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Ownership Dispute Regarding Foreign Debtor's U.S. Assets Must Be Resolved Before a U.S. Bankruptcy Court Can Approve Sale Under Section 363 in Chapter 15 Case

As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best harmonize cross-border bankruptcy cases. One of those issues was the subject of a bench ruling handed down by the U.S. Bankruptcy Court for the District of Delaware.

Global, USA, Delaware, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor
Controlling Stockholder Exercising Voting Power as Stockholder to "Change the Status Quo" Owes Fiduciary Duties

In Short

USA, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Jones Day
Landlord wins as CVA term not a penalty

Following the liquidation of BHS Ltd, the High Court was asked to consider whether a landlord could claim full rent as an administration expense following termination of the CVA.

Background

Wright and another (Liquidators of SHB Realisations Ltd) v The Prudential Assurance Company Ltd concerned three principal insolvency processes applicable to companies under the Insolvency Act 1986:

United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Shoosmiths LLP, Liquidation