Channel 1 – Thorpe Insulation Addresses Insurer Standing to Object to Plan and Assignability of Insurance Contracts to Plan Trusts
Bottom Line:
USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Injunction
The recent case of F Options Ltd v Prestwood Properties Ltd concerned the setting aside of a transaction as a preference under section 239 of the Insolvency Act 1986.
A preference arises when a company's creditor is put in a better position than they would otherwise have been in the event of the company's insolvency. Transactions may be a preference whether or not the parties are connected, but where it can be shown that there is a connection within section 249 of the Insolvency Act 1986, two important advantages are gained:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, BDB Pitmans LLP, Unsecured debt, Board of directors, Insolvency Act 1986 (UK)
The Bottom Line:
USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, United States bankruptcy court, Third Circuit