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To Retain (Under Section 327(a) or 363(b) of the Bankruptcy Code) or Not to Retain? Retention of Liquidation Consultants in Bankruptcy Cases

In a recent opinion – In re Heritage Home Group LLC, et al., Case No. 18-11736 (KG), 2018 WL 4684802 (Bankr. D. Del. Sept. 27, 2018) – the Delaware Bankruptcy Court addressed the longstanding issue of which professional persons must be retained under section 327(a) of the Bankruptcy Code.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Liquidation, US District Court for District of Delaware
Absolute(ly) No - A Reminder That When It Comes to Reorganization, Equity Comes Last

A fundamental tenet of chapter 11 bankruptcies is the absolute priority rule. Initially a judge-created doctrine, the absolute priority rule was partially codified in section 1129(b)(2)(B)(ii) of the Bankruptcy Code. Under section 1129, plans must be “fair and equitable” in order to be confirmed.

USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor
Fees, Fees, Fees: SDNY Bankruptcy Court Questions the Ongoing Validity of the “Blackstone Protocol” for Investment Banker Fees in Chapter 11 Cases

Background: Professionals’ Fees in Chapter 11 cases

USA, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
Rent as administration expense on a pay as you go basis – common sense restored

Snapshot

The Court of Appeal’s judgment in Jervis v Pillar Denton Limited (Game Station) [2014] EWCA Civ 180 on 24 February 2014 has brought welcome clarity to when rent qualifies as an administration expense.

The Court of Appeal has ruled that:

United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Freshfields Bruckhaus Deringer, Unsecured creditor
Pre-pack administration

Summary

A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that:

United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Unsecured debt, Debt, Liquidation, Precondition, HM Revenue and Customs (UK), UK Department of Trade and Industry, Department for Business, Enterprise and Regulatory Reform