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A guide to close-out netting, set-off, contractual subordination and non-petition provisions under Jersey law

The Bankruptcy (Netting, Contractual Subordination and Non-Petition Provisions) (Jersey) Law 2005 (the “Netting Law”) is a short piece of legislation of particular significance to financing transactions involving Jersey counterparties.

Jersey, Derivatives, Insolvency & Restructuring, Carey Olsen
Liability for wrongful trading in Jersey

Increasing cash flow pressure on many businesses has resulted in a heightened risk for directors that a company may be wrongfully trading and personal liability may then accrue to the directors.

Jersey, Insolvency & Restructuring, Litigation, Carey Olsen
Ninth Circuit Finally Abandons Entz-White: Default-Rate Interest Required to Cure and Reinstate Secured Debt Under Chapter 11 Plan

In 1994, Congress amended the Bankruptcy Code to add section 1123(d), which provides that, if a chapter 11 plan proposes to "cure" a default under a contract, the cure amount must be determined in accordance with the underlying agreement and applicable nonbankruptcy law. Since then, a substantial majority of courts, including the U.S. Court of Appeals for the Eleventh Circuit, have held that such a cure amount must include any default-rate interest required under either the contract or applicable nonbankruptcy law.

USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Default (finance), Ninth Circuit, Eleventh Circuit
Ninth Circuit Abandons Entz-White: Default-Rate Interest Required to Cure and Reinstate Secured Debt Under Chapter 11 Plan

In 1994, Congress amended the Bankruptcy Code to add section 1123(d), which provides that, if a chapter 11 plan proposes to "cure" a default under a contract, the cure amount must be determined in accordance with the underlying agreement and applicable nonbankruptcy law. Since then, a substantial majority of courts, including the U.S. Court of Appeals for the Eleventh Circuit, have held that such a cure amount must include any default-rate interest required under either the contract or applicable nonbankruptcy law. See, e.g., JPMCC 2006-LDP7 Miami Beach Lodging, LLC v.

USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Ninth Circuit
Eleventh Circuit weighs in on section 1123(d): reinstatement of defaulted loan agreement under chapter 11 plan requires payment of default-rate interest

In 1994, Congress amended the Bankruptcy Code to, among other things, add section 1123(d), which provides that, if a chapter 11 plan proposes to “cure” a default under a contract, the cure amount must be determined in accordance with the underlying agreement and applicable nonbankruptcy law. Since then, a majority of courts have held that such a cure amount must include any default-rate interest required under either the contract or applicable nonbankruptcy law. A ruling recently handed down by the U.S. Court of Appeals for the Eleventh Circuit endorses this view.

USA, Insolvency & Restructuring, Litigation, Jones Day, Interest, Default (finance), Eleventh Circuit