On June 27, the U.S. Supreme Court announced a 5-4 decision rejecting the nonconsensual releases of the Sackler family in the Purdue Pharma bankruptcy case. The split is an interesting alignment of Justices: Gorsuch writing the majority opinion, joined by Thomas, Alito, Barrett and Jackson; Kavanaugh for the dissent, joined by Roberts, Sotomayor and Kagan.
USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Supreme Court of the United States
Executive Summary
In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 .
Ireland, United Kingdom, Insolvency & Restructuring, Litigation, Tax, Katten Muchin Rosenman LLP, Supply chain, HM Revenue and Customs (UK), UK Supreme Court
Intercreditor Distressed Disposal Provisions: Pragmatic Decision Provides Certainty for Stakeholders
Executive Summary
Investors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions).