Firm Posts
The European Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 – MiCA), which entered into force on 29 June 2023, is a significant new regulation that will impact the treatment of cryptocurrencies and digital assets. MiCA requires the European Securities and Markets Authority (ESMA) to develop a series of regulatory technical standards (RTS) and implement technical standards (ITS) and Guidelines. Many of these regulations are to be developed in close cooperation with the European Banking Association (EBA).
Question
Once a Subchapter V debtor is removed from possession under § 1185(a), what happens next?
The answer to this question seems to have evolved over the few years of Subchapter V’s existence:
- from a low-power position for debtor, early-on;
- to a high-power position for debtor, in a re-thought view; and
- then back to the low-power position for debtor, when problems of the re-thought view become evident.
I’ll try to explain.
Early Answer
Insolvency practitioners and other potentially affected stakeholders, such as company directors and corporate trustees, should watch this space carefully to keep abreast of any changes to their obligations.
In Canada, there is a relative paucity of case law – especially from appellate courts – on substantive consolidation, which is the treatment of multiple debtor companies as a single entity with one pool of assets out of which claims of creditors of all of the debtor companies are satisfied. In White Oak Commercial Finance, LLC v.
The recent ex-tempore judgment of Kawaley J in Atom Holdings1 in the Grand Court of the Cayman Islands serves as a timely reminder to practitioners and industry participants alike that obtaining an adjournment of a winding-up petition2 requires cogent evidence demonstrating good reason(s) for delaying what is otherwise the collective right of creditors to seek relief via court intervention.
Addressing an issue of first impression, the Second Circuit held recently that bankruptcy courts have inherent authority to impose non-nominal civil contempt sanctions, including per diem sanctions and attorneys’ fees, arising out of an attorney’s failure to comply with the bankruptcy court’s discovery orders.
The equitable mootness doctrine is before the U.S. Supreme Court on a Petition for writ of certiorari. The case is U.S. Bank National Association v. Windstream Holdings, Inc.[Fn. 1]
All who’ve seen an effort to abuse equitable mootness, from a creditor’s view, will appreciate the following information from U.S. Bank’s Petition and from a supporting Amicus Brief of law professors in U.S. Bank v. Windstream.
一、背景介绍
本案1中的被告、破产债务人美国航运公司（United States Lines Inc.，以下简称 USL）在世界各地长期经营庞大的海运业务。公司在美国特拉华州注册成立，后将业务拓展到英国，控股公司为在纽约注册的麦克莱恩工业公司（McLean Industries Inc.）。1986年，USL根据《美国破产法》第11章的规定，于11月24日提出破产申请。同日，美国纽约南区的地方破产法庭（以下简称美国破产法庭）的布施曼（Buschman）法官作出临时禁令并指定债务人托管人。USL的申请内容显示：公司资产共计12.5亿美元，总债务为12.72亿美元，负债金额超过资产的102%。而在英国，其欠下的总债务（已经清算的债务）达到243.4万英镑（包括拖欠原告的债务），资产约为72万英镑，债务超过资产的3倍，严重资不抵债。鉴于此，USL根据《美国破产法》第11章的规定进行重整，并计划完全关闭公司在英国和欧洲的运营。
Singapore has invested significant efforts in positioning itself as a regional restructuring hub in recent years, introducing substantial reforms and enhancements to improve the effectiveness of its debt restructuring regime. These reforms include enhanced moratorium protections, super-priority for rescue financing, “pre-packaged” schemes of arrangements, and restrictions on the operation of ipso facto clauses.
In earlier posts, the Red Zone has discussed the Supreme Court’s ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), which held that increased U.S.