In its October 22, 2020, CNH Diversified Opportunities Master Account, L.P. v.

On January 17, 2017, in a long-awaited decision in Marblegate Asset Management, LLC v. Education Management Finance Corp.,1 the US Court of Appeals for the Second Circuit held that Section 316 of the Trust Indenture Act ("TIA") does not prohibit an out of court restructuring of corporate bonds so long as an indenture's core payment terms are left intact.

Summary

The High Court recently handed down the judgment in Ralls Builders Ltd (In Liquidation), Re [2016] EWHC 1812 (Ch). It was held that liquidators and administrators are not able to recover their own costs and expenses of investigating a wrongful trading claim from the directors of a company, even following a finding of wrongful trading under section 214 Insolvency Act 1986.

Background

The Court of Appeal gave judgment today (15 November 2013) in favour of licensed insolvency practitioner Andrew Hosking (D), unanimously upholding a strike out judgment of Peter Smith J made on 22 February 2013. 

Stephen Hunt, liquidator of Ovenden Colbert Printers Limited (“OCP”), had sued D and 8 other defendants.  His claim against D was brought pursuant to sections 238 and 241 Insolvency Act 1986.  He alleged that D had received or benefited from payments made by OCP which constituted transactions at an undervalue. 

The US Court of Appeals for the Sixth Circuit has ruled that a lender’s security interest in accounts was not perfected because a reference to “proceeds” in the lender’s UCC financing statement did not expressly refer to “accounts.” The Sixth Circuit surprisingly interpreted the definition of “proceeds”1 in Article 9 of the Uniform Commercial Code to exclude “accounts”2 (despite and without reference to provisions of UCC Article 9 to the contrary).