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D&O insurers seek relief from automatic stay in order to assert coverage defense counterclaims against investment firm insureds

Two D&O insurers have asked the U.S. Bankruptcy Court for the District of Minnesota to lift an automatic stay in a bankruptcy proceeding pending against their insureds so that the insurers can pursue their coverage defenses as counterclaims against the insureds in a pending declaratory judgment action.In Re Petters Company, Inc., et al., Case No. 08-45257 (Bankr. D. Minn.).

USA, Minnesota, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Regulatory compliance, Bankruptcy, Costs in English law, Debtor, Fraud, Limited liability company, Investment company, United States bankruptcy court, US District Court for District of Minnesota, Minnesota Supreme Court
High Court rules insured's sale of a wrecked vessel was a transaction at an undervalue under s423 Insolvency Act 1986

InDornoch Ltd & Ors v Westminster International & Ors [2009] EWHC 1782 (Admiralty) Mr Justice Tomlinson held that the sale by Westminster International (Westminster) of the wreck of a vessel, the Fariway for the sum of 1000 Euros to a related company was a transaction at an undervalue under s423 of the Insolvency Act 1986 (which, in basic terms, provides that certain disposals made to connected persons for a value less than a fair value may be set aside by the court).

United Kingdom, Insolvency & Restructuring, Litigation, Shipping & Transport, Locke Lord LLP, Statute of limitations, Accounting, Underwriting, Exclusive jurisdiction, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)