Insolvency

News & Analysis as of

Bill Of Law Enables Banks’ T3 Or Senior Subordinated Notes In Spain

In the process of implementation of the Bank Recovery and Resolution Directive (BRRD) in Spain, the draft bill is proposing a change in the ranking of claims which will enable Spanish banks to issue the so-called senior...more

Delaware Chancery Court Holds that Creditor Plaintiffs in Derivative Suits May Satisfy Standing Requirement by Showing...

In Quadrant Structured Products Co., Ltd. v. Vertin, C.A. No. 6990-VCL, 2015 WL 2062115 (Del. Ch. May 4, 2015), the Delaware Court of Chancery held that a creditor plaintiff needs only establish that a corporation was...more

Locke Lord QuickStudy: Rights of Creditors and Duties of Directors of Insolvent Delaware Entities Clarified

When companies are in financial distress the question arises as to what rights shift to creditors from shareholders or other equity owners. The Delaware Chancery Court recently addressed this issue in some detail in Quadrant...more

The Small Business, Enterprise and Employment Act - Corporate restructuring and insolvency changes come into effect

Four important changes to the Insolvency Act 1986 (IA86) will come into force this week (26 May 2015). They do so without transitional provisions and so will apply automatically to existing corporate insolvency proceedings...more

Delaware Offers New Guidance on Enforcing Fiduciary Duties Owed to Insolvent Corporations

On May 4, 2015, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued a decision in Quadrant Structured Products Co., Ltd. v. Vertin, analyzing creditors’ standing to bring derivative claims against directors...more

The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency...more

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Delaware court of chancery issues significant ruling on the ability of creditors to assert fiduciary duty claims against...

In Quadrant Structured Products Co. v. Vertin, 2015 WL 2062115 (Del. Ch. May 4, 2015), the Delaware Court of Chancery (Vice Chancellor J. Travis Laster) announced a bright-line standard governing the threshold inquiry of when...more

Rights of Creditors to Judicial Dissolution of Corporations

In certain instances, when a creditor has a claim against an insolvent corporation, it may be entitled to seek judicial dissolution of the entity in an effort to collect whatever assets the entity may hold. The Florida...more

Court of Chancery Clarifies Creditors' Rights

A just-issued Court of Chancery decision clarifies, and possibly expands, creditors' rights. In 2007, the Delaware Supreme Court ruled that a corporation's creditors may sue its board of directors for violating its fiduciary...more

Illegality, insolvency and fraudulent directors: Clarity at last?

The Supreme Court recently handed down its judgment in Jetivia SA and another v Bilta (UK) Ltd (in liquidation) and others [2015] UKSC 23. The Court was unanimous in dismissing the appellants’ case that the claimants’ claims...more

Chapter 15 Cross-Border Insolvency Means Comity and Cooperation; Not Necessarily Comedy and Concern

After taking the last train into the small Italian town of Vernazza, my travelling party soon came to realize that our booked inn had given away our rooms and that there were no available rooms in town and no more trains out....more

Supreme Court considers place of “establishment” in Olympic Airlines appeal

Trustees of Olympic Airlines SA Pension and Life Assurance Scheme v Olympic Airlines SA [2015] UKSC 27 - The Supreme Court was unanimous in its brief judgment, that for the purpose of establishing secondary proceedings,...more

Fleshing Out Creditor Derivative Standing in Delaware

The Court of Chancery issues a liberal ruling on creditor derivative standing and more obsequies for the “zone of insolvency.” ...more

Alert: Using Insolvency Powers to Make Claims for Fraud: Important Supreme Court Decision

Companies are habitually used as part of a corruption scheme. Such companies often have only a single director, or a small number of directors, and are beneficially owned by the wrong-doers....more

Court Of Chancery Explains Creditor’s Right To File Fiduciary Duty Claims

While it is generally known that creditors may only file derivative suits when the company is insolvent, there have been many open issues about what exactly that means. This decision answers many of those questions by...more

Insolvency: What Every Technology Company Needs to Know About Claims Against Bankrupt Customers And Business Partners

Every year, otherwise successful technology companies lose untold sums of money and valuable intellectual property rights because they do not act when a customer or business partner files for bankruptcy protection. Far less...more

Tech Industry Bulletin

In this Issue: - Corporate: Negotiating Strategies for the Sale of Technology Companies - Intellectual Property: Crowdfunding and Confidentiality for Tech Start-Ups - Real Estate: An Introduction to...more

Bankruptcy "Essentials" in a Low-Price Environment

J. Paul Getty once said, “Formula for success: rise early, work hard, strike oil.” However, with crude oil prices nearly half of what they were a mere six months ago, Getty’s formula may not hold as true as it once did. In...more

Intellectual property rights under German insolvency law

German insolvency case law on intellectual property rights has experienced rapid development in recent years, while attempts by the German legislature to regulate this subject with precision have repeatedly failed. The...more

FTC Clarifies “Failing Firm” Defense

Earlier this week, the Federal Trade Commission (FTC) published an article that offers guidance on the “failing firm” or “flailing firm” defense often invoked in the hospital merger context. The article, written by Debbie...more

A Practical Guide to Russian Restructurings

Introduction – Restructurings are likely to be a major topic in the Russian Federation during 2015 and beyond. From a legal perspective, the legislation pertaining to restructurings and insolvencies has benefited from...more

Security of Payment Legislation and Set-Off Under Commonwealth Insolvency Laws

A recent Victorian Supreme Court case has clarified the impact of Commonwealth insolvency set-off provisions on State-based security of payments legislation. The case demonstrates that although a principal is generally...more

Third State jurisdiction clause respected – Owusu considered

To what extent, if at all, does the English court have discretion to decline jurisdiction over proceedings commenced on the basis of domicile of the defendant, if the appropriate forum is a third state court? In particular,...more

Developments in the insolvency world – The Small Business, Enterprise and Employment Bill

The Small Business, Enterprise and Employment Act (the Act) recently received Royal Assent. The Act introduces a number of new provisions across a wide range of issues, including regulatory reform, public sector procurement...more

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