Insolvency

News & Analysis as of

Res Cogitans - A Class of Its Own

Bunker Supply Contracts, Retention of Title Clauses, The Sale Of Goods Act 1979 and One Highly Publicised Insolvency Combine to Give Vessel Owners a Global Headache - The Supreme Court’s ruling in this already...more

CMS Issues Revised Rules for CO-OPs and Special Enrollment Periods

As implementation of the Affordable Care Act (ACA) continues, the federal government continues to make adjustments to its rules to respond to the needs and circumstances arising from this transformational legislation. On...more

Bankruptcy Court Opinion Clarifies California Law on Duties of Directors & Officers Upon Insolvency

It is not unusual in the lifecycle of a start-up for the company to hit road blocks and have cash flow issues. During these times, the board and its members will ask the company’s professionals what their fiduciary duties are...more

Determing remuneration of insolvency practitioners

Having performed their work, insolvency practitioners frequently find their claims for remuneration disputed by the creditors of the insolvent company. This tension is due to a clash of interests: creditors hope to obtain as...more

Update: Proposed Rules Will Limit Buy-Side Remedies in a Financial Institution Failure

The Board of Governors of the Federal Reserve System (the “Board”) has proposed rules (the “Proposed Rules”) that represent a significant shift in the terms of over-the-counter derivatives, repurchase agreement and securities...more

Treasury Department Rejects Central States Pension Fund's Benefit Reduction Proposal

As we discussed in a prior alert, in September 2015 the Teamsters’ Central States Pension Fund submitted a proposed “rescue plan” to the U.S. Department of Treasury (Treasury). The Central States Pension Fund is severely...more

AER Seeks to Hold Directors, Officers Personally Liable for Obligations of Insolvent Corporate Licensees

The Alberta Energy Regulator (AER) recently released Bulletin 2016-10 (Bulletin), as a reminder to directors and officers of corporate holders of AER oil and gas well licences (Licensees) that they may be personally...more

Blog: Third Parties (Rights Against Insurers) Act 2010 to Come into Force in August 2016

A statutory instrument has recently been passed providing that the Third Parties (Rights Against Insurers) Act 2010 will, finally, come into force on 1 August 2016, some six years after it was first passed....more

To Mitigate or Not to Mitigate – That is the Question!

If you suffer loss as a result of negligent advice, do you have a duty to mitigate? If yes, what does that duty look like in practice? How far do you need to go in attempts to reduce the loss you have suffered? This was the...more

PF Newsletter: LMA Updates - Quarter One 2016

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

The Luxembourg Rail Protocol to the Cape Town Convention

The Luxembourg Rail Protocol to the Cape Town Convention: its application to the UK and how it differs to the Aircraft Protocol - The UK signed the Luxembourg Protocol to the Convention on International Interests in...more

Concerned about a going concern? New standards on accounting standards

Following on from our recent blog post on Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch), in which Mr Justice Snowdon discussed the issues around wrongful trading under section 214 of the Insolvency Act 1986 and...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

Oil price turbulence benefits the opportunistic

The prolonged turbulence in oil prices has brought cost reduction programmes, the shelving of projects, and insolvencies in the oil field services (OFS) and exploration and production (E&P) sectors — and has presented a once...more

Saudi Arabia's proposed new insolvency law and commercial pledge law

The pace and scale of current regulatory change in Saudi Arabia is remarkable. 2015 alone saw the long awaited Qualified Foreign Investors regulations open the Tadawul (Saudi stock market) to non GCC investors and the even...more

European Commission Seeks Views on Harmonizing EU Insolvency Regimes Under its Capital Markets Union Action Plan

The European Commission launched a consultation seeking views on key insolvency principles and standards which could ensure that national insolvency frameworks work in a cross-border context. The consultation is part of the...more

CIGA Avoids C&R Lien Obligation At Expense of Co-Defendant

On March 22, 2016, the Second District Court of Appeal, Division One, published its opinion in California Insurance Guarantee Assn. v. Workers’ Comp. Appeals Bd., No. B263869, Cal.App.4th, in which it determined that the WCAB...more

Delaware Bankruptcy Court Rules TCEH First Lien Distributions Are Governed by the Bankruptcy Code, Not by Intercreditor Agreement...

On March 11, 2016, Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the Energy Future Holdings bankruptcy that resolved an intercreditor dispute over $90 million in...more

New Delaware Chapter 15 Filing – Abengoa, S.A.

Christopher Morris, the foreign representative of Abengoa, S.A. (Nasdaq: ABGB), a debtor in a foreign proceeding pending in Spain, and 24 affiliates have filed a chapter 15 petitions before the United States Bankruptcy Court...more

You Can Lead a Horse to Water, But You Can’t Call it an Airplane: Supreme Court Oral Arguments Suggest Puerto Rico’s Recovery Act...

A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government...more

Minerals Matters - Winter 2016

Welcome to the latest edition of Minerals Matters and the first one of 2016. Last year was, on the whole, positive for the sector. We had the drama of the UK General Election and the surprisingly decisive outcome which...more

Will the Safe Harbour Ipso Facto Assist with Restructuring in Australia? - Proposed Reform to Australian Insolvency Laws

The Productivity Commission has handed down its long-awaited report on Business Set-Up, Transfer and Closure (Report) to the Australian Federal Government. Key recommendations from the Report have been embraced by the...more

Modeling the Model Law – what not to do

OGX Petroleo E Gas S.A., Re [2016] EWHC 25 (Ch) - In a recent judgment, Mr Justice Snowden sounded a cautionary note for applicants seeking recognition of a foreign insolvency proceeding under the UNCITRAL Model Law,...more

Blog: The Venture-Backed Company Running Out Of Cash: Fiduciary Duties And Wind Down Options

Many start-up companies backed by venture capital financing, especially those still in the development phase or which otherwise are not cash flow breakeven, at some point may face the prospect of running out of cash. Although...more

Germany’s Maple Bank Indemnification: Implications for Creditors

On 12 February 2016, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) declared Maple Bank GmbH (“Maple”) as an indemnification case, meaning that the German deposit...more

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