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Ultra Petroleum Bankruptcy Court Allows Make-Whole Claim and Post-Petition Default Interest

Alerts and Updates

The opinion is significant for a number of reasons, not least of which is that the Bankruptcy Court held that a make-whole premium is not a claim for unmatured interest as the Court of Appeals had intimated.

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Title 11 of the US Code, United States bankruptcy court
SCOTUS Prohibits Non-Consensual Structured Dismissals in Deviation of Bankruptcy Code Priority Scheme

The immediate effect of Jevic will be that practitioners may no longer structure dismissals in any manner that deviates from the priority scheme of the Bankruptcy Code without the consent of impaired creditors.

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Unsecured debt, Title 11 of the US Code, Supreme Court of the United States, United States bankruptcy court, Third Circuit
Liquidators’ liability for GST – draft legislation released

Exposure draft legislation has been released which proposes amendments to the GST legislation to make it clear that liquidators and other representatives of incapacitated entities are liable for GST on transactions within the scope of their appointment.

Date of effect

It is proposed that the main operative provisions of the legislation have effect retrospectively from the commencement of the GST Act on 1 July 2000.

Background

Australia, Insolvency & Restructuring, Tax, Norton Rose Fulbright, Tax exemption, Bankruptcy, Unsecured debt, Dividends, Tax credit, Consideration, Liquidation, Goods and services tax (Canada), Liquidator (law), Aircraft registration, Goods and services tax (Australia), Goods and Services Tax (New Zealand), Constitutional amendment, Federal Court of Australia