - I. INTRODUCTION -REGULATION OF INSOLVENCY OF COMPANIES AND INDIVIDUALS. We believe that the opportunity to present this article...more

A&O Shearman

Section 467 Leases: Maximizing Tax Benefits While Minimizing Bankruptcy Risks

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As the economy continues to face challenges and the threat of bankruptcy becomes more prevalent among businesses, landlords must be more vigilant in protecting their interests in commercial leases. One area of particular...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Spain

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER SPANISH LAW - I. INTRODUCTION -REGULATION OF INSOLVENCY OF COMPANIES AND INDIVIDUALS. We believe that the opportunity to present this article comes...more

Shumaker, Loop & Kendrick, LLP

Corporate bankruptcy reformation in the US - Eurofenix, Summer 2022

As a result of recent high profile Chapter 11 cases, such as Purdue Pharma and Johnson & Johnson, there has been great Congressional and media attention to controversial Chapter 11 practices. These include debtors’ forum- and...more

Seward & Kissel LLP

Unpacking Revlon, LATAM cleared for takeoff (sorry), $7.5 million sub V limit official, retail apocalypse redux (?), and new...

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Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times - As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more

Fox Rothschild LLP

The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program...

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While it is becoming increasingly rare for the Supreme Court to speak with a singular voice on virtually anything these days, bankruptcy provides a rare exception. On June 6, 2022, the Supreme Court unanimously held in...more

Akin Gump Strauss Hauer & Feld LLP

The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and...more

Fox Rothschild LLP

Bankruptcy Rules of Procedure Apply When a District Court is Hearing a “Related To” Proceeding

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The First Circuit was required to decide whether the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) or the Federal Rules of Civil Procedure (the “Civil Rules”) govern a case that comes within the federal...more

Hogan Lovells

House Judiciary Committee to Markup Nondebtor Release Prohibition Act of 2021

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On Wednesday, November 3, the House Judiciary Committee approved legislation on a party-line vote that could drastically reshape chapter 11 restructurings, particularly in cases involving significant tort liability. The bill,...more

Lowenstein Sandler LLP

Bankruptcy Venue Reform Bill Needs Amending

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The issue of venue reform has been debated for many years and is again being revisited in light of the expected surge in bankruptcy cases in the wake of the COVID-19 pandemic and certain recent large Chapter 11 filings,...more

Arnall Golden Gregory LLP

Restructuring Roundup - September 2021

Industry News  - Intelsat, equity holders square off over bankruptcy examiner request... CBD Global Sciences Resumes Trading After Filing Of Financials...more

Jones Day

The Italian Insolvency Code—A Work in Progress: Timing and News

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The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the...more

Latham & Watkins LLP

France Publishes Restructuring and Insolvency Law Reform Ordinance

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Ordinance 2021-1193, which effects into law the European Directive on preventive restructuring frameworks, applies to proceedings opened from 1 October 2021. Key Points: ..Certain preventive mechanisms are...more

Jones Day

Secured Lender's Credit Bid Right in Bankruptcy Sale Denied

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A secured creditor's right to "credit bid" the amount of its allowed claim in a bankruptcy sale of its collateral is an important creditor protection codified in section 363(k) of the Bankruptcy Code. Even so, a ruling...more

Greenberg Glusker LLP

Why Bankruptcy Venue Reform Matters

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Current U.S. bankruptcy law gives companies wide discretion to file a bankruptcy in the venue of their choice. A company can file for bankruptcy in any federal district where it has its “domicile, residence, principal place...more

Shumaker, Loop & Kendrick, LLP

Business Bankruptcy: Executive Summary - Need to Know Bankruptcy Concepts

According to the American Bankruptcy Institute, total commercial Chapter 11 filings in July 2021 decreased 62 percent from the previous year. Commercial Chapter 11 filings totaled 244 in July 2021, down from the July 2020...more

Jones Day

Legislative Update: The Dutch Scheme Has Arrived

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After more than six years of development, the legislative process concerning new Dutch restructuring legislation (Wet Homologatie Onderhands Akkoord, or "WHOA") that introduces a Dutch debtor-in-possession proceeding ("Dutch...more

Jones Day

Legislative Update: New Australian Insolvency Law Reforms Enacted for Small Businesses

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In response to the emergence of the COVID-19 pandemic in Australia in 2020, the federal government injected an unprecedented level of stimulus into the Australian economy and introduced temporary law reforms aimed at...more

White & Case LLP

The Saudi Bankruptcy Law: A Seismic Shift

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The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail. Executive Summary - ...more

Chambliss, Bahner & Stophel, P.C.

Senate Bill Would Discharge Substantial Student Loan Debt to Medically Distressed

On February 2, 2021, Democratic Sens. Whitehouse, Brown, Blumenthal, Baldwin, and Warren introduced the Medical Bankruptcy Fairness Act of 2021. This Act resembles bankruptcy reform bills that the senators introduced in prior...more

Latham & Watkins LLP

German Bundestag Passes Comprehensive Reform in Restructuring and Insolvency Law

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Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments. On 17 December 2020, the German Bundestag passed the Act on...more

Jones Day

Australian Company & Securities Update | Issue One

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KEY LEGAL AND REGULATORY DEVELOPMENTS - Legislative and Regulatory Reform - Permanent reforms in respect of virtual meetings and electronic execution - On 19 October, the Federal Government released for...more

Jones Day

New Insolvency Processes for Small Australian Businesses

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During the better part of 2020, the federal government has injected an unprecedented level of stimulus into the Australian economy in an attempt to mitigate the economic impact of COVID-19. As a result, despite a significant...more

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