Liquidation

News & Analysis as of

U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign...

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that...more

SEC Efforts To Compel SIPIC Coverage For Stanford Victims Rejected

The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more

Federal Practice & Bankruptcy: SCOTUS on Bankruptcy: Jurisdiction and Inherited IRAs Clarified

In a rare burst of bankruptcy enthusiasm, the US Supreme Court in June issued two decisions on matters important to the administration of bankruptcy cases. In re Bellingham, decided June 9, addressed a seemingly...more

Goodwill Owned by a Shareholder Can Provide Tax Planning Opportunities

A recent U.S. Tax Court case reminds us that the personal goodwill owned by the principal shareholder/employee can provide significant tax planning opportunities. Generally, the sale of assets by a "regular" corporation...more

Term Sheet Math — When Is Your 66 Percent Really 52 Percent?

When negotiating valuation for a financing, an investor may conduct detailed due diligence and present you with a term sheet that reflects multiples, discounts, comparables, and so forth. In the end, you are negotiating for...more

Second Octaviar Chapter 15 Petition Clears Hurdle Set by Second Circuit

In December 2013, the Second Circuit ruled that recognition of a foreign proceeding under chapter 15 of the Bankruptcy Code required proof that the debtor in the foreign proceeding also met the eligibility standards to be a...more

Cayman Liquidation Committees – What Prospective Members Need to Know

In this guide Harneys considers the role and function of a liquidation committee appointed under the Cayman Islands’ Companies Winding Up Rules. A vital component in the liquidation of a Cayman Islands company is the...more

The Entrepreneurs Report - Q1 2014

Wilson Sonsini Goodrich & Rosati’s experience confirms reports that the market remains positive overall, with up rounds comprising more than three-quarters of all venture deals in Q1 2014, the highest proportion in several...more

Offshore Fund-Related Litigation

Litigation against directors, officers and professional service providers, following the collapse of offshore funds and collective investment schemes such as Madoff and Weavering, continues to proceed in a variety of...more

Bankruptcy: Preference Defendants Don’t Feel “Preferred”

This year, many unsuspecting businesses will be hauled into court by a trustee seeking return of a “preferential” payment made by a party now in bankruptcy. To those uninitiated, a bankruptcy trustee’s power to “avoid” or...more

High Court to Consider the Scope of a Liquidator's Lien

On 6 March 2014, the High Court of Australia (High Court) will consider in detail, for the first time since Re Universal Distributing Co Ltd (1933) 48 CLR 171, the circumstances in which a liquidator is entitled to claim a...more

Silence Is Golden: Reinsurer Ordered To Pay Prejudgment Interest To Insurance Company’s Liquidator On Agreement Silent As To...

A New Hampshire insurance company, Home Insurance Company (“Home”), was placed in liquidation in 2003. When its reinsurer Century Indemnity Company (“CIC”) tried to claim an $8 million setoff from amounts owed to Home, the...more

Recent Case on Safe Harbor Provisions in Swap Agreements

Bankruptcy cases are the proving ground for interpreting the boundaries for ISDA safe harbor provisions under the United States Bankruptcy Code. Michigan State Housing Development Authority v. Lehman Brothers Derivative...more

Start-Up Raising Capital? Some Common Features of Preferred Shares & Why Some Select Preferred Shares over Convertible Debt

When you start a business and want to attract your first round of financing, Preferred Shares is one product that can be offered to Investors. Many Founders have asked us to explain exactly what Preferred Shares are and...more

Friday 13th: an Unlucky Day for Scottish Liquidators

On 13 December 2013, the Court of Session ruled that the liquidators of The Scottish Coal Company Limited (SCC) were not able to disclaim ownership of certain open-cast mines and the environmental permits which were connected...more

Bill on Bankruptcy: Big Time Lawyers Pricing Themselves Out [Video]

Dec. 19 (Bloomberg) -- Two significant Chapter 11 reorganizations in the Southern U.S. may be signs that lawyers in New York and Delaware are starting to price themselves out of the market, as Bloomberg Law's Lee Pacchia and...more

Liquidators of Bear Stearns Hedge Funds Accuse Rating Agencies of Fraud

On November 12, the liquidators for two Bear Stearns overseas hedge funds filed their complaint against McGraw Hill, Standard & Poor’s, Moody’s, and Fitch (collectively the rating agencies) in an action in New York Supreme...more

Silicon Valley Venture Survey - Third Quarter 2013

We analyzed the terms of venture financings for 128 companies headquartered in Silicon Valley that reported raising money in the third quarter of 2013. Overview of Fenwick & West Results - Valuation results in...more

Flawed, but Fair: Updated Guidance for Boards and Investors

A recent Delaware decision, in re Trados Incorporated Shareholder Litigation, underscores a director’s responsibilities in “underwater” venture deals. In a 114-page opinion by Vice Chancellor Laster, the court reviewed the...more

The BVI Commercial Court – Interfacing with Arbitration

Key recent decisions in the BVI Commercial Court have shaped the applicability and enforcement of arbitration clauses and notably how they interface with BVI statutory remedies and liquidations. Harneys take a look at...more

And then the insured went into liquidation … but that's not the end of the story

In Toongabbie Collision Pty Ltd (In Liquidation) (Trading as Autoworks Collision Centre) v CGU Insurance Limited [2013] NSWSC 1409, the Supreme Court of New South Wales granted leave to the director of the liquidated company...more

Illinois Federal Court Bars Assignee Of Claims Under A Reinsurance Treaty From Invoking Arbitration Clause

Pine Top Receivables of Ill., Inc. v. Banco de Seguros Del Estado, No. 12 C 6357, 2013 U.S. Dist. LEXIS 81516, 2013 WL 2574596 (N. D. Ill. June 11, 2013). An Illinois federal court granted a reinsurer’s motion to...more

The Mergers & Acquisitions Review - Seventh Edition: Chapter 16: Cayman Islands

I OVERVIEW OF M&A ACTIVITY - Despite signs of a stabilising economy, the Cayman Islands witnessed a 1 per cent decrease in new company registrations in 2012 compared to 2011; 8,971 new companies were incorporated...more

Strict UK Litigation Privilege Test for Joint Liquidator Reports

High Court holds that reports used by the Serious Fraud Office to obtain search and arrest warrants are not subject to litigation privilege in subsequent civil proceedings. ...more

Settlement Reached With Liquidators of Bear Stearns Hedge Funds

Several Bear Stearns defendants agreed to undisclosed terms with the joint official liquidators of two Bear Stearns hedge funds, resolving the liquidators’ claims for breach of fiduciary duty, breach of contract and...more

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