Fulltext Search
Left in the dark - Seeking to appoint a voluntary administrator when Board relations crumble

This week’s TGIF considers the case ofIn the matter of Bean and Sprout Pty Ltd [2018] NSWSC 351, an application seeking a declaration as to the validity of the appointment of a voluntary administrator.

What happened?

On 7 December 2018, Mr Kong Yao Chin (Chin) was purportedly appointed as the voluntary administrator of Bean and Sprout Pty Ltd (Company) by a resolution of the Company.

Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Board of directors, Corporations Act 2001 (Australia), New South Wales Supreme Court
Re Run of Re Amerind - Part 2: Circulating Security Interests and Circulating Assets

This week’s TGIF is the second of a two-part series considering Commonwealth v Byrnes [2018] VSCA 41, the Victorian Court of Appeal’s decision on appeal from last year’s Re Amerind decision about the insolvency of corporate trustees.

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Second Circuit Reverses Lower Court's Restrictions on the Restructuring of Bondholder Rights in Marblegate

Recently, in a split (2-1) decision, the United States Court of Appeals for the Second Circuit overturned the United States District Court for the Southern District of New York’s decision in Marblegate Asset Management, LLC v. Education Management Finance Corp., 111 F. Supp.3d 542 (S.D.N.Y. 2015) (“Marblegate II”). The Second Circuit held in Marblegate Asset Management, LLC v. Education Management Finance Corp., No. 15-2124, 2017 U.S. App. LEXIS 782 (2d Cir. Jan.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Duane Morris LLP, Higher Education Act 1965 (USA), Second Circuit, US District Court for the Southern District of New York
First Circuit Bankruptcy Appellate Panel Latest to Warm Up to Protections for Trademark Licensees in Bankruptcy

In its recent decision in Tempnology LLC, n/k/a Old Cold, LLC v. Mission Product Holdings, Inc. (In re Tempnology LLC), No. 15-065 (B.A.P. 1st Cir. Nov. 18, 2016), the U.S. Bankruptcy Appellate Panel for the First Circuit (“the BAP”) rejected the Fourth Circuit’s holding in Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir.

USA, New Hampshire, Insolvency & Restructuring, Litigation, Trademarks, Duane Morris LLP, Fourth Circuit, First Circuit
Eastern District of New York Holds That "Forced Vesting" of Title to Collateral Is an Impermissible Modification of a Secured Creditor's Rights

In In re Zair, 2016 U.S. Dist. LEXIS 49032 (E.D.N.Y. Apr. 12, 2016), the U.S. District Court for the Eastern District of New York became the latest to take sides on the emerging issue of “forced vesting” through a chapter 13 plan. After analyzing Bankruptcy Code §§ 1322(b)(9) and 1325(a)(5), the court concluded that a chapter 13 debtor could not, through a chapter 13 plan, force a mortgagee to take title to the mortgage collateral.

Background

USA, New York, Banking, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Collateral (finance), Vesting, Secured creditor
Personnel files and documents relating to "hand-picked" directors ruled discoverable in breach of fiduciary duty action against private equity firm

A Delaware bankruptcy judge recently ruled that information concerning the compensation and performance of “hand-picked” directors of a private equity firm’s portfolio company was discoverable in an action for breach of fiduciary duty against the private equity firm.

USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Duane Morris LLP, Fiduciary, Discovery