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Dealing with concurrent insolvency processes in different jurisdictions

A recent decision of the Court of Session has found that a Scottish administration can be declared as ancillary to an insolvency process in another jurisdiction. This means that the insolvency proceedings in one jurisdiction are considered as the main insolvency proceedings, while the ancillary proceedings in the other jurisdiction are restricted to dealing with the company's assets located there.

Background

Luxembourg, United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Insolvency, Insolvency Act 1986 (UK)
What to expect from the mental health Moratorium

The Bankruptcy and Diligence (Scotland) Bill was passed by the Scottish Parliament on 6 June 2024 and a date for it coming into force is awaited.

United Kingdom, Scotland, Healthcare & Life Sciences, Insolvency & Restructuring, Morton Fraser MacRoberts, Mental health, Debt, Moratorium
Second Liens Beware Delaware Bankruptcy Court Finds De Facto Claim Subordination Under Intercreditor Agreement

Executive Summary

On December 27, 2018, the United States Bankruptcy Court for the District of Delaware issued an opinion in In re La Paloma Generating Co., Case No. 16-12700 (Bankr. D. Del. Dec. 27, 2018) [Docket No. 1274], that should raise substantial concerns for junior secured creditors.

In particular, the La Paloma opinion determined that:

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court