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International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Slovakia (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER SLOVAKIAN LAW - We present here the following answers to the questions mentioned in the ILN Restructuring & Insolvency Collaborative Paper which...more

Stark & Stark

TGI Friday’s Files for Chapter 11 Bankruptcy Protection

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​​​​​​​Dallas-based TGI Friday’s, which started in Manhattan in 1965 and was one of the first chains to capitalize on the “happy hour” concept, filed for Chapter 11 bankruptcy protection on Saturday in the Northern District...more

King & Spalding

Eighth Circuit Voids $564 Million Jury Verdict, Finding Bank Was Entitled to Raise Equitable Defense Against Bankruptcy Trustee

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On September 12, 2024, the U.S. Court of Appeals for the Eighth Circuit nixed a $563 million jury verdict against BMO Harris Bank involving claims that the bank aided and abetted a multibillion-dollar Ponzi scheme, ruling...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Romania (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences. ...more

A&O Shearman

Regulatory monitoring - October 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more

Troutman Pepper

Can I Be Held Liable as a Petitioning Creditor When an Involuntary Bankruptcy Is Dismissed? - Creditor’s Rights Toolkit

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An involuntary bankruptcy can be a powerful tool in a creditor’s arsenal. Involuntary bankruptcies are rarely filed, however, because of the significant risk of liability for the petitioning creditor if the case is dismissed....more

Patterson Belknap Webb & Tyler LLP

The Ponzi Scheme Presumption in Avoidance Action Litigation

Section 548 of the bankruptcy code authorizes a trustee, debtor, or other appropriate party to avoid actual and constructive fraudulent transfers that occurred prepetition. In order to prove that a transfer was an actual...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Portugal (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER PORTUGUESE LAW - I. INTRODUCTION – KEY ASPECTS OF PORTUGUESE LAW - DEFINITION OF INSOLVENCY AND LEGAL FRAMEWORK - Insolvency proceedings consist of...more

Morrison & Foerster LLP - Social Media

Socially Aware: Fake Reviews, Real Rulings, And An Epic Fail

The Federal Trade Commission’s new rules banning phony online reviews are now in effect. These rules aim to curb false consumer testimonials, the buying of fake reviews from brokers, review suppression, falsifying social...more

Goldberg Segalla

Debtor’s Motion for Preliminary Injunction Granted

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Jurisdiction: United States Bankruptcy Court for the District of New Jersey - Whittaker, Clark & Daniels Inc. and its affiliates (Debtors) initiated this bankruptcy action with the Federal District Court of New Jersey....more

Rivkin Radler LLP

Justices’ Ch. 11 Ruling Is A Big Moment For Debtors’ Insurers

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In one of the most publicized terms for the U.S. Supreme Court, one June decision has not received the attention it deserves: Truck Insurance Exchange v. Kaiser Gypsum Company Inc. Truck upends decades of Chapter 11...more

Proskauer Rose LLP

From Opioids to Opt-Outs: Nonconsensual Third-Party Releases and the Aftermath of Purdue

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On June 27, 2024, the U.S. Supreme Court released its 5-4 opinion in connection with the bankruptcy case of Purdue Pharma L.P. (“Purdue”). Over a vigorous dissent authored by Justice Kavanaugh, a narrow majority of the...more

BCLP

Key Lessons from the Collapse of ISG

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The recent collapse of Interior Services Group (ISG), which filed for administration on 20 September 2024, has alarmed the industry. EY has been tasked with managing outstanding projects that Glenigan suggests total over £2.5...more

Hinshaw & Culbertson - Insights for Insurers

How the U.S. Supreme Court's Rulings on Kaiser and Purdue Pharma Affect Insurers' Rights and Interests in Chapter 11 Cases

On June 6, 2024, the United States Supreme Court issued its decision on an insurer’s standing in its policyholders’ Chapter 11 bankruptcy proceeding in Truck Exchange v. Kaiser Gypsum Co., 144 S. Ct. 1414 (2024). The decision...more

A&O Shearman

HM Treasury Publishes Draft Update to Special Resolution Regime Code of Practice

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HM Treasury has published a draft new chapter for the Special Resolution Regime Code of Practice that reflects reforms introduced by the Bank Resolution (Recapitalisation) Bill....more

Pillsbury Winthrop Shaw Pittman LLP

U.S. Bankruptcy Court Holds that State-Court Receivership Order Does Not Bar Managing Member from Seeking LLC Bankruptcy Relief

A typical receivership order does not limit the ability of a managing member to seek limited liability company bankruptcy relief for distressed real estate or other enterprises. An enterprise, even if in receivership,...more

Seward & Kissel LLP

Party On, Burning Rubber and Casual Relationship

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Tupperware cancels auction, agrees to lender takeover | Reuters - On Tuesday, bankrupt Tupperware Brands concurred to sell its company for $23.5 million in and over $63 million in debt relief to a group of lenders,...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in the Netherlands (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER DUTCH LAW - I. Insolvency proceedings in The Netherlands - There are four law-regulated insolvency proceedings in The Netherlands: bankruptcy...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Mexico (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER MEXICAN LAW - Preface - On 12 May 2000, the Commercial Insolvency Law (the “CIL”) was published in the Federal Official Gazette, and it entered into...more

Fisher Phillips

Bankruptcy Court Upholds PBGC Rules, Says Massive Pension Fund Bailouts Can’t Reduce Employer’s Withdrawal Liability: Your 5 Key...

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A bankruptcy court in Delaware recently upheld rules issued by the Pension Benefit Guaranty Corporation (PBGC) that severely impact how liability is calculated for employers withdrawing from multiemployer pension plans...more

Mayer Brown

Third Circuit Orders Hertz to Pay Noteholders Post-petition Interest, including Make-Whole Premiums, at Contract Rates

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The US Court of Appeals for the Third Circuit recently held that Hertz’s noteholders are entitled to post-petition interest payments, including make-whole premiums, at the contract rate as part of the company’s Chapter 11...more

A&O Shearman

Recent Italian insolvency law changes have important implications for guarantees

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Recent amendments to the Italian Insolvency Code have been introduced by Legislative Decree no. 136 of September 13, 2024 (Decree 136). These amendments, together with certain recent Italian court decisions, have important...more

International Lawyers Network

Bankruptcy, Insolvency & Restructuring Proceedings in Italy (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ITALIAN LAW - 1. Presentation of the judicial liquidation/ insolvency/ rehabilitation proceedings in Italy and their main characteristics. The...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in India (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER INDIAN LAW - The Code: Introduction of a comprehensive insolvency and bankruptcy law in India is a recent event, with introduction of the...more

Morgan Lewis

The Evolving Landscape of Third-Party Releases Post-Purdue

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The Delaware Bankruptcy Court on September 25 issued a ruling in Smallhold that a creditor cannot be presumed to consent to a third-party release in a bankruptcy plan without clear, affirmative consent. This decision rules on...more

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