Liquidation

News & Analysis as of

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

Reliance Liquidation Court Approves Application For Direct Payments From Reliance’s Reinsurers To Certain Insureds

Recently, there have been several developments in the ongoing liquidation of Reliance Insurance Company. The liquidation court recently approved the application for the assumption by one of Reliance’s reinsurers, EFH Vermont...more

Owners of Family Controlled Entities Must Act Quickly in Light of New IRS Regulations Attacking Valuation Planning

Chapter 14 of the Internal Revenue Code consists of four Code Sections (Sections 2701 – 2704) designed to close valuation loopholes. Prior to Congress’s enactment of Chapter 14 in 1990, estate planners had a host of tools...more

After Adopting the “Fraud-on-the-Market” Presumption of Reliance, Australia is Poised to Become a Plaintiff-Friendly Venue

The United States is a popular location for securities class actions, due in large part to its reputation as a generally plaintiff-friendly system. A key contributor to that reputation is the acceptance of the...more

Excalibur Reinsurance Corporation Placed Into Liquidation

Excalibur had been in run-off status since 2003, and under regulatory supervision since at least 2013. A Pennsylvania court has now placed Excalibur into liquidation based on three grounds: (1) insolvency – Excalibur’s...more

Restructuring Liquidation Preferences

Job candidates may choose to work for a startup to help build something new, to work in an environment that fosters and rewards creativity, or to get the thrill of climbing aboard a “rocket ship.” New employees rarely, if...more

Losing Both Ways: Debtor Diligence in the Identification of Claims

Two recent cases serve as reminders the devil is truly in the details. As to the front-end risks associated with an early § 363(f) sale, in In re Motors Liquidation Company (the “GM” case) we have seen a $10 billion reminder...more

Delaware Chancery Court Finds That Anti-Suit Injunction Bars Trustee Under Reinsurance Trust Agreement From Pursuing Third-Party...

Freestone Insurance Company is a Delaware-domiciled insurer that has been placed in liquidation. U.S. Bank National Association served as the trustee under a reinsurance trust agreement (the “Trust Agreement”) between...more

Business Law - Liquidation

The provisions of the Company Law concerning liquidation are to be applied unless the company’s Memorandum or Articles of Association provide a specific procedure for its liquidation, upon resolving the company’s dissolution...more

One of the Largest Member Clubs in Singapore Is Liquidated

California Fitness’s closure has left many consumers who have purchased prepaid packages without any remedies. On 20 July, California Fitness, which was once fronted by action movie star Jackie Chan, announced that it...more

"Winding Up" A Law Firm Partnership Doesn't Necessarily Mean Liquidation

You can "wind up" a partnership without having to liquidate all of its assets and terminating its existence. So ruled Judge McGuire last week in Hardin v. Lewis, 2016 NCBC 55. But that may not be true for all partnerships. ...more

Be Sure to Sue Before Your Defendant Moves: Appellate Division Finds No Jurisdiction Over Defendant Company After Sale of Its New...

In Matter of CDR Créances S.A.S. v First Hotels & Resorts Invs., Inc., 2016 Slip Op. 04888 (1st Dep’t June 21, 2016), the Appellate Division reversed a December 11, 2014 Order by New York County Commercial Division Justice...more

Some Much Needed Transparency Required on Liquidating Trustees, Liquidating Trusts, Plan Documents, and Other Post-Confirmation...

We at The Bankruptcy Cave applaud the recent ruling by Judge Whipple of the Bankruptcy Court for the Northern District of Ohio, seeking to make the post-confirmation parties, processes, and procedures far more transparent. In...more

The Federal Reserve’s Proposed Rules for Financial Contracts of Global Systemically Important Banking Organizations and ISDA’s...

Last month the Board of Governors of the Federal Reserve System (the “Board”) issued proposed new rules (the “Proposed Rules”) intended to reduce the potential risks posed to the U.S. financial system by too-big-to-fail...more

Application for leave to continue action against an insolvent defendant: A balancing act - A case study of W Y Steel Construction...

The issue before the High Court was whether leave should be granted to the plaintiff to proceed with an action for breach of contract against an insolvent defendant. The court held that in deciding whether leave should be...more

Alternatives to Bankruptcy from Bankruptcy Law Specialist Christy Myatt

The general notion behind receiverships is to preserve property pending the outcome of a case, or the foreclosure of real property or such other time as the Court deems a Receiver is not required....more

Maintain Separation Between A Nonprofit And The Foundation That Supports It

A nonprofit corporation is a business with assets and liabilities just like any other business. When a nonprofit runs into financial trouble, its creditors usually do the same thing as creditors of a for-profit business: ...more

Amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance – A Missed Opportunity?

On 3 June 2016, the Hong Kong Government gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (“Amendment Ordinance”). The date of commencement of the Amendment Ordinance will be...more

Grant of Security May Be Avoided as a Transaction at an Undervalue?

The recent case of Encus International Pte Ltd v Tenacious Investment Pte Ltd & Ors [2016] SGHC 50 (Singapore, High Court, 31 March 2016) has implications for lenders which are especially pertinent in the face of the current...more

When and How Can a Chapter 7 Bankruptcy Trustee Liquidate Your Collateral?

So you are chugging along with a foreclosure action (either on real and/or personal property) only to be stopped in your tracks by the borrower filing a voluntary Chapter 7 bankruptcy petition. The usual, immediate thought...more

Factors and stages: considerations in a scheme of arrangement - A case update of Re Punj Lloyd Pte Ltd and another matter [2015]...

A recent decision by the learned Judicial Commissioner Aedit Abdullah saw the Singapore High Court clarify the factors which ought to be considered in an application to set aside an order made by the court pursuant to section...more

Determing remuneration of insolvency practitioners

Having performed their work, insolvency practitioners frequently find their claims for remuneration disputed by the creditors of the insolvent company. This tension is due to a clash of interests: creditors hope to obtain as...more

Court Of Chancery Dismisses Derivative Complaint for Want Of Factual Support

This is an interesting decision because it illustrates what many do not understand - a complaint has to have some actual facts to support its claims, not just inferences. ...more

To waive or not to waive future claims in settlement agreements?

The decision of the Commercial Court in Khanty-Mansiysk Recoveries Limited v. Forsters LLP [2016] EWHC 522 (Comm) may not, at first sight, be of obvious importance to HR practitioners. However, this decision highlights...more

MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial...more

149 Results
|
View per page
Page: of 6
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×