The issue of release/enforcement of third party guarantees as part of a resolution plan of the borrower has been the subject of litigation across various judicial forums in India.
To clarify this issue, the Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 as part of its recent discussion paper.
Under the framework of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), an asset reconstruction company (ARC) has wide powers to revive a company facing financial difficulties. It can use securitisation, reconstruction and recovery for quick resolution of distressed debt. As an alternative, the Insolvency and Bankruptcy Code, 2016 (IBC), allows ARCs with access to a formal resolution process, which has the advantage of the borrower emerging debt-free with a clean slate.
Introduction
Source of delay
Comment
Information utilities (IUs) established under the Insolvency and Bankruptcy Code provide authenticated information about debt and default, which an adjudicating authority can rely on as evidence of money owed by the company facing insolvency.
When being sued, corporate and individual defendants should always confirm that the plaintiff has not been previously discharged in bankruptcy and failed to disclose the claim in the proceeding as an asset of the bankruptcy estate. In Guay v. Burack, 677 F.3d 10 (1st Cir. 2012), the plaintiff brought numerous claims against various governmental entities, governmental officials and a police officer.
Masuda, Funai, Eifert & Mitchell routinely represents creditors in bankruptcy proceedings in order to protect their contractual and legal interests and rights to payment. The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
AUTOMOTIVE
The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
DINING
Giordano’s Enterprises Inc. filed for Chapter 11 bankruptcy along with 32 of its affiliates.
Garden Operations Realty LP, the parent of New York bagel manufacturer H&H Bagels, has filed for Chapter 11 protection.
The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
ADVERTISING
Advertising firm Vertis Holdings Inc. has landed in bankruptcy court for a second time, filing a prepackaged Chapter 11.
PUBLISHING
The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
HEATING & AIR CONDITIONING
Wolverine Tube Inc. and several affiliates filed prearranged Chapter 11 petitions after reaching a deal with noteholders.
FINANCIAL
Ambac Financial Group Inc. filed for Chapter 11 protection.
The following is a list of some recent larger US bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
NOVELTY
Party and novelty goods company Oriental Trading Co., Inc. has filed for Chapter 11 protection with a prepackaged plan of reorganization.
OIL
The following is a list of some recent larger US bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
GAMING
Riviera Holdings Corp., owner of Las Vegas’ Riviera Hotel & Casino, has filed for Chapter 11 protection.
RAZORS AND BLADES