Liquidation

News & Analysis as of

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 Devil's Dictionary of Bankruptcy Terms: Liquidating Chapter 11

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

Implied terms: Lord Neuberger's Cardinal Rule Applied

In IBRC v Camden, the Court of Appeal held that a lender's express contractual power to market a loan was not subject to an implied limitation that doing so should not interfere with the borrower's ability to obtain the best...more

“Any and All” Doesn’t Preserve Any and All Estate Claims Post-Confirmation

The Bankruptcy Code permits Chapter 11 plans to provide for the reservation of any claims or interests that that belong to the debtor or the estate, allowing the plans to be confirmed prior to the final resolution of any and...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

Commutation, Settlement, And Release Agreement Of The Home Insurance Company Approved

A New Hampshire court has approved the commutation, settlement, and release agreement between The Home Insurance Company (in Liquidation) and Providence Washington Insurance Company (PWIC), as successor to Unigard Mutual...more

Court Approves Direct Payment Of Reinsurance To Insured In Reliance Insurance Company Liquidation

The court handling the liquidation of Reliance Insurance Company has approved an application for the direct payment of reinsurance proceeds by United Insurance Company to Reliance’s insured, Hoechst Celanese Corporation, with...more

Court Grants Motion Compelling 30(B)(6) Deposition Testimony On Reinsurance From Insurance Company Following Liquidation

In a discovery dispute following the liquidation of Western Insurance Company (“Western”), a Utah federal district court granted a motion to compel a 30(b)(6) deposition testimony regarding Western’s reinsurance agreements....more

In Case You Missed It: Launch Links - December, 2016 #4

Some interesting links we found across the web this week: WTF is a Liquidation Preference? Hint: It’s not something you forgot from 10th grade chemistry or that you’re asked about by a mixologist at a fancy cocktail...more

Killing the Killer B: The Treasury and IRS Issue a Sixth Set of Rules on Killer B Transactions

On December 2, 2016, the Treasury issued Notice 2016-73, describing future regulations that will modify the Killer B regulation issued in 2011; the modifications will stymie newly discovered variations of the Killer B...more

How to enforce adjudication decisions and deal with insolvency

Adjudications on the increase - Anecdotal evidence suggests that adjudications are still on the increase. This increase is supported by the statistics in the Adjudication Society's 15th report, which shows a 5 per cent...more

Long Anticipated Bankruptcy Law Goes Into Effect

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

Clarity on Clawback Claims in Cayman

The Cayman Islands Court of Appeal recently smoothed the path for Cayman liquidators to pursue clawback claims. The decision clarifies the Cayman courts’ approach to voidable preference payments, making it easier for Cayman...more

Winners and Losers: They Call Alabama the Crimson Tide, Call Me Deacon Blues

In Bankruptcy Code Section 363 sales of assets, there are winners and losers. Chapter 11 is known as a forum for reorganizing or selling a ?nancially distressed business. If a Chapter 11 reorganization is not possible, a...more

The New Future of US Banking and Financial Services Regulation

The presidential election has opened the possibility of significant changes to the Dodd-Frank Act regime that has been implemented over the last six years. It remains to be seen what plans the incoming administration will...more

Deadline to File Liquidated Claims with Lumbermens in Liquidation Extended to 2017

The November 10, 2016, deadline for timely filing liquidated claims in the Lumbermens Liquidation has been extended to November 10, 2017. The November 10, 2016, deadline for timely filing liquidated claims in the...more

The Georgia Superior Court/Probate Court Dance

No procedural or jurisdictional issues in Georgia fiduciary litigation can cause as much headache as the sometimes exclusive and sometimes concurrent jurisdiction of the superior and probate courts. The Georgia Court of...more

Moratorium Over Singapore Proceedings Against Bermudan Company Granted

Pacific Andes Resources Development Ltd [2016] SGHC 210 (27 September 2016) involved an application under section 210(10) of the Companies Act for the restructuring of, among others, a Bermudan company listed in Singapore and...more

Banking Disputes Quarterly Q3 2016

A recent Supreme Court judgment con rms that claims for malicious prosecution of civil proceedings can be brought under English law. It was previously unclear whether malicious prosecution claims were limited to the conduct...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

This is the Hong Kong chapter of the second edition of the White & Case Asia Pacific Restructuring and Insolvency Guide... ..Introduction - On 1 July 1997, Hong Kong became a Special Administrative Region of the...more

The Oman Update - 1163

Recognising a Gulf unified standard as a mandatory Omani standard. This decision relates to GSO ISO 6935 (Parts I-III) on steel reinforced concrete. Issued on 7 September 2016. Effective 6 months after the date of...more

The Oman Update - 1162

Amending MD 174/2014 Issuing the regulations on the work of establishments and companies that operate in contracting. Issued on 31 August 2016. Effective from the day after the date of publication....more

The Oman Update - 1161

Amending certain provisions of the rules and conditions for the election of members of boards of directors of public joint stock companies, and the provisions relating to their responsibilities (issued by MD 137/2002)....more

Chapter 12 family farmer cases in Missouri: A look inside the numbers

Chapter 12 of the Bankruptcy Code, enacted in 1987, provides relief to family farmers facing financial distress. Chapter 12 is available exclusively for family farmers that want to reorganize their financial affairs. While...more

Court of Appeal considers the treatment of contingent assets in balance sheet test

Evans v Jones [2016] EWCA Civ 660 - Executive Summary - The Court of Appeal recently considered an appeal from the liquidators of a property development company which went into creditors’ voluntary liquidation. The...more

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