On December 5, 2022, in In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022) (“Global Cord”), the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) denied recognition of a proceeding pending in the Grand Court of the Cayman Islands (the “Cayman Proceeding” and the court, the “Cayman Court”) because it was more like a corporate governance and fraud remediation effort than a collective proceeding for the purpose of dealing with reorganization or liquidation, as Chapter 15 of the Bankruptcy Code requires.
Recent development
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Yargıtay İçtihadı Birleştirme Büyük Genel Kurulu’nun 3 Haziran 2022 tarih ve 2021/1 E., 2022/3 K. sayılı Kararı (“İçtihadı Birleştirme Kararı“), 26 Kasım 2022’de Resmi Gazete’de yayımlandı. İçtihadı Birleştirme Kararı uyarınca, aleyhine icra takibi başlatılan borçlu, takibe vekili aracılığıyla itiraz etse dahi, alacaklının açacağı itirazın iptali davasında dava dilekçesi vekile değil asıla (borçlunun kendisine) tebliğ edilmelidir.
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5. Yargı Paketi olarak da anılan İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun Teklifi (“Teklif”), TBMM Adalet Komisyonu tarafından kabul edildi. Kabul edilen Teklifin kanunlaştırılması doğrultusunda Salı günü TBMM Genel Kurulu’nda görüşmeler başladı. Söz konusu Teklif ile icra ve iflas süreçlerinde iş yoğunluğunun azaltılması ve verimliliğin artırılması amacıyla İcra ve İflas Kanunu’nda önemli değişiklikler öngörülüyor.
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The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.
On August 5, 2021, the Eighth Circuit reversed a district court’s decision to dismiss a confirmation order appeal as equitably moot.[1] The doctrine of equitable mootness can require dismissal of an appeal of a bankruptcy court decision – typically, an order confirming a chapter 11 plan – on equitable grounds when third parties have engaged in significant irreversible transactions
On October 5, 2021, the Tenth Circuit joined the Second Circuit in concluding statutory fee increases that applied only to debtors filing for bankruptcy in judicial districts administered by the United States Trustee Program (the “US Trustee” or the “UST Program”) violated the U.S.
As a matter of practice, chapter 11 plans and confirmation orders routinely discharge administrative expense claims, including those that arise after confirmation of a plan but before its effective date. The Court of Appeals for the Third Circuit (the “Third Circuit”) recently affirmed the bankruptcy court’s statutory authority to do so in Ellis v. Westinghouse Electric Co., LLC, 2021 WL 3852612 (3d Cir. Aug. 30, 2021).
On July 26, 2021, the United States District Court for the District of Delaware (the “District Court”) affirmed the Delaware bankruptcy court’s order (the “Confirmation Order”) confirming the chapter 11 liquidation plan (the “Plan”) of Exide Holdings, Inc.