Fulltext Search
Ninth Circuit Holds That Joint Plan Covering Multiple Debtors Must Be Approved by Only One Impaired Class Per Plan, Not One Impaired Class Per Debtor

The Court of Appeals for the Ninth Circuit recently held that section 1129(a)(10) of the Bankruptcy Code – a provision which, in effect, prohibits confirmation of a plan unless the plan has been accepted by at least one impaired class of claims – applies on “per plan” rather than a “per debtor” basis, even when the plan at issue covers multiple debtors. In re Transwest Resort Properties, Inc., 2018 WL 615431 (9th Cir. Jan. 25, 2018). The Court is the first circuit court to address the issue.

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Ninth 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
Restructuring Department Bulletin - December 2025
USA, Insolvency & Restructuring, Litigation, Paul Weiss Rifkind Wharton & Garrison LLP, Insolvency, Supreme Court of the United States