Yushan Ng and Helen Ward, Cadwalader Wickersham & Taft

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

Chris Howard, Sullivan & Cromwell

This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here. 

The relationship of an ad hoc committee with its stakeholder constituency

No power to bind: the importance of the underlying finance documents in relation to decision making

Introduction

More than ten (10) years after the enactment of Brazilian Bankruptcy Law, a uniform understanding by the Brazilian courts of several matters remains unresolved, being the application of substantive consolidation one of the most troubling.

Consolidation (procedural and material)

The ability to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to a non-U.S. transferee—as is increasingly common in the global economy—courts disagree as to whether the Bankruptcy Code’s avoidance provisions can apply extraterritorially to avoid the transfer and recover the transferred assets. A ruling recently handed down by the U.S. Bankruptcy Court for the Southern District of New York widens a rift among the courts on this issue. In Spizz v. Goldfarb Seligman & Co.

Globalization has led to a marked increase in international components to insolvency proceedings. Cross-border issues add a new layer of complexity to what is often a situation already fraught with obstacles. Courts and practitioners alike face additional difficulties communicating with other courts, resolving issues consistently in jurisdictions with different laws and policy objectives, and enforcing rulings and implementing orders adjudicated extraterritorially.

TRANSACTIONAL

May 2, 2017

Bankruptcy and Financial Restructuring Alert

Coming to America?--Applying Bankruptcy Code Section 109(a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15

By Andrew N. Goldman, Benjamin W. Loveland and Lauren R. Lifland

I. Introduction

THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW

June 2017

Contents

Introduction 1. Better accessibility to Singapore's corporate rescue and restructuring framework for foreign companies 2.Chapter 11 style - Rescue financing / DIP financing 3.Enhanced moratoriums with extra territorial effect 4.Increased disclosure, cram-downs and pre-packs 5. The adoption of UNCITRAL Model Law Conclusion Your contacts

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2017 Singapore Insolvency and Restructuring Reforms June 2017

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Introduction

These days, the threat of counterparty insolvency looms over the energy sector: whether it is a natural disaster or precipitous decline in the price of oil, perhaps no industry is more susceptible to the financial decline and potential default of contracting parties.

Since the bankruptcy of Hanjin Shipping Co. Ltd., so many articles have been written about how it happened, why it happened, and what can be learned from this tragedy. When Hanjin Shipping, once the 7th largest container carrier in the world and the 4th largest container carriers in the transpacific (Asia – US & Canada) trade, filed for bankruptcy, few believed that a “too big to fail” organization like Hanjin would not be given a government bail-out. So, naturally, no one really appreciated the kind of disruption and losses that would subsequently affect the global supply chain.