In bankruptcy as in federal jurisprudence generally, to characterize something with the near-epithet of “federal common law” virtually dooms it to rejection.
The FCA has published finalised guidance for insolvency practitioners (IPs) appointed (or looking to be appointed) over regulated firms.
This sets out the FCA’s expectations as to how IPs can ensure firms continue to meet their regulatory obligations both before an appointment and during the course of an insolvency process. It confirms the FCA’s view of what would constitute good practice, as well as linking in to some of the existing statutory obligations on regulated firms and/or IPs.
After a period of significant inactivity as a result of the various temporary measures introduced during the pandemic, we are now approaching an insolvency cliff edge in the UK. In this video, senior restructuring and insolvency lawyers from TLT’s Scottish, Northern Irish and English offices discuss:
Additional conditions will be imposed on administrators seeking to dispose of a company’s business or assets to a party connected to the insolvent company within 8 weeks of their appointment, for administrations beginning on or after 30 April 2021.
Summary
Affected sales will be subject to either (1) prior creditor approval or (2) prior review by an independent evaluator.
In January 2020 we reported that, after the reconsideration suggested by two Supreme Court justices and revisions to account for the Supreme Court’s Merit Management decision,[1] the Court of Appeals for the Second Circuit stood by its origina
It seems to be a common misunderstanding, even among lawyers who are not bankruptcy lawyers, that litigation in federal bankruptcy court consists largely or even exclusively of disputes about the avoidance of transactions as preferential or fraudulent, the allowance of claims and the confirmation of plans of reorganization. However, with a jurisdictional reach that encompasses “all civil proceedings . . .
Regulations laid before Parliament yesterday seek to extend the current restrictions on the presentation of winding up petitions to 31 December 2020. However, there will inevitably come a time when these temporary restrictions are lifted.
We recently acted for the successful respondent in an appeal against a winding up petition. Arnold Ayoo of 23 Essex Street was instructed.
I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code[1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.
Our February 26 post [1] reported on the first case dealing with the question whether a debtor in a pending Chapter 11 case may redesignate it as a case under Subchapter V, [2] the new subchapter of Chapter 11 adopted by the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19.
Our February 26 post entitled “SBRA Springs to Life”[1] reported on the first case known to me that dealt with the issue whether a debtor in a pending Chapter 11 case should be permitted to amend its petition to designate it as a case under Subchapter V,[2] the new subchapter of Chapter 11 adopted by