Fulltext Search
Australia's Insolvency and Bankruptcy Law Reform: Safe harbour

In brief

Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy
Australian Government forges ahead with major insolvency law reform

On 29 April 2016, the Australian Federal Government (Government) announced three major insolvency law reform proposals in its Improving Bankruptcy and Insolvency Laws Proposal Paper1 (Proposal). The Government has invited submissions from stakeholders and given this is a rare opportunity to undertake substantial reform, we strongly encourage involvement. 

Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Stakeholder (corporate)
Seventh Circuit Holds that Pre-Bankruptcy Lease Terminations May Be Avoidable

In a case of first impression, the Seventh Circuit recently issued an opinion that may cause landlords and their advisors to re-evaluate the consequences of terminating a financially distressed commercial tenant’s lease prior to bankruptcy. Official Comm. of Unsecured Creditors of Great Lakes Quick Lube LP v. T.D. Investments I, LLP (In re Great Lakes Quick Lube LP), --- F.3d ---, 2016 WL 930298 (7th Cir. Mar. 11, 2016) (Posner, J.).

USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Real Estate, McGuireWoods LLP, Bankruptcy, Landlord, Seventh Circuit
In re: Fisker Automotive Holdings, Inc.: caveat emptor for distressed debt purchasers – your credit bid rights may be impaired!

Bankruptcy Court Decision

USA, Insolvency & Restructuring, Litigation, McGuireWoods LLP, Bankruptcy, Debtor, Secured creditor, Distressed securities, United States bankruptcy court
Delaware Bankruptcy Court cuts off electricity providers’ access to Section 503(b)(9) of the Bankruptcy Code

 

The Bankruptcy Court for the District of Delaware recently ruled in In re NE OPCO, INC., 2013 Bankr. LEXIS 4569 (Bankr. D. Del. Nov. 1, 2013), that electricity is not a “good” for purposes of 11 U.S.C. § 503(b)(9).

USA, Delaware, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McGuireWoods LLP, Debtor, Electricity, United States bankruptcy court