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Euroresource—deals and debt - May 2014

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

Argentina, France, Germany, USA, Insolvency & Restructuring, Litigation, Jones Day, Market liquidity, Ontario Superior Court of Justice
Euroresource—deals and debt - April 2014

Recent Developments

United Kingdom, USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Jones Day, Exclusive jurisdiction, Second Circuit, High Court of Justice (England & Wales)
Euroresource--deals and debt (February 2014)

Global—On 10 January 2014, the US Supreme Court agreed to resolve a court split over the scope of discovery orders aimed at enforcing judgments against foreign states. In Argentina v. NML Capital, Ltd., No. 12-842, 2014 BL 7274 (Jan. 10, 2014), the Supreme Court granted a petition for a writ of certiorari to hear an appeal stemming from Argentina's default on its government debt in 2001. Argentina restructured its defaulted debt in 2005 and 2010.

European Union, Spain, USA, Derivatives, Insolvency & Restructuring, Litigation, Jones Day, Bond (finance), Debt, Second Circuit
Euroresource--deals and debt (January 2014)

Recent Developments

Canada, European Union, Spain, United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Projects & Procurement, Jones Day, Bond (finance), Hedge funds, Liquidation, Supreme Court of the United States, Second Circuit
Second Circuit rules that foreign debtor's insolvency proceeding may not be recognized under chapter 15 unless debtor has place of business or property in the U.S.

The U.S. Court of Appeals for the Second Circuit recently held in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 2013 BL 341634 (2d Cir. Dec. 11, 2013), that section 109(a) of the Bankruptcy Code, which requires a debtor "under this title" to have a domicile, a place of business, or property in the U.S., applies in cases under chapter 15 of the Bankruptcy Code.

USA, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Liquidation, UNCITRAL, Title 11 of the US Code, Second Circuit
Chapter 15 gap period relief subject to preliminary injunction standard

Unlike in cases filed under other chapters of the Bankruptcy Code, the filing of a petition for recognition of a foreign bankruptcy or insolvency case under chapter 15 does not automatically trigger a stay of actions against a debtor or its U.S. assets. Instead, the automatic stay generally applies only at such time that the U.S.

USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
First major PPSA decision - perfection is key!

Dispute is one of priority, not ownership.

The first judgment regarding a major Personal Property Securities Act ("PPSA") priority dispute between a bank with a perfected "General Security Agreement" and an equipment owner with an unperfected "PPS Lease" has been handed down.

The decision in Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors  highlights three key issues for the insolvency industry:

Australia, Banking, Insolvency & Restructuring, Litigation, Baker McKenzie
Time extensions for voidable transaction proceedings, and the commissioner for taxation

The importance of notifications to potential defendants and directors of the insolvent company

The decision in Re Octaviar Administration Pty Ltd (in liq) [2013] NSWSC 786 highlights two key issues for insolvency practitioners:

Australia, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, Liquidation