The Rockport Company, LLC, along with nine (9) affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11145). Rockport, based in West Newton, MA, is a designer, distributor and retailer of comfort footwear in more than fifty (50) markets worldwide.
Arecont Vision Holdings, LLC, along with two affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11142). Arecont, based in Glendale, CA, is a developer and manufacturer of megapixel camera technology for security and surveillance use.
Examinership A number of significant decisions were made by the High Court and Court of Appeal relating to different aspects of the examinership process in 2017. |
Short Summary
Traditional DIP Order Carve Outs Do Not Cap the Administrative Claims of Committee Professionals
On January 6, 2017, Judge Robert D. Drain of the Bankruptcy Court for the Southern District of New York orally approved a prepackaged plan of reorganization (a “Prepack”) in In re Roust Corporation, et al. (Case No. 16-23786), only seven days after Roust Corporation (“Roust Corp”) and two of its affiliates, CEDC Finance Corporation LLC (“CEDC Finco”) and CEDC Finance Corporation International, Inc. (together with Roust Corp, the “Debtors”), filed petitions for relief under Chapter 11.
The Barton doctrine, which has been imposed in “an unbroken line of cases … as a matter of federal common law,” In re Linton, 136 F.3d 544, 545 (7th Cir. 1998) (Posner, J.), requires that plaintiffs “obtain authorization from the bankruptcy court before initiating an action in another forum against certain officers appointed by the bankruptcy court for actions the officers have taken in their official capacities.” In re Yellowstone Mountain Club, LLC, No. 14-35363, ___ F.3d ___, 2016 WL 6936595, at *2 (9th Cir. Nov.
In Re Home Payments Limited (In Liquidation) [2013] IEHC 507, an application for directions was made by the Joint Liquidators of Home Payments Limited for the liquidators’ remuneration, costs and expenses to be discharged from customer accounts. Prior to its liquidation the company had operated as a nationwide household budgeting and bill paying company.
The Personal Insolvency Act 2012 was signed into law on 26 December 2012. As of 31 July 2013, all sections of the Act (save for Part 4 which relates to bankruptcy) had been commenced by ministerial order.
In our Spring Insolvency Update, we provided an overview of the main provisions of the Personal Insolvency Act 2012. Here we provide an update on some recent developments relating to the legislation.