Key points
Information obtained by compulsion can be shared between officeholders of connected estates (parent/subsidiary)
There must, however, be a possibility that there will be a surplus in the subsidiary estate
The prospect must be real as opposed to fanciful
The facts
Key points
Court reiterated circumstances in which it will sanction a proposed course of action by administrators
Requirement that the course of action be “particularly momentous”
Court sanctioned proposed settlement in the circumstances
The Facts
Key Points
Key Points
- Floating charge is valid even where there are no unencumbered assets at the time it is taken
- Crystallisation of prior ranking floating charge does not impact enforceability of second ranking floating charge
The Facts
Key points
Key Points
- Directors cannot file a notice of intention to appoint (NoI) without a ‘settled intention’ to appoint an administrator
- NoIs cannot be used where there is no qualifying floating charge holder (QFCH)
- The judgment has implications for validity of appointments where requirements not met
The Facts
Key Points
- Claims against Kaupthing could not be pursued in the English courts
- No implied restriction on jurisdictional effect under the Winding-up Directive
- Position analogous to Judgments Regulation and Insolvency Regulation
The Facts
Key Points
In Czyzewski v. Jevic Holding, 580 U.S. __(2017), decided on March 22, the U.S. Supreme Court held that, without the consent of impaired creditors, a bankruptcy court cannot approve a "structured dismissal" that provides for distributions deviating from the ordinary priority scheme of the Bankruptcy Code. The ruling reverses the decisions of the U.S. Bankruptcy Court for the District of Delaware, the U.S. District Court for the District of Delaware, and the U.S.
The immediate effect of Jevic will be that practitioners may no longer structure dismissals in any manner that deviates from the priority scheme of the Bankruptcy Code without the consent of impaired creditors.