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Walkers

Guernsey’s first court order under Section 380A: Distributions to unsecured creditors explained

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We recently achieved a significant milestone by obtaining permission from the Royal Court of Guernsey for Joint Administrators to make a distribution to unsecured creditors during an administration. This marks the first order...more

Jones Day

Business Restructuring Review Vol. 24 No. 6 | November–December 2025

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New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets - Court disagree over whether, to be eligible for relief under chapter 15...more

Cadwalader, Wickersham & Taft LLP

Silence is Not Always Golden: SDNY Rules That Opt-Out Mechanism is Insufficient to Render a Third-Party Release Valid

On December 1, 2025, Judge Denise Cote of the U.S. District Court for the Southern District of New York issued a decision striking an “opt-out” third-party release and corresponding injunction from a chapter 11 plan.  In re...more

Hogan Lovells

SDNY Reverses Confirmation Order and Strikes Opt-Out Third-Party Releases in Gol Linhas Aéreas Bankruptcy Case

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On December 1, 2025, Judge Denise Cote of the U.S. District Court for the Southern District of New York reversed confirmation of Brazilian airline Gol Linhas Aéreas Inteligentes S.A.’s chapter 11 plan, striking the plan’s...more

Jones Day

Third Circuit: Plan and Confirmation Order in Closed Chapter 11 Case Barred Environmental Claims Against Former Affiliate of...

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Section 350(b) of the Bankruptcy Code permits a bankruptcy court under certain circumstances to reopen a bankruptcy case even after the estate has been fully administered and the case is closed. In In re Congoleum Corp., 149...more

Jones Day

New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only...

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As chapter 15 of the Bankruptcy Code reaches its 20th anniversary, the volume of chapter 15 cases has increased significantly, and chapter 15 jurisprudence has rapidly matured. Even so, certain important issues are still...more

Jones Day

Iowa District Court: Avoidance Claims Cannot Be Encumbered by Pre-Bankruptcy Liens

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Causes of action for avoidance and recovery of preferential, fraudulent, or unauthorized transfers often are a means of generating value for the benefit of the estate and creditors in a bankruptcy case. For this reason, many...more

Jones Day

Liability Management After ConvergeOne: Equal Treatment, Exclusive Opportunities, and the Next Phase of "Lender-on-Lender" Warfare

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For more than a decade, borrowers and their sponsors have used liability management exercises ("LMEs") to create runway, preserve liquidity, and rationalize capital structures outside of formal insolvency proceedings. In...more

Hogan Lovells

SIAC Introduces the New Restructuring and Insolvency Arbitration Protocol

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In August 2025, the Singapore International Arbitration Centre (SIAC) launched a Restructuring and Insolvency Arbitration Protocol, designed to provide a framework for arbitration of matters arising in the context of...more

Jones Day

Delaware Bankruptcy Court: No Legal Authority for Chapter 11 Plan Gatekeeping Provision

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Provisions in chapter 11 plans releasing non-debtors from liability for pre-bankruptcy conduct in exchange for funding for plan distributions, and provisions exculpating estate fiduciaries and other key parties for actions...more

Jones Day

First Impressions: Eleventh Circuit Rules that Annulment of Automatic Stay Does Not Violate U.S. Supreme Court's Prohibition of...

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After the U.S. Supreme Court in Roman Catholic Archdiocese of San Juan v. Acevedo Feliciano, 589 U.S. 57 (2020) ("RCA"), circumscribed the use of nunc pro tunc ("now for then") orders that make relief ordered by a court apply...more

Patterson Belknap Webb & Tyler LLP

Judge Blasts Defendant For Ignoring Discovery Obligations and More

You take note when an opinion by an experienced bankruptcy judge says a party’s “failure to perform basic discovery responses and participation in litigation . . . has been breathtaking. I have seen a lot, but I have not seen...more

Ropes & Gray LLP

Distressed Debt Legal Insights - December 2025

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s new source of timely insights for professionals navigating the complex world of liability management. In this edition, we’re looking at how Anthology resolved an...more

A&O Shearman

BGH Decides On The Exclusion For Knowing Breaches of Duty in D&O Coverage Litigation

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A knowing breach of the payment prohibition under insolvency law cannot be inferred from a breach of the obligation to file for insolvency. On November 19, 2025, the German Federal Court of Justice (Bundesgerichtshof;...more

Katten Muchin Rosenman LLP

CFTC Staff Guidance Dispels Longstanding Legal Uncertainty Around an FCM's Use of Customer Securities to Secure Foreign Futures...

