Insolvency

News & Analysis as of

Customer Data in Corporate Sales - A Privacy Issue: German Privacy Watchdog Fines Seller and Purchaser for Personal Data Transfer

In a press release on 30 July 2015, the Bavarian data protection authority (DPA) announced that it had recently fined both seller and purchaser for unlawfully transferring customer data as part of an asset...more

MEasure - Summer 2015

Welcome to the Summer 2015 issue of measure, King & Spalding’s Middle East quarterly newsletter. This issue covers a number of areas with interesting developments and valuable guidance. Phillip Sacks and Jodi Norman discuss...more

Manufacturing Matters Summer 2015

Welcome to Manufacturing Matters, DLA Piper’s specialist publication providing a round-up of legal news, sector updates and commentary for clients and contacts engaged in the manufacturing sector. The sector has...more

French Supreme Court rules out liability for undercapitalising companies

Minimum share capital requirements have disappeared from French legislation over the last few years, leaving the société anonyme as the last and only commercial company with such a requirement, set by the French Commercial...more

Officer/Director Breach of Duty: If Things Get Bad Enough, There May Be Recourse

Official Comm. of Unsecured Creditors v. Baldwin (In re Lemington Home for the Aged), 777 F.3d 620 (3rd Cir. 2015) – The debtor was a nonprofit corporation that operated a nursing home. The chapter 11 unsecured...more

Litigation Funding For Liquidators in Singapore: Re Vanguard Energy Pte Ltd

The case of Re Vanguard Energy Pte Ltd was heard in Singapore recently, with judgment handed down by the High Court on 9 June 2015. Of significance to liquidators and underlining the importance of this case to the...more

S.P.A. "Salva-Imprese": Pubblicate In Gazzetta Ufficiale Nuove Disposizioni Sulla Società Di Turnaround Prevista Dal Decreto...

Al fine di favorire il rilancio delle imprese in crisi temporanea, il decreto 24 gennaio 2015, n. 3 (c.d. "Decreto Investment Compact"), recante misure urgenti per il sistema bancario e gli investimenti, convertito in legge...more

Securities and Corporate Governance Litigation Quarterly

Welcome to the fourth issue of Securities and Corporate Governance Litigation Quarterly, Seyfarth’s quarterly publication of the Securities & Financial Litigation Group focusing on decisions or other items of interest for...more

OAS Chapter 15 decision sheds new light on cross-border insolvency practice, but may add complexity to financial institutions'...

In an interesting decision with important implications for both Chapter 15 practice and financial institutions’ global credit risk analyses, a US Chapter 15 court (the “Court”) granted recognition of a number of Brazilian...more

Multiemployer Pension Plans - Withdrawal Liability is Mounting

There are approximately 1,400 multiemployer pension plans and nearly 10 percent are projected to become insolvent within the next 15 years. Plan insolvency will trigger a termination and the assessment of withdrawal...more

Distressed Download - July 2015

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more

European M+A News, Summer 2015

IP Pitfalls in Tech M&A Transactions - Technology and IP-driven deals accounted for over 30 percent of M&A deal volume in Europe in 2014. This trend is bound to continue, with many deals involving strategic or financial...more

CMS Investment Holdings, LLC v. Castle et al., C.A. No. 9468–VCP (Del. Ch. June 23, 2015) (Parsons, VC)

In this decision, the Delaware Court of Chancery largely declined to dismiss claims for breach of a limited liability company agreement, breach of the implied covenant of good faith and fair dealing, unjust enrichment, breach...more

50 Cent Files for Bankruptcy, Trades In Da Club for In Da Courthouse

The rapper Curtis James “50 Cent” Jackson III filed a voluntary chapter 11 bankruptcy petition in Connecticut bankruptcy court on Monday, July 13, 2015. Jackson rose to prominence with songs like In Da Club and P.I.M.P. from...more

The UK continues its objective stance on rescue procedures

The High Court has considered whether a winding-up petition is permitted where the Petitioner has a collateral purpose for bringing the petition. The collateral purpose, also referred to as an ulterior motive, would result in...more

Insurance and Reinsurance Newsletter - Italy: July 2015

1. Solvency II - Insurance Code Amended - Legislative Decree No. 74 of 12 May 2015 was published in the Official Gazette on 15 June 2015, which has made all necessary amendments to the Insurance Code in order to...more

Global Insight - Restructuring e-Newsletter: Oil and gas sector distress - UK and US perspectives; PRC real estate restructuring;...

A UK perspective on oil price volatility - industry impact and legal considerations - The dramatic decrease in the price of crude oil over the last eleven months has had ramifications across the globe. With prices...more

Eurozone Crisis: Possible Outcomes

There is no precedent for a country leaving the Euro, and speculation continues as to how the crisis will unfold, and what the consequences would be of an exit of a member. There is uncertainty around various scenarios, not...more

[Event] Financial Distress in the Energy Sector: Managing Exposure and Leveraging Opportunities - July 23, Boston, MA

Locke Lord is pleased to bring this important and timely discussion to Boston. By leveraging the extensive experience our lawyers bring to the table from the energy, restructuring & insolvency and private equity sectors, we...more

Recast Insolvency Regulation: New Rules and Focus on Cross-Border Restructuring

On 20 May 2015 the recast EC Regulation on Insolvency Proceedings (2015/848) (Recast Regulation) was adopted and will apply to insolvency proceedings opened after 26 June 2017 in Member States (other than Denmark). Broader in...more

UK Regulatory Proposals on Removing Impediments to Resolvability

The Bank of England, the UK authority with powers to “resolve” failing banks, is consulting on how it might exercise its power of direction to remove impediments to resolvability. The Bank may require measures to be taken by...more

Anti-suit injunctions, OW Bunker and ISDA Master Agreements

Anti-suit injunctions, OW Bunker and ISDA Master Agreements SwissMarine Corporation Limited v O.W. Supply & Trading A/S (in bankruptcy) [2015] EWHC 1571 (Comm) - The Commercial Court has recently refused to grant an...more

Court varies order recognising South Korean insolvency proceedings to allow pursuance of claims in London arbitration

Re Pan Ocean Co Ltd [2015] EWHC 1500 (Ch) - The Applicants had entered into a pool agreement and time charter with Pan Ocean, both of which were governed by English law and provided for London arbitration. The agreements...more

Shareholder Disputes: When is Just and Equitable Liquidation Appropriate?

Unfair prejudice claims are commonplace in the British Virgin Islands (BVI) following the introduction of bespoke provisions in the BVI Business Companies Act 2004 and have all but replaced old fashioned just and equitable...more

Raising a Drawbridge Objection: Eligibility in Chapter 15 Cross-Border Insolvency Cases

Insolvency like international law can lend itself to aggressive protectionism as parties or countries try to preserve their own interests, like medieval lords surrounded their castles with moats and towering walls to fend off...more

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