Executive Summary
In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 .
Ireland, United Kingdom, Insolvency & Restructuring, Litigation, Tax, Katten Muchin Rosenman LLP, Supply chain, HM Revenue and Customs (UK), UK Supreme Court
Intercreditor Distressed Disposal Provisions: Pragmatic Decision Provides Certainty for Stakeholders
Executive Summary
Investors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions).
In April 2019, the Institutional Limited Partners Association (“ILPA”) released a set of considerations for Limited Partners and General Partners with respect to General Partner-led secondary fund restructurings (the “ILPA Memo”). The ILPA Memo can be viewed here.
USA, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Weil Gotshal & Manges LLP