In 2016, and again in 2018, Commodity Futures Trading Commission (CFTC) staff issued no-action letters permitting Futures Commission Merchants (FCMs) to deposit securities pledged by their foreign futures customers with a...more

Wiley Rein LLP

Bankruptcy Court Limits Estate’s Reach: Trustee Cannot Claim D&O Insurance Proceeds for the Estate

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The United States Bankruptcy Court for the Southern District of Texas, applying federal bankruptcy law, has held that proceeds of a management and entity liability policy were not property of the entity debtor’s bankruptcy...more

Davidoff Hutcher & Citron LLP

Subchapter V for Restaurants: A Streamlined Chapter 11 Option for New York Owners

Traditional Chapter 11 can feel out of reach for many independent and small‑group New York restaurants: it’s complex, time‑consuming, and expensive. Subchapter V, a relatively new part of Chapter 11, was designed to give...more

Davidoff Hutcher & Citron LLP

90 Days Before Filing: A Pre-Bankruptcy Planning Checklist for New York Restaurant Owners

Most restaurant bankruptcies are won or lost before the case is ever filed. The 90 days leading up to a filing are critical for New York restaurant owners: the moves you make (or don’t make) can affect everything from your...more

Seward & Kissel LLP

Bearish Sentiment, Diamond Hands, and Making an Appointment

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Nicklaus Companies files for bankruptcy after losing in court to Jack Nicklaus | Golf Digest - The Chapter 11 filing comes after the golf legend won a $50 million defamation lawsuit against his namesake former company....more

Ward and Smith, P.A.

Portrait of a Bad Faith Bankruptcy

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Bankruptcy courts tend to bend over backwards to avoid smothering a case in the crib. A recent decision from the U.S. Bankruptcy Court for the District of Delaware illustrates one such example.  In In re Bedmar, LLC, the...more

DLA Piper

Court Of Appeal Determines On Principles Governing Interim Anti-Suit Injunctions Against Foreign Winding Up in Support of...

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In the recent decision of Hyalroute Communication Group Limited v Industrial and Commercial Bank of China (Asia) Limited [2025] HKCA 936, the Court of Appeal provided important clarification on principles governing interim...more

Carlton Fields

Florida Appeals Court Decisions Week of November 24 - 26, 2025

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U.S. Eleventh Circuit Court of Appeals - Trump v. Clinton - rule 11 sanctions, jurisdiction - USA v. Beaufils - Medicaid fraud, evidence, sentencing, perjury - In re ATIF - bankruptcy, transfer, expert opinion...more

Herbert Smith Freehills Kramer

Scheme of Arrangement Rejected by the Court: Creditors’ Schemes and the Impact on Ordinary Shareholders

In a rare example, the Federal Court recently refused to approve a creditors’ scheme of arrangement after concluding that the scheme company, Twinza Oil, had failed to discharge its onus of proving that ordinary and...more

Foley Hoag LLP - Cannabis and the Law

Intoxicating Hemp Companies Facing the Ban Should Consider Federal Bankruptcy Relief Early

The “loophole” that for years exempted intoxicating hemp from the prohibitions of the Controlled Substances Act (“CSA”) is set to close on November 13, 2026, following the federal ban enacted earlier this month. Companies...more

Stark & Stark

Rearranging the Furniture: Value City Furniture Files for Chapter 11 Bankruptcy in Delaware

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Ohio-based American Signature, Inc., parent to American Signature Furniture and Value City Furniture, filed for bankruptcy protection on November 22, 2025, in the United States Bankruptcy Court for the District of Delaware –...more

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