The British Virgin Islands is becoming an increasingly popular jurisdiction for aviation finance transactions in both the commercial and business jet sectors. Among the reasons for this are the British Virgin Islands’ tax neutral status, its political stability, the developed English-based legal system, a bespoke commercial court, the flexible and commercial nature of its legislation and its adherence to international standards of compliance and other matters.

In a recent decision of the BVI Commercial Court in Claim No.

The Federal Trade Commission (“FTC”) announced revisions to the Hart-Scott-Rodino (“HSR”) Act filing thresholds on January 15, 2015. The HSR Act requires annual adjustment of the thresholds based on the change in the U.S. gross national product.

As we have noted in prior M&A Updates, when dealmakers face a transaction where one or both of the parties are incorporated outside the Delaware comfort zone, they often confront unexpected structuring issues unique to entities or deals undertaken in that state or country.

Welcome to issue 12 of Global Insight, bringing you reports on breaking legal developments in restructuring law across borders and in jurisdictions around the world.

The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 recently issued its Final Report and Recommendations, which propose a host of “Recommended Principles” that — if enacted by Congress — would alter significantly the U.S. bankruptcy process for all debtors, creditors and parties in interest. Read more

We are pleased to provide you with the 2014 edition of KPMG’s Focus on Financial Reporting. This year witnessed one of the most significant changes to financial reporting in a generation with the FASB and the IASB releasing a converged standard on recognizing revenue in contracts with customers. While the culmination of the efforts of the two Boards to reach consensus on this project resulted in a converged standard for Revenue Recognition, the year saw the Boards struggle to reach converged solutions for other key projects.

A recent Delaware decision in Cigna provides important guidance on simple yet important steps that buyers of private companies using a merger structure can take to more effectively impose certain post-closing obligations on stockholders who do not sign agreements to support the deal. Access the issue here. Read more. (Subscription required.)

by David CONAWAY Reuters, Bloomberg and Debtwire are all reporting negative financial information about your customer: Bond ratings are downgraded, bond prices are falling, a likely “restructuring” to address the bond debt is on the way, bondholders form an “ad hoc” committee to negotiate with the customer, the bondholders retain financial advisors and counsel… as does the customer. You know what’s coming, a Chapter 11 filing, but the customer will not confirm that.

In its landmark 1971 Chris-Craft decision, the Delaware Supreme Court observed that “inequitable action does not become permissible simply because it is legally possible.” This quote aptly captures the two-stage inquiry that Delaware courts will apply when reviewing a challenged board action – first determining the legality of the action, and second appraising the equity, or fairness, of the act and its application under the specific circumstances. Read more