In McKillen v. Wallace (In re Irish Bank Resolution Corp. Ltd.), 2019 WL 4740249 (D. Del. Sept. 27, 2019), the U.S. District Court for the District of Delaware had an opportunity to consider, as an apparent matter of first...more
2/27/2020
/ Adversary Proceedings ,
Appeals ,
Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Barton Doctrine ,
Breach of Duty ,
Chapter 15 ,
Court-Appointed Receivers ,
Debtors-in-Possession ,
Extraterritoriality Rules ,
Personal Liability ,
Trustees
Except for disastrous fires that sparked the largest bankruptcy filing of the year, liabilities arising from the opioid crisis, the fallout from price-fixing, and corporate restructuring shenanigans, economic, market, and...more
2/26/2020
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Chapter 9 ,
Commercial Bankruptcy ,
Corporate Counsel ,
Corporate Restructuring ,
Debtor-Creditor ,
FERC ,
Foreign Bankruptcies ,
Fraudulent Conveyance ,
Mission Product Holdings Inc v Tempnology LLC ,
Non-Consensual Rights ,
Oil & Gas ,
PG&E ,
Publicly-Traded Companies ,
Section 363 ,
Section 365 ,
Third-Party Release Agrements
Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision -
In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of...more
9/26/2019
/ Bankruptcy Code ,
Bankruptcy Reform ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Cross-Border ,
Debt Restructuring ,
Debtors ,
Financial Institutions ,
Insolvency ,
Trump Administration
In This Issue:
Washington District Court Overturns Approval of Third-Party Releases in a Settlement Agreement and Related Free-and-Clear Sale -
In In re Fraser’s Boiler Serv., Inc., 2019 WL 1099713 (D. Wash. Mar. 18,...more
8/21/2019
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Discharge Order ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Debt Collection ,
FERC ,
Foreign Debt ,
PG&E ,
Settlement Agreements ,
Taggart v Lorenzen
In In re O’Reilly, 598 B.R. 784 (Bankr. W.D. Pa. 2019), the U.S. Bankruptcy Court for the Western District of Pennsylvania denied the petition of a foreign bankruptcy trustee for recognition under chapter 15 of the Bankruptcy...more
Second Circuit Rules That Bankruptcy Code's Fraudulent Transfer Recovery Provisions Can Reach Foreign Transferees -
In In re Picard, Trustee for the Liquidation of Bernard L. Madoff Inv. Sec. LLC, 917 F.3d 85 (2d Cir....more
6/21/2019
/ Banking Sector ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Cross-Border Transactions ,
Debt Restructuring ,
Debtors ,
FDCPA ,
Financial Institutions ,
Foreclosure ,
Insolvency ,
International Litigation
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." Since chapter 15 of the Bankruptcy Code was enacted in 2005, it has...more
For more than a century, courts in England and Wales have refused to recognize or enforce foreign court judgments or proceedings that discharge or compromise debts governed by English law. In accordance with a rule (the...more
On September 18, 2018, the United Nations Commission on International Trade Law ("UNCITRAL") published its final version of the new Model Law on the Recognition and Enforcement of Insolvency-Related Judgments (the "IRJ Model...more
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." Prior to the enactment of chapter 15 of the Bankruptcy Code in 2005,...more
Rumors of another recession multiplied as the tumultuous second year of the Trump administration came to a close. Highlights of 2018 included a simmering trade war with China; political upheaval after the House of...more
On August 20, 2018, the National Bankruptcy Conference (the "NBC") submitted a letter (the "Letter") to representatives of the House Subcommittee on Regulatory Reform and the House Committee on the Judiciary that proposed...more
12/21/2018
/ Avoidance ,
Bankruptcy Code ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Foreign Debt ,
Insolvency ,
Proposed Amendments ,
Safe Harbors ,
UK ,
UNCITRAL
In In re Avanti Commc'ns Grp. PLC, 582 B.R. 603 (Bankr. S.D.N.Y. 2018), Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York entered an order under chapter 15 of the Bankruptcy Code enforcing...more
Even if a U.S. court has jurisdiction over a lawsuit involving foreign litigants, the court may conclude that a foreign court is better suited to adjudicate the dispute because either: (i) it would be more convenient, fair,...more
6/8/2018
/ Aiding and Abetting ,
Avoidance ,
Bankruptcy Code ,
Breach of Duty ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Debtors ,
Foreign Bankruptcies ,
Foreign Debt ,
Forum Non Conveniens ,
Forum Shopping ,
Fraudulent Transfers ,
Jurisdiction
In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more
4/19/2018
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Choice-of-Law ,
Creditors ,
Debtors ,
Foreign Debt ,
Foreign Jurisdictions ,
Insolvency ,
Jurisdiction ,
The Model Law ,
Venue
The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more
2/5/2018
/ Administrative Appointments ,
Banking Sector ,
Bankruptcy Code ,
Bitcoin ,
Chapter 11 ,
Chapter 15 ,
Climate Change ,
Commercial Bankruptcy ,
Creditors ,
Cross-Border ,
Cryptocurrency ,
Cybersecurity ,
Debt Restructuring ,
EU ,
Financial Institutions ,
Fiscal Year ,
Germany ,
Global Economy ,
Insolvency ,
International Tax Issues ,
Legislative Agendas ,
NAFTA ,
Natural Disasters ,
Natural Resources ,
Net Neutrality ,
Netherlands ,
Oil & Gas ,
Pensions ,
Puerto Rico Oversight Management and Economic Stability Act (PROMESA) ,
Regulatory Agenda ,
Regulatory Oversight ,
Russia ,
Singapore ,
Sovereign Debt ,
Trump Administration
With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more
11/22/2017
/ Cayman Islands ,
Chapter 15 ,
COMI ,
Commercial Bankruptcy ,
Credit Agreements ,
Cross-Border ,
Debt Restructuring ,
Debtor-Creditor ,
Financial Institutions ,
Foreign Debt ,
Insolvency ,
Jurisdiction ,
Liquidation ,
Securities and Exchange Commission (SEC)
In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more
8/16/2017
/ 363 Sales ,
Abandonment ,
Appeals ,
Bankruptcy Court ,
Bernie Madoff ,
British Virgin Islands ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Court Nullification ,
Debtors ,
Determination on Remand ,
Foreign Debt ,
Jurisdiction ,
Liquidation ,
Ponzi Scheme ,
Reaffirmation ,
Sale of Assets ,
SIPA
If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more