News & Analysis as of

Liquidation

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Due Your Duty

With the ever-increasing scrutiny being brought to compliance and the payment of duties on imported goods by Customs and Border Protection (CBP), it is worth commenting that any duties which are due when an entry liquidates...more

Trump Prevents FSOC Designations and Bank Liquidations

In a Presidential Memorandum, President Trump directed the Secretary of the Treasury, as a member of the Financial Stability Oversight Council, not to cast a nonemergency vote to subject nonbank financial companies to...more

Group proceedings settlement update: Court of Appeal upholds binding nature of settlement on group members

by DLA Piper on

In Pekell, the Court of Appeal has provided welcome clarity around the effect of settlements in group proceedings, which should provide comfort to group proceeding defendants and their insurers. Importantly, the case affirms...more

Sellout: Why Control is Key in the Sale of VC-Backed Companies

by Farrell Fritz, P.C. on

Every founder of a growth startup dreams of a big, successful exit — a sale of the company for millions of dollars. But that dream could be shattered if the investors are able to cause the company to be sold prematurely with...more

Directors' dealings and company assets

by Dentons on

A recent challenge in the High Court by liquidators to recover assets from a director of an insolvent company has highlighted various points of company law. In particular, the court had to consider directors' authority, share...more

Have you missed the boat to apply for a Non-Publication Order?

by Dentons on

Peter Oreb and Ingrid Webber were directors of a group of companies supplying workforce solutions to some of the largest corporations in the world. Four of the companies went into liquidation. Prior to the companies going...more

Unpacking Your LLC: Tax Considerations in Limited Liability Company Liquidations

by Smith Anderson on

Has your LLC lost its luster? Has it outlived its usefulness as an asset management, asset protection, or, dare we say it, wealth transfer vehicle? Are you tired of discussing the company’s operations with the other owners?...more

Best in Law: How Courts Sort Out Property Rights in Tough Bankruptcy Cases

by Best Best & Krieger LLP on

A Chapter 7 bankruptcy liquidation proceeding, in its simplest form, is straightforward. When a person or company is unable to pay its debts, a bankruptcy trustee is appointed. The debtor’s property becomes a bankruptcy...more

Between Bridges: March 2017 – CME Group Settles Disciplinary Action Alleging That Automatic Liquidation of Under-Margined...

CME Group announced today that Saxo Bank A/S, a member firm, agreed to pay an aggregate fine of US $190,000 to the Chicago Board of Trade and the Chicago Mercantile Exchange to resolve two disciplinary actions against it for...more

Update On Liquidation Of The Home Insurance Company

by Carlton Fields on

The New Hampshire liquidation court approved the commutation, settlement, and release agreement between The Home Insurance Company (liquidating) and Pennsylvania Manufacturers Association Insurance Company (PMAIC). The...more

Insolvency - proof liquidation netting strengthened and broadened in Germany

by DLA Piper on

A decision of the German Federal Court of Justice (“Bundesgerichtshof” - BGH) in June 2016 regarding the validity of liquidation netting agreements sparked widespread fear of a new banking crisis. It led to immediate action...more

The Financial Report, Volume 6, Number 5

by DLA Piper on

Discussion and Analysis Last week, the SEC’s Office of the Investor Advocate announced that it will host an “Evidence Summit” to discuss strategies for raising retail investors’ understanding of critical investment...more

Liquidators Remuneration – Time is an Idylic Solution

by K&L Gates LLP on

The New South Wales Supreme Court of Appeal's decision in Sanderson as Liquidator of Sakr Nominees has given cause for optimism amongst insolvency practitioners. The decision confirms that the correct approach was taken by...more

Liquidator Remuneration - Court of Appeal delivers good news for practitioners - In a much anticipated judgment, the Court of...

by Dentons on

In a much anticipated judgment, the Court of Appeal of the Supreme Court of NSW has delivered good news for insolvency practitioners concerning their remuneration. This news will be particularly welcome for those...more

CPOs of Registered Investment Companies Granted Limited Relief from CFTC Liquidation Audit Requirements

by Ropes & Gray LLP on

The U.S. Commodity Futures Trading Commission (the “CFTC”) Division of Swap Dealer and Intermediary Oversight (the “Division”) recently issued Letter 17-04 (the “Letter”), which grants relief from certain financial disclosure...more

Hanjin Shipping Declared Bankrupt

The Seoul Central District Court declared Hanjin Shipping Co Ltd bankrupt on Friday February 17, 2017, after ruling that Hanjin’s liquidation value was greater than its going concern value...more

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

by Reed Smith on

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

by Polsinelli on

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

by White & Case LLP on

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

by Robins Kaplan LLP on

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

by Latham & Watkins LLP on

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

by Carlton Fields on

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

by Carlton Fields on

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

by Carlton Fields on

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

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