Fulltext Search
Far and Wide: Bankruptcy Court’s Expansive Definition of “Property” Under Section 109(a)

Despite recent criticisms of venue selection and cries to limit or curtail various provisions of the Bankruptcy Code, a recent decision from the Bankruptcy Court of the Southern District of New York demonstrates that the bankruptcy courts may continue to broadly interpret the scope of their jurisdictional reach and the powers and authorities granted to them under the Bankruptcy Code. In In re JPA No. 111 Co., Ltd., No. 21-12075 (DSJ) (Bankr. S.D.N.Y. Feb.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Coronavirus
No Procedural Notice, No Problem: 11th Circuit Affirms Due Process Not Violated Where Debtor Provides Actual Notice

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Eleventh Circuit
The Bar Date Notice: Two Recent Cases Show Us There May Be More (Yes, More!) To Learn When It Comes to Providing Notice of a Debtor’s Bar Date

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Cybersecurity
Delaware Bankruptcy Court Declines to Bind Credit Bidders to the Mast

Section 363(k) of the Bankruptcy Code grants secured creditors the right to credit bid up to the full amount of their claim as a form of currency to bid to purchase assets securing their claim from a debtor in connection with a stand-alone sale of assets under section 363(b). In a recent opinion from the Bankruptcy Court for the District of Delaware, In re Aerogroup International, Inc., Judge Kevin J.

USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Secured creditor, Debtor in possession, Third Circuit, US District Court for District of Delaware
Joint Plan Cramdown: Per Plan or Per Debtor?

The Bankruptcy Code’s cramdown provisions are a powerful tool for debtors in the plan confirmation process. Pursuant to section 1129(a)(10) of the Bankruptcy Code, a plan may be confirmed if, among other things, “at least one class of claims that is impaired under the plan has accepted the plan.” Once there is an impaired accepting class, and assuming certain requirements are met, the plan may then be “crammed down” on all other classes of impaired creditors that reject the plan and those creditors will be bound by the terms of a plan they rejected.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, US District Court for the Southern District of New York
Super-priority claims for professional services related to restructuring plans and debt restructuring agreements?

With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Debt restructuring, Italian Supreme Court of Cassation
De facto partnerships can be declared bankrupt even if partners are corporations

The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Italian Supreme Court of Cassation
Contracts remain in force in amministrazione straordinaria even after they are expired ?

With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Italian Supreme Court of Cassation
The bankruptcy receiver can continue utilities contracts, but is not bound to pay in full previous claims based on such contracts

The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Unsecured debt, Italian Supreme Court of Cassation
Claw-back of a corporate spin-off (Art. 2506 of the Italian Civil Code)?

With the decision No. 1649 of 19 September 2017 the Court of Appeals of Catania followed the interpretation according to which a spin-off is not subject to the avoiding powers of a bankruptcy receiver

The case

Italy, Insolvency & Restructuring, Litigation, Nctm Studio Legale, Bankruptcy, Liquidation