News & Analysis as of

Insolvency

The Rule In Gibbs: Safeguarding Creditors’ Rights Or Aiding And Abetting "Hold Out" In Foreign Insolvencies?

There is an English common law rule that a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding. This rule is derived from a Court of Appeal case: Antony Gibbs and sons v La...more

Supplier Strategies for the Financially Distressed Buyer

by Shipman & Goodwin LLP on

While the stock market continually reached new highs last year, the pace of retail bankruptcies did not abate. In just the last year, Toys R Us, Gymboree, Radioshack, Payless ShoeSource, BCBG Max Azria, Eastern Outfitters,...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

Restructuring and Insolvency Bulletin Issue 3 - January 2018: Russian transportation and logistics conglomerate FESCO PLC...

by Dechert LLP on

This case reiterates the opportunity that an English scheme provides to companies in emerging market jurisdictions seeking to restructure their English law debt obligations with international lenders. Mr Justice Snowden’s...more

Restructuring & Insolvency Newsletter - January 2018

by Reed Smith on

Welcome to the January 2018 issue of the R&I Alert, the newsletter produced by Reed Smith's Restructuring & Insolvency Group. ...more

Exelco’s US Chapter 11 Case Dismissed in Favor of Belgian Proceeding

by Dechert LLP on

The Delaware Bankruptcy Court recently dismissed a Chapter 11 bankruptcy case pending before it and recognized, under Chapter 15 of the Bankruptcy Code, the debtor’s bankruptcy proceeding in Belgium. Exelco NV (“Exelco”), a...more

Focus on Restructuring Processes: CVAs and Liquidation in the context of Carillion

by Dechert LLP on

In recent months certain restructuring processes have gained quite some notoriety in press headlines in connection with a number of UK businesses. This article provides secured lenders with a brief recap on the key points to...more

Smith to Moderate Judges’ Panel at ABI Symposium to Benefit Puerto Rico

by Moore & Van Allen PLLC on

Charlotte Bankruptcy Member and Team Leader Zach Smith will be moderating a panel of Puerto Rico’s Bankruptcy Judges at the American Bankruptcy Institute’s Caribbean Insolvency Symposium on February 1 in Miami, Florida....more

EU Finalizes Changes to Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

by Shearman & Sterling LLP on

An EU Directive amending the Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The amending Directive amends the ranking of unsecured debt instruments in the insolvency...more

Delaware Chancery Court Rulings Address Valuation and Insolvency Disputes

by Farrell Fritz, P.C. on

The steady flow and scholarly character of Delaware Chancery Court opinions in company valuation contests provide an important resource and learning tool for business divorce practitioners, appraisers, and judges in New York...more

Chapter 15: U.S. Creditor Required to Seek Recovery in Foreign Main Proceeding

In this post, we return to cross-border insolvencies and examine one of the first decisions issued in 2018 by a bankruptcy court in a chapter 15 case: In re Energy Coal S.P.A., No. 15-12048 (LSS), 2018 Bankr. LEXIS 10 (Bankr....more

PPF levy 2018/19: action points for pension schemes and sponsors

by Allen & Overy LLP on

The Pension Protection Fund levy rules for 2018/19 have now been finalised, and schemes and sponsors should ensure that they understand any options they have to mitigate the levy they will pay. There is time to complete and...more

Client Alert: Managing Credit Risk in the Supply Chain

Companies expend substantial resources managing the credit risk of customers, to protect the value of their sales. Many companies, however, do not always apply credit risk analysis to its supply chain, focusing instead on...more

The Italian Insolvency Law Reform Project

By the Law 155/2017, that became effective on November 14, 2017, the Italian Parliament required the Government to adopt, within the next 12 months, a comprehensive and organic reform of insolvency proceedings and rules...more

Extremely Clear Pay-If-Paid Clause is Enforced

by Murtha Cullina on

Every contract involves the risk of insolvency, and every construction subcontract involves the risk of the owner/developer failing to make the payments that the contractor intends to use to pay its subcontractors....more

Maximizing returns from a UK liquidation

by DLA Piper on

When a company enters into an insolvency process in the UK, the position of unsecured creditors is typically one of uncertainty. Ranking fifth1 in the insolvency payment waterfall, unsecured creditors frequently find...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

Navigating the Safe Harbour – To Disclose or not to Disclose?

by K&L Gates LLP on

The Safe Harbour reforms that became law on 19 September 2017 aim to create a better environment for the effective corporate rescue of distressed companies. By removing the perceived fear of insolvent trading from directors...more

Dutch Government's proposals for a new form of binding, pre-insolvency composition - the "Dutch Scheme"

by DLA Piper on

In September a draft bill was published for public consultation, pursuant to which a district court may be asked to confirm a restructuring plan between a company and its creditors and shareholders concerning the rescheduling...more

EuroResource—Deals and Debt | December 2017

by Jones Day on

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments. Recent Developments - The Netherlands—On 5 September 2017, the...more

Virginia Supreme Court Considers Terms Of Assumption Reinsurance Transaction In Determining Obligations Of Insolvent Insurer

by Carlton Fields on

A group of Kentucky hospitals sought reimbursement for legal fees incurred in two lawsuits related to the insolvency of their insurer, Reciprocal of America (“ROA”). In the 1970s and 1980s, the hospitals created two trusts to...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

Breaking New Ground in U.S. Cross-Border Insolvency Law

by Blank Rome LLP on

Russian Insolvency Proceedings Recognized under Chapter 15 of the United States Bankruptcy Code - Blank Rome LLP’s bankruptcy team has the distinction of representing foreign representatives of Russian debtors in two...more

Court Of Chancery Denies Receivership Petition For Failure To Prove Insolvency

by Morris James LLP on

In re: Geneius Biotechnology Inc., C.A. 2017-0297-TMR (December 8, 2017) - This decision explains what is needed to prove a corporation is insolvent so that a receiver should be appointed for it....more

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

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