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Bankruptcy Elections & Politics

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A closer look at round six of the NAFTA negotiations

by Dentons on

Round six of the NAFTA negotiations concluded in Montreal on January 29, 2018. Trade ministers from Canada, the United States and Mexico rejoined the talks this round with the aim of creating movement on contentious chapters....more

The Year in Bankruptcy: 2017

by Jones Day on

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

State of the Financial Restructuring Market

Continuing low interest rates and generally improved economic conditions in the U.S. and worldwide during 2017 have reduced financial distress and the need for business bankruptcies in most sectors. However, out-of-court...more

Bankruptcy Venue Reform Act Seeks to Limit Districts Where Debtors May File

by Hogan Lovells on

On January 8, 2018, Senators John Cornyn (R-TX) and Elizabeth Warren (D-MA) introduced the Bankruptcy Venue Reform Act of 2017. The bill would require that individual debtors file in the district where their domicile,...more

New tax law eliminates NOL carry backs

by Thompson Coburn LLP on

In a blow to certain distressed companies, the Tax Cuts and Jobs Act of 2017 eliminates the ability of taxpayers to carry back net operating losses (“NOLs”) incurred after December 31, 2017, to previous tax years. Under the...more

Australia: phoenixing reform rising beyond the safe harbour

by DLA Piper on

Australian insolvency law reform is gaining momentum. In September 2017, we saw the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 receive royal assent, introducing a new safe harbour for directors who...more

Italy to revamp the system of legal priorities, and introduce non-possessory security

by Hogan Lovells on

The Italian Parliament passed law No. 155 of 19 October 2017 to delegate the Government to reform the rules on insolvency and financial distress. This has been commented widely in the press and between commentantors, as it is...more

Amendments to Chapter 12 make it easier for a family farmer to reorganize

by Thompson Coburn LLP on

In a rare bipartisan moment, Congress overwhelmingly passed and the President signed into law on October 25 the Family Farmer Bankruptcy Clarification Act of 2017. This legislation makes it easier for family farmers to...more

Delega al Governo per la Riforma delle discipline della crisi di Impresa e dell’insolvenza

L'11 ottobre 2017 è stata definitivamente approvata dal Parlamento la legge delega per la riforma organica delle procedure concorsuali e della disciplina sulla composizione della crisi da sovraindebitamento([1]) (la "Legge");...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Safe harbour and ipso facto reforms pass through the Senate

by DLA Piper on

Another step has been taken towards the introduction of a safe harbour for directors of insolvent companies and limited stay on the operation of ipso facto clauses. Late on Monday evening, after some debate, the Senate passed...more

Safe harbour and ipso facto reform in Australia

by DLA Piper on

Long-awaited law reform to bring Australia's insolvency regime into step with many of its trading counterparts is slated to be enacted in the second half of 2017. The text of the law is currently before parliament for debate....more

House Passes Legislation Allowing Financial Institutions to Seek Chapter 11 Protection

by Jones Day on

On April 5 and June 8, 2017, the U.S. House of Representatives passed bills (the Financial Institution Bankruptcy Act of 2017 ("FIBA") and the Financial CHOICE Act of 2017) that would allow financial institutions to seek...more

Puerto Rico Files for Bankruptcy: New York Judge to Hear Case

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States...more

New Bankruptcy Rules to Take Effect December 1, 2017

After several years of drafting, debate, compromise and fine tuning, it appears that major changes to the administration of consumer bankruptcy cases are imminent. On April 27, 2017, Chief Justice John Roberts submitted to...more

Trump Prevents FSOC Designations and Bank Liquidations

In a Presidential Memorandum, President Trump directed the Secretary of the Treasury, as a member of the Financial Stability Oversight Council, not to cast a nonemergency vote to subject nonbank financial companies to...more

US House of Representatives Judiciary Committee Passes Bankruptcy Reform Bill That Would Amend Title II

by Shearman & Sterling LLP on

The Judiciary Committee of the US House of Representatives marked up and passed HR 1667, the Financial Institution Bankruptcy Act of 2017...more

Safe harbour: proposed changes to the insolvent trading regime in Australia

by DLA Piper on

The Australian government has released draft legislation which proposes significant legislative change to insolvency laws in Australia. One of the changes proposed, is that directors will not be liable for insolvent trading...more

Banking & Financial Services E-Note - February 2017

by Burr & Forman on

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. Despite press coverage, the Order doesn’t actually require...more

What 2017 May Bring for the Restructuring Community

We asked some of our financial advisor colleagues to give us brief read outs on what they felt 2017 has in store for us now that we have gotten beyond the inauguration and into the first weeks of the Trump administration. ...more

UAE passes federal bankruptcy law - what has changed?

by DLA Piper on

The UAE has succeeded in creating a dynamic economy known for its entrepreneurial spirit. In recent years, however, the rapid development of the business community has outpaced corresponding changes to its legal...more

The Australian federal government to review security of payment legislation

by Dentons on

The Australian federal Minister for Employment, the Hon. Michaelia Cash, has announced a review into security of payment legislation in the building and construction industry. Mr John Murray AM has been appointed to conduct...more

Banking & Financial Services E-Note - December 2016

by Burr & Forman on

Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive...more

Government's latest plans to reform the Corporate Insolvency Framework: what's hot and what's not?

by Dentons on

On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime...more

10 Things You Need to Know About Health Care Bankruptcies in 2017

by Foley & Lardner LLP on

The coming year will likely continue to be a tumultuous year for health care providers, suppliers, and payers, as they adapt to meet new challenges and market forces, particularly in light of the open questions as to the...more

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