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House passes bank bankruptcy bill – pressure now on Senate to act

On December 1, 2014, the U.S. House of Representatives passed the Financial Institution Bankruptcy Act of 2014(FIBA).  The legislation passed on a voice vote and is supported by the major Wall Street banks.

USA, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Court rejects debtor’s attempt to reject part of an integrated contract

All bankruptcy practitioners know that a debtor may choose which contracts to assume and which contracts to reject.  But may a debtor reject contracts that are part of an overall, integrated transaction?  In a recent bankruptcy decision, the court found the answer to be no, at least if the parties are careful in drafting their contracts.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Olympic Airlines: starting UK insolvency proceedings against a company already in insolvency in another member state.

 Summary

The Court of Appeal’s judgment in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643 has clarified what is required to fall within the definition of an ‘establishment’ for the purposes of the EC Insolvency Regulation (the Insolvency Regulation).

European Union, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Pension Protection Fund, Pensions Act 2004 (UK), Court of Appeal of England & Wales
Pre-pack administration

Summary

A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that:

United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Unsecured debt, Debt, Liquidation, Precondition, HM Revenue and Customs (UK), UK Department of Trade and Industry, Department for Business, Enterprise and Regulatory Reform