Insolvency

News & Analysis as of

Upheaval in the German Restructuring Market – Need-to-know Facts and Alternative Tools

To date, a debt waiver has been frequently used as a tool to successfully restructure German based companies in financial difficulties. A decision of the German Federal Fiscal Court (Bundesfinanzhof) published on...more

The Delta Report – Derivatives Newsletter: January 2017

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...more

Reducing your Pension Protection Fund (PPF) levy for 2017/18

2017/18 is the third year in the Pension Protection Fund (PPF)'s levy "triennium" under the new levy framework. Trustees who wish to reduce their pension scheme's risk-based levy by taking account of contingent assets or...more

What is Half of Nothing? Wrongful Trading Developments in the ‘Robin Hood’ Case

Case law on wrongful trading has developed significantly over the past two years, with the cases of Ralls Builders and Brooks increasing judicial consideration of the conduct of directors in the period preceding an...more

The Lehman Administration Surplus and the High Court Ruling in Waterfall IIC

A recent UK High Court ruling in Lehman Brothers International (Europe) (In Administration) ("Lehman Waterfall IIC") considers the application of statutory interests on proven debts in an administration and in particular the...more

Key issues facing the UK residential care home sector

Historical backdrop - The collapse of over 750 care homes operated by the Southern Cross group in 2011 following rapid expansion financed by the sale of leases of its homes exposed the financial risks inherent in the...more

Personal Liability of Executors for Tax Liabilities of the Estate Under the Federal Priority Statute, 31 U.S.C. 3713

This is an appeal of summary judgment by the personal representative (the “PR”) of an estate. The lower court found the PR to be personally liable under the federal priority statute, Section 3713, for tax liabilities due from...more

Key Issues for Derivative Transactions under the BRRD

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Tokyo Dispute Resolution & Crisis Management Newsletter – January 2017

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector - Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all...more

"Possession or control" of Financial Collateral – Matter Number C-156/15

The Court of Justice of the European Union ("CJEU") has given its first ever ruling on the question of what constitutes "possession or control" of financial collateral for the purposes of the Financial Collateral Directive -...more

The Precarious Nature of Trust Assets at Home and Abroad

In Akers (and others) v. Samba Financial Group [2007] UKSC 6, the UK Supreme Court has confirmed the limited nature of British insolvency officer-holders’ ability to void dispositions of a company’s assets held on trust. The...more

Delaware Bankruptcy Court Amends Local Rules

The Delaware Bankruptcy Court amended its local rules effective February 1, 2017. A copy of the latest version of the rules may be found on the Bankruptcy Court's website. The red-line version to the 2016 version shows...more

Contractual notice provisions and the ‘close of business’

Lehman Brothers International (Europe) v ExxonMobil Financial Services B.V. [2016] EWHC 2699 (Comm), 28 October 2016 - When serving notices in deteriorating market conditions, beware more haste and less speed. A recent...more

New German Insolvency Code Amends Legal Basis for Contractual Close-out Netting

The German legislature has passed an amendment to the German Insolvency Code providing clarity on the status of netting arrangements in financial transactions which was cast into doubt by the German Federal Court of Justice...more

UK Regulator Proposals to Amend Client Money Distribution Rules

The FCA published a consultation paper on proposed changes to the client money distribution rules in the Client Assets Sourcebook of the FCA Handbook - CASS 7A - as a result of the special administration regime review. The...more

Rhode Island Regulation 68, Voluntary Restructuring of Solvent Insurers Act

Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval,...more

Defence & Indemnity - December 2016: V. SURETY AND BOND ISSUES

Alberta Court of Appeal confirms an obligee/trustee under labour and material payment bond has no legal duty to disclose the existence of such a bond to potential bond claimants until specifically asked about its...more

UAE passes federal bankruptcy law - what has changed?

The UAE has succeeded in creating a dynamic economy known for its entrepreneurial spirit. In recent years, however, the rapid development of the business community has outpaced corresponding changes to its legal...more

Second Circuit Refuses to Expand Scope of Chapter 15 of the Bankruptcy Code

On January 18, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in the case of Trikona Advisers Limited v. Chugh, No. 14-975-cv, 2017 WL 191936 (2d Cir. Jan. 18, 2017), thwarting an attempt to expand...more

The Australian federal government to review security of payment legislation

The Australian federal Minister for Employment, the Hon. Michaelia Cash, has announced a review into security of payment legislation in the building and construction industry. Mr John Murray AM has been appointed to conduct...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

The Devil's Dictionary of Bankruptcy Terms: Zone of Insolvency

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

2016 Arbitration Roundup in Australia

In 2016, the Australian courts were at the forefront of maintaining Australia's stronghold as a pro-arbitration jurisdiction. This was notably demonstrated in three Federal Court decisions, which also served as a salutary...more

Modernised UK Insolvency Rules Arriving April 2017

The updated UK Insolvency Rules 2016 will come into force on 6 April 2017. The new rules have four aims: - to reflect modern business practice and increase efficiency; - to restructure and modernise the 1986...more

It’s a Wrap – The Year in India That Was

Key developments in the Indian legal landscape in 2016 - From the Startup India campaign launched in January 2016 to the coming into force of substantial provisions of the Insolvency and Bankruptcy Code in December 2016,...more

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