In an opinion issued on Sept. 20 by the United States Bankruptcy Court for the District of New Mexico, Judge David T. Thuma held that the Rooker-Feldman doctrine does not prevent a bankruptcy court from determining whether the automatic stay applies to pending state court litigation. See In re Shook, Case No. 24-10724-t7 (Bankr. N.M. Sept. 20, 2024) [ECF No. 54].
The recent Grand Court decision of Ltd. (Unreported, 19 June 2024, Kawaley J) has reiterated and further clarified the principles to be applied to the remuneration of court-appointed receivers. Given the limited Cayman case law on the topic, the decision provides useful guidance and certainty to Receivers, and to those advising them.
What is a court-appointed 'Receiver', and what is 'remuneration'?
The Grand Court has allowed the appointment of a Provisional Liquidator under section 104(3) of the Companies Act (2023 Revision) (the Act) for the purpose of facilitating a restructuring, rather than using the tailor-made Restructuring Officer provisions under section 91(B) of the Act.
Background
In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.
Background
The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.
The Grand Court of the Cayman Islands has provided further guidance on the new restructuring officer (RO) regime under section 91B of the Companies Act (2023 Revision) (the Act), which came into force on 31 August 2022.
In Re Aubit International (Unreported, 4 October 2023), the Grand Court dismissed a petition to appoint restructuring officers and found that it did not have jurisdiction to grant the relief requested on the basis that there was no credible evidence of a rational restructuring proposal with reasonable prospects of success.
In Matter of Imperial Petroleum Recovery Corp., 84 F.4th 264 (5th Cir. 2023), the Fifth Circuit was asked to address whether 28 U.S.C. § 1961(a) – the federal statute providing for post-judgment interest – applies in adversary proceedings even though 28 U.S.C. § 1961(a) doesn’t explicitly refer to bankruptcy courts.
The Privy Council has considered the question of whether an agreement to settle disputes arising out of a shareholders' agreement by arbitration prevents a party to the agreement pursuing a petition to wind up the company on just and equitable grounds.
Background
In earlier posts, the Red Zone has discussed the Supreme Court’s ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), which held that increased U.S.
In Matter of Texxon Petrochemicals, L.L.C., 67 F.4th 259 (5th Cir. 2023), the Fifth Circuit held that even if an appeal is equitably moot, the appellate court nonetheless has appellate jurisdiction to consider the merits of the appeal, without reaching the issue of equitable mootness.