Courts Begin to Wrestle with the Impact of on a Debtor’s Ability to Recover Estate Property
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supreme Court of the United States
On 24 February, the Government published draft regulations that, if implemented, will impose new restrictions on pre-pack administration sales to connected parties. For all `substantial disposals' (which will include `pre-pack' sales) to connected parties, taking place within eight weeks of the administrators' appointment, the administrators will either need creditor consent or a report from an independent `evaluator'.
Context
European Union, United Kingdom, Company & Commercial, Insolvency & Restructuring, Weil Gotshal & Manges LLP