In a pair of recent decisions,1two federal courts in the Southern District of New York have broadly interpreted Section 316(b) of the Trust Indenture Act (“TIA”)2to limit the ability of parties to strip guarantees from dissenti
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Introduction
Japan, Insolvency & Restructuring, Litigation, Jones Day, Surety, Debtor, Fraud, Liability (financial accounting)
Japan, Banking, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Clearing house (finance), Debt
On March 1 2011 Tokyo District Court issued a decision which admitted the right of avoidance exercised by the court-appointed administrator of a corporate debtor in possession under civil rehabilitation proceedings, where the debtor company had settled a mortgage for a financing company as the real guarantor of its parent company.