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UK Supreme Court clarifies basis of ‘knowing receipt’ claims arising from breach of fiduciary duty

"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99).

United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Insolvency Act 1986 (UK), UK Supreme Court
Transactions defrauding creditors: the use of corporate structures to defeat creditor claims

Judgment creditors should be aware that the English Court of Appeal has given guidance on the proper construction of s423 Insolvency Act 1986 (transactions defrauding creditors)1.

United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
Trustee and officeholder approval applications: res judicata and protection from future claims

Summary

Trustees and officeholders (such as administrators, receivers and liquidators) can ask the Court to approve steps that they propose to take in the administration of their estate (such as the sale of an asset or settlement of a claim).

United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Court of Appeal (England and Wales)
First past the post and foreign insolvency proceedings: the race for recognition in protecting assets from judgment creditors

Summary

European Union, United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Cross-Border Insolvency Regulations 2006 (UK)
Consumer Advocate Appointed New Director of Justice Department’s U.S. Trustee Program

The Director of the Justice Department’s U.S. Trustee Program (USTP), which oversees the administration of bankruptcy cases, is about to change for the first time in nearly 20 years. Clifford White will be stepping down from the role and consumer advocate Tara Twomey will be taking up the mantle.

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP
Bradley’s Bankruptcy Basics: Payment of Claims

One of the first things creditors ask after filing a proof of claim is, “when do I get paid?” As with so many other legal questions, the answer is, “it depends.” Although many different factors govern payment in a bankruptcy proceeding, there are four key elements to payment: proof, allowance priority, and timing.

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP
Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code

Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here.

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP, Coronavirus, CARES Act 2020 (USA)
Bradley’s Bankruptcy Basics: Secured vs. Unsecured Claims

Bankruptcy is primarily about “claims.” The debtor seeks to discharge personal liability on claims, while creditors seek payment on their claims. In basic terms, a bankruptcy “claim” is a right to payment. The claim does not need to be fixed, settled, undisputed, or due at the time the debtor files his bankruptcy petition. The official proof of claim form is discussed in more detail here.

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP
Bradley’s Bankruptcy Basics: How to File a Proof of Claim 101

You just heard that a customer has filed for bankruptcy — what do you do now? One of the first steps is to determine whether you should file a proof of claim.

How will I be alerted about the bankruptcy?

USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP
5 Key Takeaways from Bradley’s Bankruptcy Basics, Part 1

Below are five key takeaways from our first month of Bradley’s Bankruptcy Basics:

USA, Insolvency & Restructuring, Bradley Arant Boult Cummings LLP