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Just “Released” by the Third Circuit: In re Millennium Lab Holdings II Key Takeaways

In a highly anticipated decision issued last Thursday (on December 19, 2019), the United States Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC that a bankruptcy court may constitutionally confirm a chapter 11 plan of reorganization that contains nonconsensual third-party releases. The court considered whether, pursuant to the United States Supreme Court’s decision in Stern v. Marshall, 564 U.S. 462 (2011), Article III of the United States Constitution prohibits a bankruptcy court from granting such releases.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Horton v Henry: the impact on a trustee in bankruptcy’s power to exercise options on behalf of the bankrupt

Preamble

The background

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Bankruptcy
The Budget 2014 - the impact of the new flexibilities on the pensions of bankrupts

Introduction

The Chancellor’s 2014 Budget speech revealed significant  changes to the way in which pension scheme members will be  able to access their savings. This move falls as just one of a raft  of changes to workplace pensions which Steve Webb MP has  described as a “pensions revolution”.

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Bankruptcy, Debtor, Initial public offerings, Insolvency Act 1986 (UK)