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Brexit and the end of the transition period: insolvency and pre-insolvency impacts from December 31, 2020 onwards

On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”).

European Union, Spain, United Kingdom, Insolvency & Restructuring, Public, Garrigues, Brexit, European Commission
Supreme Court Lakeridge Decision Clarifies the Standard of Review of Mixed Questions of Law and Fact — In this Case, Addressing Insider Status for Plan Confirmation and Cram-Down

In another decision affecting Chapter 11 cases, U.S. Bank National Association v. Village at Lakeridge, --- S. Ct. ---, 2018 WL 1143822 (2018), on March 5, 2018, the United States Supreme Court issued a unanimous decision, authored by Justice Kagan, affirming the Ninth Circuit’s decision to review the Bankruptcy Court’s determination of a mixed question of fact and law for clear error, rather than de novo.

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States
The funds will be able to recover NPL's more quickly following a decision by the Directorate-General of Registries and the Notarial Profession

Garrigues detected that there was no clear guideline that allowed notaries to issue another enforceable copy of the mortgage deed to funds that had acquired NPLs.

The Directorate-General of Registries and Notaries (Dirección General de los Registros y del Notariado or DGRN) has issued an important ruling, which will enable international investors acquiring NPLs (non-performing loans) from Spanish financial institutions to speed up their recovery significantly, especially if the debts are secured with a mortgage guarantee.

Spain, Insolvency & Restructuring, Garrigues
Third Circuit Applies More Flexible Standard for WARN Exemption

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Worker Adjustment and Retraining Notification Act 1988 (USA), Third Circuit
IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against Non-Debtor Officers and Directors

The Bottom Line

Puerto Rico, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA), Eighth Circuit, Third Circuit, First Circuit