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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
Robins Kaplan LLP

Financial Daily Dose 9.18.2019 | Top Story: Fed Carries Out Rare Market Operation to Steady Rates

by Robins Kaplan LLP on

The Federal Reserve took the rare step yesterday of stepping “into financial markets . . . to keep interest rates from rising above its target, the first time the central bank has had to carry out this type of ‘market...more

Cadwalader, Wickersham & Taft LLP

The Same, Only Better: Eighth Circuit Affirms Peabody Chapter 11 Plan Backstopped Rights Offering Despite Alleged Disparate...

On August 9, 2019, in a unanimous decision (written by a former bankruptcy judge), the Eighth Circuit Court of Appeals affirmed the confirmation of the Peabody Energy Chapter 11 plan (“Plan”) with a prominent backstopped...more

Pierce Atwood LLP

President Trump Signs New Bankruptcy Legislation – Is Relief from Questionable Bankruptcy Preference Claims In Sight?

by Pierce Atwood LLP on

On Friday, August 23, President Trump signed into law the “Small Business Reorganization Act of 2019.” The SBRA will take effect in February 2020 and, at long last, may provide some (although probably minimal) relief to...more

Burr & Forman

Shelter from the Storm - Bankruptcy Relief Comes in Three's

by Burr & Forman on

A trio of bankruptcy bills are sitting on President Trump’s desk awaiting his signature.  The three bankruptcy bills are the “Small Business Reorganization Act of 2019” (H.R. 3311), the “Honoring American Veterans in Extreme...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in the Netherlands

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

Kramer Levin Naftalis & Frankel LLP

Fifth Circuit Affirms Bar Orders in Receivership, Bars Creditors From Pursuing Claims Against Settling Defendants

In a 2-1 opinion dated July 22, 2019, the Fifth Circuit held that third parties who paid a receiver to settle estate claims against them are entitled to an order barring other creditors from suing the settling third parties...more

Jones Day

Jones Day Presents: LB&I Examination Strategies: Effective Strategies for Elevating Issues

by Jones Day on

In the fourth installment of Jones Day’s series of video presentations on the IRS's Large Business & International Division ("LB&I") exam procedures, partner and tax litigator Chuck Hodges explains how the IRS’s new process...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings In Slovakia

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER SLOVAKIAN LAW - 1. Presentation of the bankruptcy/insolvency/rehabilitation proceedings in the Slovak Republic and their main...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Mexico

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER MEXICAN LAW - Please find hereinbelow: (i) a brief presentation of key aspects of the commercial insolvency proceeding, as regulated by the Commercial...more

King & Spalding

Fifth Circuit Denies Post-Petition Default Interest to Fully Secured Creditors

by King & Spalding on

On June 14, 2019, the U.S. Court of Appeals for the Fifth Circuit issued an opinion affirming bankruptcy and district court decisions finding that, under the terms of the confirmed Chapter 11 bankruptcy plan, the debtor’s...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings In Israel

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ISRAELI LAW - The Israeli parliament (Knesset) passed a new statute regarding insolvency law, which is named: The Insolvency and Rehabilitation...more

Latham & Watkins LLP

2019 Is Different From 2008: 4 European Restructuring Developments for Private Equity Firms to Consider

by Latham & Watkins LLP on

Persisting political and economic uncertainty means awareness of market changes remains crucial. The 2008 distress cycle triggered defaults and restructurings for European PE portfolio companies, as maintenance covenant...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings In India

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

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Court Precludes Creditors of Limited Partnership From Pursuing Derivative Claims

In several cases since the seminal 2011 Delaware Supreme Court decision CML V LLC v. Bax, which held that creditors of Delaware LLCs lack standing to pursue derivative claims, the U.S. Bankruptcy Court for the District of...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Greece

In Greek law, there are several types of proceedings addressing the inability of a merchant debtor (either a natural person or a legal entity) to pay its debts. On one hand, there are Bankruptcy and Special Administration,...more

White & Case LLP

PACTE Act (action plan for the growth and transformation of companies): the main changes regarding distressed companies

by White & Case LLP on

Presented as a major measure of the five-year French presidential term, the law “on growth and business transformation”, also known as the PACTE Act, came into force on May 24th, 2019. Amongst the changes that were brought,...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Proposes Preferential Status for Certain Taxes in Insolvencies

The U.K. government is proposing to reintroduce preferential status to certain taxes in U.K. insolvencies beginning 6 April 2020. If enacted: - certain taxes owed to HM Revenue & Customs (HMRC) would rank ahead of floating...more

Morgan Lewis

Singapore Grants First Domestic DIP Financing Application Based on US Law

by Morgan Lewis on

The Singapore High Court recently issued the first-ever super-priority order for debts arising from rescue financing under Section 211E(1)(b) of the amended insolvency laws in the Companies Act. The decision shows that the...more

Weil, Gotshal & Manges LLP

New tax developments for insolvency and restructuring deals

by Weil, Gotshal & Manges LLP on

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere. Farnborough – appointment of a receiver and tax grouping - The Court of Appeal recently handed down its...more

Dentons

Directors' duty to consider the interest of creditors and transactions at an undervalue

by Dentons on

The Court of Appeal has given guidance on when the duty of directors to have regard to the interest of creditors arises. This is an important point, as the general statutory duty of a director to promote the success of the...more

King & Spalding

New York District Court Finds That Tribune Qualifies as Financial Institution Under Bankruptcy Code Safe Harbor Provision

by King & Spalding on

On April 23, 2019, Judge Cote of the District Court for the SDNY, issued an opinion in In re Tribune Company Fraudulent Conveyance Litigation, finding that the Tribune Company, which employed Computershare Trust Company...more

Quinn Emanuel Urquhart & Sullivan, LLP

Post-Merit Decision Finds that Section 546(e) Safe Harbor Protection for Leveraged Buyouts is Alive and Well

On February 27, 2018, the Supreme Court unanimously affirmed the Seventh Circuit’s decision in Merit Management Group, LP v. FTI Consulting, Inc. that section 546(e) of the Bankruptcy Code does not protect “transfers that are...more

Fox Rothschild LLP

Sears Debtors Sue Former CEO & Others Seeking Billions

by Fox Rothschild LLP on

In October of this year, Sears Holdings Corp and affiliated Debtors filed a Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York in a case pending before Judge Drain. Since that time, the company...more

Dechert LLP

Newsflash: Subordination Agreement prevents Rule 2004 examination

by Dechert LLP on

Bankruptcy Rule 2004 allows the examination of any entity with respect to various topics, including conduct and financial condition of the debtor and any matter that may affect the administration of the estate. Does a...more

Latham & Watkins LLP

The Italian Insolvency Code: New Rules on ‘Debtor-in-Possession’ Financing

by Latham & Watkins LLP on

The Insolvency Code contains a “debtor-in-possession” financing regulation that reforms the legal framework outlined in the Bankruptcy Law in force until August 2020. Key Points: ..The newly enacted Insolvency Code...more

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