Liquidation

News & Analysis as of

Service Of Suit Clause Waives Reinsurers’ Rights To Remove Case To Federal Court

A federal district court in New Hampshire has held that a service of suit clause contained in reinsurance contracts waives the reinsurers’ rights to remove a litigation brought against them in state court by the Insurance...more

Potential Changes to Creditors’ Rights in the BVI – Administration Orders

The British Virgin Islands (BVI) is once again considering proposals to bring into force provisions which permit the making of administration orders in relation to BVI companies. Any person with a credit exposure to a BVI...more

Supreme Court’s Denial of Cert Preserves Safe Harbor for Madoff Victims

Yesterday, the Supreme Court denied two petitions for certiorari filed by Irving H. Picard—the Trustee for the estate of Bernard L. Madoff Investment Securities (“Madoff Securities”)—and the Securities Investor Protection...more

Appointing an Inspector: A Viable Alternative to Liquidation in the Cayman Islands?

A provision in the Cayman Islands Companies Law (2013 Revision) (the Law) affords the Grand Court (the Court) the power to appoint “one or more competent inspectors to examine into the affairs of any company (incorporated in...more

The Oman Update - The Official Gazette 1103

Ministerial Decisions - Ministry of Sports Affairs - Ministerial Decision No. 152/2015 - Amending some provisions of the regulations on honouring sporting achievers (Ministerial Decision...more

The Oman Update - The Official Gazette 1102

Sultani Decrees - Sultani Decree 20/2015 - Promulgating the GCC Common Law of Anti-dumping, Countervailing Measures & Safeguards. Sultani Decree 21/2015 - Granting Omani nationality to 288 named...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

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

A Cautionary Tale (or Two) – The Need for Robust Internal Oversight in Financings

In this era of rushed financings and hectic corporate restructurings, internal controls and procedures are more important than ever. Adding litigious shareholders and debtholders to the mix means it’s never been more...more

New Thai insurance acts facilitate foreign ownership of insurers

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

Derivatives in Review - March 2015

NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more

Abandonment Losses Back on the Table!

Several years ago, many taxpayers faced with underwater partnerships would abandon their partnership interests, thereby triggering an ordinary loss. This ordinary loss was often preferred over the capital loss that would be...more

A novel question of duty – Philip Davison Sebry v Companies House and The Registrar of Companies

The Claimant, Philip Sebry, formerly Managing Director of Taylor & Sons Limited (‘Company’), brought a claim for damages for negligence and breach of statutory duty against Companies House and the Registrar of Companies...more

ResCap Liquidating Trust Repurchase Lawsuit Survives Motion to Dismiss in Part:

On February 3, Judge Martin Glenn of the United States Bankruptcy Court of the Southern District of New York denied defendants’ motions to dismiss four adversary proceedings brought by the liquidating trust for Residential...more

Iowa Insurance Commissioner Petitions for Liquidation of Iowa/Nebraska CO-OP; How Financially Sound Are Others?

The Iowa Commissioner of Insurance (the “Commissioner”) filed a petition, on January 29, 2015, seeking to liquidate CoOpportunity Health, Inc. (“CoOpportunity”), a Consumer Operated and Oriented Plan (“CO-OP”) established...more

DRM client wins important case precluding termination of insurer insolvency before contingent or unliquidated claims can be...

The Vermont Supreme Court has ruled in In Re Ambassador Ins. Co., 2015 VT 4 (Vt. Jan. 23, 2015) that the liquidator of Ambassador Insurance acted unreasonably in setting a December 31, 2013 bar date for policyholder claims...more

Second Circuit Denies Petition for En Banc Review of Fairfield Decision

On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the...more

Court Approves $7 Million Settlement Agreement With Reinsurer In Reliance Insurance Company’s Liquidation

A Pennsylvania court overseeing Reliance Insurance Company’s liquidation proceedings approved the settlement agreement between Reliance and XL Reinsurance Company. The agreement allowed the liquidator to terminate and commute...more

UCC Collateral Description: More May Not Be Better

Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 519 B.R. 586 (Bankr. W.D.N.Y. 2014) – A chapter 7 trustee sought to recover as preferences payments made by the debtor to a lender and proceeds of...more

NCUA Sues Wells Fargo for Allegedly Failing to Comply with RMBS Trustee Duties

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York. NCUA filed the suit in its capacity as liquidating agent...more

Voluntary Corporate Dissolution in Virginia: An Alternative to Bankruptcy

When financially-distressed small businesses decide to close their doors, less than one-fifth file a voluntary petition in bankruptcy to wind up operations and liquidate. Although legal commentary focuses on bankruptcy as the...more

PLR Confirms Section 332 Coverage of Check-The-Box Election of Wholly-Owned Subsidiary

When an existing corporation makes a check-the-box election to be a disregarded entity, this is treated as a corporate liquidation. This can result in gains to the electing entity under Code Section 337 pursuant to a deemed...more

U.S. Court Asserts its Authority in a Cross-Border Bankruptcy Case

The United States Court of Appeals for the Second Circuit recently asserted its authority in addressing an asset sale in a cross-border bankruptcy case where the main insolvency proceeding was conducted in the British Virgin...more

Bridging the Week - December 2014 #3

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith - The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

Cayman Islands Case Notes, October 2014

Caribbean Islands Development Ltd. (in Official Liquidation) v First Caribbean International Bank (Cayman) Limited (unreported) - In a ruling handed down on 8 October 2014, the Cayman Islands Court sent a strong...more

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