On 24 July 2013, the Supreme Court handed down its long-awaited judgment in the Nortel/Lehman case: Re Nortel Companies [2013] UKSC 52. The Court looked at the position where a contribution notice (CN) or financial support direction (FSD) was issued by the Pensions Regulator (TPR) on a company that is already in insolvency proceedings in England (eg administration). How does the relevant obligation rank in the order of priority of payment?

The Supreme Court handed down its judgment in the Lehman and Nortel pension appeal cases on 24 July 2013.

This special Progress Report marks the three-year anniversary of Dodd-Frank. To highlight the occasion, we have also developed a stats-driven infographic focused on the significant year-over-year progress in Dodd-Frank implementation.

On the afternoon of July 18, 2013, the City of Detroit filed its highly anticipated petition for relief under Chapter 9 of the Bankruptcy Code in the Bankruptcy Court for the Eastern District of Michigan.

On July 10, 2013, the SEC adopted amendments to Rule 144A and Rule 506 of Regulation D under the Securities Act of 1933 (the “Securities Act”).

Appellate courts continue to agree on the vitality and breadth of the safe harbor defense contained in Bankruptcy Code ("Code") § 546(e) (insulating from the trustee's fraudulent transfer or preference attack "settlement payment" or "margin payment" on a "securities contract," "commodity contract" or "forward contract" except when the debtor's payment is made with "actual intent to hinder, delay, or defraud" creditors).

On June 20, 2013, the United States Court of Appeals for the Second Circuit issued an opinion in Picard v. JP Morgan Chase & Co., et al. that addressed the ability of a trustee (a “SIPA Trustee”) appointed pursuant to the Securities Investor Protection Act (“SIPA”) to assert common law claims against financial institutions in connection with the Ponzi scheme perpetrated by Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC (collectively, “Madoff”).

In the past month, no rulemaking requirements were due, no new rules were proposed to meet rulemaking requirements and one rulemaking requirement was finalized.

In this latest issue of Global Insight, our global Restructuring team reports and comments on breaking legal developments in restructuring law across borders and in jurisdictions around the world. http://viewer.zmags.com/publication/a8d990fd#/a8d990fd/1

Sales of a debtor’s assets, either pursuant to §363 of the Bankruptcy Code or through a confirmed Chapter 11 plan of reorganization, have become increasingly common in recent years and are generally viewed as an efficient and effective way to monetize a debtor’s assets and, under the appropriate circumstances, to maximize the value of its estate. http://communicate.dlapiper.com/rs/vm.ashx?ct=24F7691CD3EA0AEDC1D181A4D72F9310DABE7BB3D38714DD4CF371647BF8D90DDD78035