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Reintroduction of HMRC as a preferential creditor

Introduction The UK Government has announced that it will be introducing legislation under which the UK tax authorities1 will move up the creditor hierarchy in English insolvency proceedings2 in respect of certain taxes paid by

United Kingdom, Employment & Labor, Insolvency & Restructuring, Tax, Mayer Brown, HM Revenue and Customs (UK)
English Court of Appeal provides clarification regarding the regulation of dividend payments to shareholders

Introduction

In the recent case of Global Corporate Ltd v Hale , the Court of Appeal was asked to assess whether sums, described as “interim dividends”, paid to Mr. Hale (the “Respondent”) in his capacity as both a director and shareholder of Powerstation UK Limited (the “Company”), had been made in accordance with section 830 of the Companies Act 2006 (the “Act”) prior to the Company’s insolvency.

United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, HM Revenue and Customs (UK), Companies Act 2006 (UK)
New Guidelines for Communication and Co-operation between Courts in Cross-Border Insolvency Matters

The High Court has formally adopted new guidelines approved by the fledgling Judicial Insolvency Network (“JIN”) designed to encourage and enhance communication between courts where parallel insolvency proceedings have been commenced in different jurisdictions (the “Guidelines”).

United Kingdom, Insolvency & Restructuring, Mayer Brown
Do Bankruptcy Courts Have Jurisdiction Over Out-of-the-Money Claims Disputes?

Claims disputes are “core proceedings” in bankruptcy cases that are subject to the general jurisdiction of bankruptcy courts, subject to exceptions for personal injury tort or wrongful death claims. Under 28 U.S.C.

USA, New Jersey, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Wrongful death claim, United States bankruptcy court
Improper Calculation of Postpetition Interest Leads to Reversal of a Confirmation Order

Postpetition interest is a thorny area of bankruptcy law.  The myriad rules, coupled with the inconsistent way in which they are often applied, provide fodder for litigation and opportunity for confusion.  

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Interest, Foreclosure, Wells Fargo, Ninth Circuit, Bankruptcy Appellate Panel
Delaware Bankruptcy Court Addresses When and Whether Creditors are Entitled to Postpetition Interest in Chapter 11 - Part 4

This is the fourth and final post in our series on Judge Sontchi’s postpetition interest decision in Energy Future Holdings, issued on October 30, 2015.  Our first post in this series analyzed Judge Sontchi’s ruling that postpetition interest on an unsecured claim does not constitute a part of the unsecured claim itself.  Our 

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Interest
Delaware bankruptcy court addresses when and whether creditors are entitled to postpetition interest in chapter 11 (part 3)

This is the third post in our series on Judge Sontchi’s postpetition interest decision in Energy Futures Holdings, issued on October 30, 2015. Our first post in this series analyzed Judge Sontchi’s ruling that postpetition interest on an unsecured claim does not constitute a part of the unsecured claim itself.

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Interest, United States bankruptcy court
Delaware bankruptcy court addresses when, if ever, unsecured creditors are entitled to postpetition interest in chapter 11 (part 2)

This is the second post in our series on 

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Unsecured debt, Interest, United States bankruptcy court
Delaware bankruptcy court addresses when, if ever, unsecured creditors are entitled to postpetition interest (part 1)

The law governing postpetition interest in bankruptcy remains unsettled despite having been subjected to more than 100 years of debate in the federal courts. On October 30, 2015, 

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Unsecured debt, Interest, United States bankruptcy court
Banks and Bitcoin exchanges

This is the fifth post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog.  We have concluded that a hypothetical U.S.-based bitcoin exchange likely would not constitute a stockbroker or a 

USA, Banking, Insolvency & Restructuring, Internet & Social Media, Weil Gotshal & Manges LLP, Bankruptcy, Bitcoin