A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million mistakenly wired to them by Citibank (the administrative agent for a $1.8-billion syndicated seven-year term loan to Revlon [2016 Loan]) were entitled to keep the money.
USA, New York, Banking, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Clawback/avoidance/preferences/fraudulent transfers, Avoidance/clawback, Citibank, U.S. Court of Appeals
In a consultation commenced on 7 July 2022, the UK Insolvency Service is proposing to implement two “model laws” adopted by the United Nations Commission on International Trade Law (UNCITRAL).
United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, UNCITRAL, UK Supreme Court