Committee Articles

The oil boom is over. This is not an earth-shattering statement, given that we are now nearly a year into the precipitous price collapse of oil, which began in November 2014, with the price for a barrel of WTI crude oil falling from the $100 region to the $40-$50 range recently. With lots of supply, sketchy demand, and only small and slow cut backs in production, it is unclear (read: unlikely) whether oil prices will rise any time soon.

A recent foreign recognition of a bankruptcy proceeding case out of Nova Scotia, Canada, has brought to light the situation where a Canadian company moves to the U.S., seeks protection under chapter 11 of the U.S. Bankruptcy Code, and then seeks to impose that stay on creditors from its former home. Not surprisingly, it didn’t get very far with the Canadian court.

"The Court is convinced that where, as here, operating entities in an integrated, multi-national enterprise developed assets in common, there is nothing in the law or facts giving any of those entities certain and calculable claims to the proceeds from the liquidation of those assets in an enterprise-wide insolvency, adopting a pro rata allocation approach, which recognizes inter-company and settlement related claims and cash in hand, yields the most accepta

The U.S. Court of Appeals for the Second Circuit recently held that a bankruptcy court must conduct a § 363 review of a chapter 15 debtor’s sale of U.S.

The Fall of OGX

Editor's note:  Following is an article by Robin Darton of Tanner De Witt (an established, independent Hong Kong law firm), addressing issues in his home venue of Hong Kong. Robin is particularly well suited to the task,having practiced for over 20 years as a solicitor in Hong Kong in litigation and other contentious issues, with an emphasis on contentious insolvency and restructuring matters in the UK, Hong Kong and the Asia region. TAB

On June 6, 2014, the French Constitutional Court (Conseil constitutionnel) ruled on the question of whether a court should be entitled to convert a receivership proceeding into a winding-up proceeding on its own initiative.

Readers may be familiar with the continuing debates over universalism (one court and one insolvency law) vs.

Editor’s note: This article relies on a translation of the EBL provided by the Bankruptcy Law and Restructuring Research Center of China University of Politics and Law, as supervised by Prof. Li Shuguang, September 2006.

As complex restructurings increasingly implicate cross-border considerations, other countries’ insolvency laws have become increasingly more relevant to practitioners in the U.S. This article will focus on creditors’ in various jurisdictions to provide a better understanding of how foreign creditors protect their rights in an insolvency proceeding.