On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.),1 the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code.
USA, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Summary
A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that:
United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Unsecured debt, Debt, Liquidation, Precondition, HM Revenue and Customs (UK), UK Department of Trade and Industry, Department for Business, Enterprise and Regulatory Reform