News & Analysis as of

Insolvency

I Get Knocked Down, But I Get Up Again

by K&L Gates LLP on

Australia has long been known for its “have a go” attitude and it appears that this sentiment has been behind major reform in Australia’s restructuring and insolvency laws over the past year. Originally published in INSOL...more

US Office of the Comptroller of the Currency Publishes Final Rule Regarding Mandatory Contractual Stay Requirements for Qualified...

by Shearman & Sterling LLP on

The OCC published a final rule requiring all covered qualified financial contracts of covered banks to contain a contractual stay-and-transfer provision. This provision is similar to the stay-and-transfer provision that is...more

Approval for Super Priority Rescue Financing - What does an applicant need to show a Singapore court? - A case study of Re:...

by Dentons on

For the first time, the Singapore High Court has ruled on whether to grant ‘super priority’ for debts arising from rescue financing under the amended insolvency laws via the Companies (Amendment) Act 2017 (the Act). ‘Super...more

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

by Morrison & Foerster LLP on

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

English recognition for Agrokor insolvency: not a tick-box exercise

by Hogan Lovells on

On 9 November 2017, in a rare example of a contested recognition hearing, His Honour Judge Paul Matthews granted recognition of Agrokor’s extraordinary administration (EA) as a foreign main proceeding under the Cross-Border...more

AER Revises Eligibility Requirements for Acquiring and Holding Energy Licences and Approvals

On December 6, 2017, the Alberta Energy Regulator (AER) released a new edition of Directive 067 (New Directive), dealing with the eligibility requirements for acquiring and holding energy licences and approvals in Alberta....more

Maximising D&O Insurance Recoveries in Insolvency

by K&L Gates LLP on

Insurance claims represent assets in insolvency which may be capable of realisation or assignment by an insolvency practitioner (IP). If properly managed, such claims can prove to be a significant source of recovery. ...more

Recent Developments in Canadian Insolvency Case Law: What Lenders Need to Know

In 2017, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This...more

International News: Brexit & the US Administration

by McDermott Will & Emery on

Cross Border M&A: The Impact of Brexit, the Trump Administration, and China’s Crackdown on Capital Flight The combination of Brexit, the Trump Administration, and China’s tightening grasp on capital, appear to have created...more

Business Litigation Report - November 2017

The Un-Crisis Crisis Law and Strategy Group - No Two Situations Are Alike—That’s the Challenge “How fast can you get to…” “Let’s see. I just got back from London. We’ll be there tomorrow.” As our founder John Quinn...more

Maritime and offshore restructuring in Singapore: A safe harbour?

by White & Case LLP on

The new laws have made Singapore more attractive for companies looking to restructure, but will it become the jurisdiction of choice for Asian debt restructurings? The maritime and offshore (M&O) sector has endured almost...more

Construction industry consultations underway (on adjudication, payment and retentions)

by Dentons on

In October, the Department for Business, Energy & Industrial Strategy (BEIS) launched two consultations, to review payment, adjudication and retention practices in the English construction industry. Responses are required by...more

The Magic of Mt. Gox

by Bryan Cave on

Arthur C. Clarke famously observed: “Any sufficiently advanced technology is indistinguishable from magic.” Our regulatory, legislative, and judicial systems illustrate this principle whenever new technology exceeds the...more

Third Circuit Rules That WARN Act's "Unforeseeable Business Circumstances" Exception Requires That Layoffs Be Probable, Not...

by Jones Day on

In Varela v. AE Liquidation, Inc. (In re AE Liquidation, Inc.), 866 F.3d 515 (3d Cir. 2017), the U.S. Court of Appeals for the Third Circuit became the sixth circuit court of appeals to rule that a "probability standard"...more

November 2017: Asia-Pacific Litigation Update

Safe Harbors in, Ipso Facto Clauses out: A (Long Overdue) Shake Up of Australian Insolvency Laws. The federal government has this month passed a suite of insolvency reforms with the consequence of significantly elevating the...more

Cross-Border Bankruptcy Update: COMI Migration and Illegitimate COMI Manipulation Distinguished

by Jones Day on

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

Reducing your Pension Protection Fund (PPF) levy for 2018/19

by Hogan Lovells on

2018/19 is the first year of the Pension Protection Fund (PPF)'s third levy "triennium" under the new levy framework. Trustees who wish to reduce their pension scheme's risk-based levy by taking account of contingent...more

Le proposte di modifica al diritto societario contenute nella Legge Delega per la riforma delle discipline della crisi di impresa...

È stata pubblicata la Legge 19 ottobre 2017, n. 155, recante delega al Governo per la riforma delle discipline della crisi di impresa e dell'insolvenza (si seguito, la "Legge Delega")....more

FRANCHISOR 101: Arbitr-“all”

by Lewitt Hackman on

A federal court in New Jersey granted a franchisor's motion to compel arbitration of disputes involving seven frozen yogurt franchises, even though the claims were subject to different arbitration provisions in different...more

Changes in Real Estate legislation - 3 quarter 2017

by Dentons on

Amendments to the federal laws - Federal Law No. 135-FZ On Amendments to Certain Legislative Acts of the Russian Federation Improving the Procedure for Establishing and Using the Territory Adjacent to an Airfield and...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

Court of Appeal Judgment: Waterfall IIA Case

by Morrison & Foerster LLP on

The Court of Appeal judgment in the so-called “Waterfall IIA” case signals the English Courts’ reluctance to impute established equitable principles in aid of construing English insolvency legislation. The Court of Appeal’s...more

Surviving the Storm

by K&L Gates LLP on

The government has introduced major law reforms to Australia's insolvency laws which will come into effect next year. With news of established local and international fashion brands facing financial difficulty and entering...more

Attempt to implement pre-pack procedures in Belgium fails

by DLA Piper on

An attempt to reform and rationalize the Belgian Bankruptcy Act of 8 August 1997 and the Continuity of Enterprises Act of 31 January 2009 included the introduction of a "silent bankruptcy" that offered distressed companies...more

Assigning liquidator rights to sue: what has been created?

by DLA Piper on

Following a suite of recent reforms to Australian insolvency laws, liquidators are now able to assign rights to sue, conferred on them personally by the Corporations Act. The new power to assign is broad. It appears that the...more

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