Country Reports Winter 2012 - Czech Republic, European Commission, Russia, USA, Germany, The Netherlands

The highest Czech Court decision defining “known creditor” within Council Regulation (EC) No. 1346/2000 has European wide impact. In order to understand the influence of the decision, it is necessary to briefly describe the Czech law provisions for lodging claims. Winter 2012/2013

“Neither a borrower nor a lender be”

David Conaway looks at alternative sources of working capital in US and Canadian insolvencies.

Village at Camp Bowie: The Fifth Circuit Weighs In on Artificial Impairment

A key tenet of reorganization under Chapter 11 is that if the debtor's plan impairs creditors, at least some of those creditors must agree to the plan. More specifically, "if a class of claims is impaired under the plan, at least one class of claims that is impaired under the plan has accepted the plan, determined without including any acceptance of the plan by any insider."

Financial Transaction Tax Update: European Commission Adopts a New Directive

February 2013

Dodd-Frank Progress Report

March 1, 2013

In this Report:

In Confirming Indianapolis Downs Chapter 11 Plan, Delaware Bankruptcy Court Provides Guidance on Permissibility of Binding Plan Support Agreements

Bankruptcy Client Alert
February 28, 2013

Change to Local Delaware Rule Governing Deadline for Filing and Service of Motions

On February 1, 2013, the United States Bankruptcy Court for the District of Delaware adopted a revised version of the Local Rules of Bankruptcy Practice and Procedure of the Court (the "Local Rules").

Allen & Overy LLP eAlert: Bankruptcy Court Applies 'Public Policy' Exception in Chapter 15 to Bar Non-Debtor Releases: ATTORNEY ADVERTISING

On June 13, 2012, the United States Bankruptcy Court for the Northern District of Texas issued a memorandum decision in a chapter 15 case in which it refused to give effect to non-debtor releases under a Mexican plan of reorganization on the basis that such releases were manifestly contrary to the public policy of the United States. https://www.aohub.com/aoos/viewContent.action?key=Ec8teaJ9VarbAIvLu1NOd17eOOGbnAEFKCLORG72fHz0%2BNbpi2jDfaB8lgiEyY1JAvAvaah9lF3d%0D%0AzoxprWhI6w%3D%3D&nav=FRbANEucS95NMLRN47z%2BeeOgEFCt8EGQTBTrTXtG0BY%3D&uid=YZDfsUx1Czg%3D&popup=HxapDW%2FMKd4%3D&fr

Texas Bankruptcy Court Denies Recognition to Mexican Financial Restructuring Plan; Decision to be Appealed to the Fifth Circuit

On June 13, the bankruptcy court for the Northern District of Texas in In re Vitro, S.A.B. de C.V. declined to recognize and enforce an order issued by the Federal District Court for Civil and Labor Matters for the State of León, Mexico, which approved Vitro SAB’s reorganization plan in its Mexican insolvency proceeding (known as a concurso mercantil proceeding). The final decision in this case will have a significant effect on the negotiation and implementation of cross-border financings and restructurings, especially those involving Mexican issuers and guarantors of U.S.

Long-Awaited Foreign Corrupt Practices Act Guidance Issued by DOJ and SEC

On November 14, 2012, the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) published A Resource Guide to the U.S. Foreign Corrupt Practices Act. The comprehensive, 120-page guide emphasizes at the outset that FCPA enforcement remains a priority for U.S. authorities. While non-binding on the government, the guide provides companies with a valuable window into the government’s thinking on the interpretation and enforcement of the FCPA. As the enforcement actions cited in the guide make clear, the stakes in this area are high.