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Am I too special? Appointment of special purpose liquidators where firm involved in previous compliance audit

This week’s TGIF considers State of Victoria v Goulburn Administration Services (In Liquidation) and Ors [2016] VSC 654, in which Special Purpose Liquidators were appointed despite a potential conflict arising from their firm having conducted compliance audits of the companies.

Background

Australia, Victoria, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Blocking the Blocking Provision in the Intervention Energy Case

Rated and other debt issuances are often structured with borrowers that are special purpose entities, whose governance provisions are designed to inhibit bankruptcy filings. A recent District of Delaware bankruptcy court case, while not directly on point, throws into question the premises underlying the efficacy of such provisions.

Facts 

USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Avoiding make-whole premiums and calculating cram down interest rates: what lenders and borrowers need to know about the appellate ruling in Momentive

The senior secured note holders recently lost their appeal of the bankruptcy court's decision confirming Momentive's chapter 11 plan.1

USA, Insolvency & Restructuring, Litigation, Arnold & Porter