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Ipso Facto Clauses

The Devil's Dictionary of Bankruptcy Terms: Ipso Facto Clause/Provision

by Polsinelli on

IPSO FACTO CLAUSE/PROVISION: A contract clause that terminates or modifies, or grants the non-debtor party the right to terminate or modify, the contract upon the debtor’s bankruptcy filing or the insolvency or financial...more

Reform Comes to Australian Restructuring and Insolvency Law

by Morgan Lewis on

Two key changes made to Australian insolvency law enhance restructuring efforts in Australia and could improve outcomes for US investors. ...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 reform in Australia: Update

by DLA Piper on

The Senate Economics Legislation Committee has strongly recommended that the Australian Parliament pass the reforms to Australia's safe harbour and ipso facto regime currently before the Senate. As the reforms have already...more

The Devil's Dictionary of Bankruptcy Terms: Springing Recourse

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...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

Australian Insolvency Reforms - The Harbour Appears Safer Than it Was

by K&L Gates LLP on

On 1 June 2017, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 (Bill) was introduced to the House of Representatives. The Bill introduces amendments to the Corporations Act 2001 (Cth) (Act) that are...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Bankruptcy Court Broadly Applies Safe Harbors and Rejects Singular Event Theory Precedent

by Alston & Bird on

In a decision that parts ways with two prior decisions in the Lehman bankruptcy, Lehman Brothers Special Financing Inc. v. Bank of America National Association, No. 10-3547, Bankruptcy Court Judge Shelley Chapman (who is ...more

Australian insolvency law reforms aim to increase business restructuring opportunities

by DLA Piper on

The Australian government is working to significantly reform Australia’s current insolvency laws by mid-2017. The reforms are intended to achieve greater likelihood of business preservation by introducing the flexibility...more

A Flip on the Flip Clause: Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors

by Reed Smith on

New York bankruptcy judge dismisses claims to recover approximately $1 billion that had been distributed to noteholders following commencement of the Lehman Brothers chapter 11 proceedings in September 2008. After more...more

The Harbour is Not Yet Safe – Reform on the Move in Australia

by K&L Gates LLP on

Following on from the Productivity Commission's Report on Business Set-up, Transfer and Closure, the Australian Government has issued a Proposals Paper entitled Improving bankruptcy and insolvency laws. The paper has...more

Will the Safe Harbour Ipso Facto Assist with Restructuring in Australia? - Proposed Reform to Australian Insolvency Laws

by K&L Gates LLP on

The Productivity Commission has handed down its long-awaited report on Business Set-Up, Transfer and Closure (Report) to the Australian Federal Government. Key recommendations from the Report have been embraced by the...more

Derivatives in Review - March 2015

NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more

"Enforcement of Make-Whole Provisions in Bankruptcy: The Importance of Careful Drafting"

Indentures typically contain provisions that offer protection to bondholders and borrowers in the event of early repayment of or, in some instances, default on the loan. This includes make-whole provisions, which...more

The Limited Liability Company and Bankruptcy Code

by K&L Gates LLP on

This K&L Gates Legal Insight highlights certain potential bankruptcy and insolvency issues that clients and legal practitioners should take into account when forming a limited liability company (“LLC”) under state law. These...more

German Supreme Court renders ipso facto clauses invalid and unenforceable – Roma locuta, causa finita?

by K&L Gates LLP on

An ipso facto clause is a contractual provision which states that a contract or agreement automatically terminates or may be terminated by a party if bankruptcy proceedings have been instituted over the other party’s assets....more

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