The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. has appropriately drawn significant attention.

The Supreme Court recently heard arguments in a patent dispute case, Oil States Energy Services, LLC v. Greene’s Energy Group, LLC. Although the case has nothing to do with bankruptcy law, its outcome could have a substantial impact on bankruptcy practice and litigation.

The Supreme Court two years ago ruled in Baker Botts v. Asarco that bankruptcy professionals entitled to compensation from a debtor’s bankruptcy estate had no statutory right to be compensated for time spent defending against objections to their fee applications.

On 13 July 2017, the Belgian parliament adopted an Act compiling the existing Belgian insolvency legislation into one insolvency code (the “Insolvency Code“). The Insolvency Code will become law as from its ratification by the King and publication in the Belgian State Gazette, both of which being no more than administrative formalities. The Insolvency Code will apply to any insolvency proceeding opened on or after 1 May 2018.

On 13 July 2017, the Belgian parliament adopted an Act compiling the existing Belgian insolvency legislation into one insolvency code (the "Insolvency Code"). The Insolvency Code will become law as from its ratification by the King and publication in the Belgian State Gazette, both of which being no more than administrative formalities. The Insolvency Code will apply to any insolvency proceeding opened on or after 1 May 2018.

On 11 August 2017, a new Act was adopted amalgamating the existing Belgian insolvency legislation into one insolvency code (the "Insolvency Code"). The Insolvency Code will apply to any insolvency proceeding opened on or after 1 May 2018.

The vast majority of the changes resulting from the Insolvency Code are technical in nature. And the most publicised proposal, the introduction of a "silent" or "pre-pack" bankruptcy, was abandoned at the last minute.

The Supreme Court recently granted certiorari in PEM Entities LLC v. Levin, in which it will decide whether federal or a state law should apply when a debt claim held by a debtor’s insider is sought to be recharacterized in bankruptcy as a capital contribution and treated as equity. The case raises important questions about the extent to which the commencement of a proceeding under the U.S.

In Millenium Lab Holdings, Delaware District Court Judge Leonard Stark, on an appeal from a bankruptcy court order confirming a plan of reorganization, recently upheld a challenge to the bankruptcy court’s constitutional authority to release claims against non-debtor third parties under the plan.

The Belgian Act of 11 July 2013 on security over movables (the “Security over Movables Act”) will modernise Belgium’s legislation in respect of security over movables. Most notably, the Security over Movables Act is expected to have a particularly beneficial effect on borrowing base/asset-based lending in Belgium.

Under the current legislation, the creation of a possessory pledge (vuistpand/gage avec dépossession) is subject to various restrictions. For example:

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the long-running Nortel chapter 11 case. The dispute has been watched closely by financial institutions that serve as trustees on bond issuances. (Kelley Drye & Warren LLP represented a large creditor in the Nortel case but took no part in the issues discussed here).