News & Analysis as of

Receivership

Hong Kong court appoints receivers to preserve assets in aid of arbitral proceedings in China

by Hogan Lovells on

The Hong Kong High Court has appointed receivers over shares in a Hong Kong company as an interim measure to preserve the status quo and the value of the shares, pending the outcome of CIETAC arbitration proceedings in...more

In an operating receivership, do creditors need to be served with motions?

by Ervin Cohen & Jessup LLP on

Question: In an operating receivership , do creditors need to be served motions? Answer: The answer is “no” if the receivership is in state court; the answer is “maybe” if the receivership is in federal court....more

Debt Dialogue: June 2017 - Creditors of Financial Institutions Beware — Perry v. Mnuchin Marks a Significant Expansion of the...

A D.C. Circuit Court of Appeal’s decision earlier this year, Perry Capital LLC v. Mnuchin, 848 F.3d 1072 (D.C. Cir. 2017), highlights the breadth of the government’s ability to take actions that harm creditors of federally...more

New Nevada Laws Governing Commercial Foreclosure and Receivership

by Ballard Spahr LLP on

With the financial crisis still in mind and the potential “wall of maturities” perpetually on the horizon, the Nevada Legislature has enacted two bills addressing commercial real property foreclosure and commercial real...more

Can a Receiver be Sued for Not Paying a Pre-Receiver Creditor?

by Ervin Cohen & Jessup LLP on

Question: I am the Receiver for a condo project. A pre-receivership creditor has threatened to sue me because I won’t pay for the services he provided the defendant. I have explained to the creditor that the receivership is...more

The Value of Interim Fee Orders

by Ervin Cohen & Jessup LLP on

QUESTION: I have seen a number of receivers file motions purporting to be interim versions of final accounts and reports, seeking orders approving fees and costs part-way through a receivership. Given that California Rule of...more

Energy Alert: The Court of Appeal Upholds the Redwater Decision

by Field Law on

Field Law’s Energy Group continues to follow developments regarding the Redwater Energy case. This Energy Alert summarizes the Alberta Court of Appeal’s recent decision on the matter. ...more

Watch Out Commercial Real Property Lenders – Appointment of a Receiver is not a Slam Dunk

by Ervin Cohen & Jessup LLP on

The law is always changing. Sometimes changes in the law result from new cases or new statutes. However, sometimes the law changes in reaction to the mood of the country. At present, I believe that that the law may be...more

Don’t Assume That the Assets of the Receivership Estate Will Be Used to Pay for the Receivership

by Archer Norris PLC on

Parties (typically plaintiffs) may request the appointment of a receiver in cases involving disputes over corporate assets or interests in real estate. But the appointment of a receiver may have unexpected consequences for...more

Utah Becomes First State to Enact the Uniform Commercial Real Estate Receivership Act

by Snell & Wilmer on

On March 25, Utah became the first state to enact the Uniform Commercial Real Estate Receivership Act (“UCRERA”) which was drafted by the National Conference of Commissioners on Uniform State Laws (the “Conference”) and...more

Family breeds contempt: the expansion of the tort of conspiracy by unlawful means

by White & Case LLP on

The recent Court of Appeal decision in the long line of Ablyazov cases (Khrapunov v JSC BTA Bank1) has given contempt of court extra steel – being in contempt can constitute "unlawful means" in a tort claim for unlawful means...more

OCC Issues Final Rule on Receiverships for Uninsured National Banks

by Hogan Lovells on

On December 20, the OCC issued its Final Rule on receiverships for uninsured national banks which implements the National Bank Act’s statutory framework for uninsured bank resolution....more

FTC Enters Into Landmark Settlement With Network Marketing Company; Vemma Lives To Play Another Day

by Buchalter on

The sixteen month long lawsuit between the Federal Trade Commission and Vemma Nutrition Company has come to a negotiated resolution under terms which will allow Vemma to continue operating its business under restrictions...more

Receiver to Enforce a Judgement: Who Should be Served

by Ervin Cohen & Jessup LLP on

QUESTION: I have been appointed receiver to enforce a judgment. I filed a motion in the case which I served on counsel for the plaintiff (the judgment creditor) and counsel for the defendant (the judgment debtor)....more

The OCC Launches Its New FinTech Charter Initiative

by Pepper Hamilton LLP on

Whether the long and arduous chartering process, ongoing examination and supervision requirements, substantial capital requirements and limitations on initial rapid growth will outweigh the benefits of the bank partnership...more

How Do I Distribute Funds When One Of The Parties Provides A Social Security Number That Is Not His?

by Ervin Cohen & Jessup LLP on

QUESTION: I am getting ready to close my receivership and distribute the funds in the estate to the two parties. I have just learned that the Social Security number one of the parties gave me is not his. What should I do?...more

Two non-conventional uses for Missouri’s new receivership statute

by Thompson Coburn LLP on

Missouri’s new receivership statute became effective on August 28, 2016. The new statute, called the Missouri Commercial Receivership Act (or “MCRA”) and codified at Chapter 515 of the Missouri Revised Statutes, provides a...more

How does a creditor obtain relief from a receivership stay order?

by Ervin Cohen & Jessup LLP on

QUESTION: I am a receiver in a case where the court issued an injunction staying all litigation and creditor action against the entity and assets in receivership. A secured creditor wants to foreclose on one of the estate’s...more

If a receiver discovers possible criminal wrongdoing, are they required to report it to authorities?

by Ervin Cohen & Jessup LLP on

QUESTION: If I discover possible criminal wrongdoing, am I, as receiver, required to report it to authorities? ANSWER: The answer depends on whether you are a federal receiver or state court receiver....more

Implications of the 2016 Election for Banks, Systemically Important Financial Institutions and Their Investors

by Dechert LLP on

Campaign promises rarely turn into specific actions, but when they do, they are necessarily impacted by the dynamics of the legislative process. History suggests, however, that the policies of candidates can be a predictor of...more

US Office of the Comptroller of the Currency Proposes Framework for Receiverships for Uninsured Federally Chartered National Banks

by Shearman & Sterling LLP on

The OCC issued a proposed rule setting forth a framework for placing uninsured national banks regulated by the OCC into receivership. While the National Bank Act and Federal Deposit Insurance Act specify the Federal Deposit...more

Asia Pacific Restructuring & Insolvency Guide: Hong Kong

by White & Case LLP on

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

Secured creditors may vote during receivership upon reduction of secured claims

by White & Case LLP on

On 25 July 2016, the White & Case team obtained, at the Supreme Court of the Russian Federation (the "Supreme Court"), a declaration that a secured creditor has the right to reduce, at its discretion, the amount of a secured...more

The Impacts of South Korean Hanjin Shipping Co Ltd. Filing for Court Receivership

by Buchalter on

South Korea’s Hanjin Shipping Co Ltd. filed for court receivership on Wednesday, August 31st in South Korea after losing the support of its banks, setting the stage for its assets to be frozen as West Coast ports deny access...more

Texas Court Adjudicates Claim Against Insurer In Receivership

by Carlton Fields on

In mid-June, a Texas court adjudicated a dispute between an insurance receiver and an insurer that claimed that it was owed more than twice as much from the insolvent insurer due to a misclassification of its claim. The...more

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