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Cram-across: Sino-Ocean Restructuring Plan Makes Waves

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

The evolution of the English RP continues to push the jurisdictional envelope.

Hong Kong, Insolvency & Restructuring, Latham & Watkins LLP
Hong Kong Court of Final Appeal Rules on Exclusive Jurisdiction Clauses in Insolvency

A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.

Hong Kong, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency
Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt

Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.

Global, Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency, UNCITRAL
Hong Kong Court Breathes New Life Into Rule in Gibbs

Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.

Global, Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Latham & Watkins LLP
Hong Kong Court Recognises PRC Reorganisation for the First Time

The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.

China, Hong Kong, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Supply chain
Whirlpool Corporation v. HHGreg, Inc. (In re HHGregg, Inc.)

(Bankr. S.D. Ind. Dec. 4, 2017)

The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, United States bankruptcy court
In re Dickson

(Bankr. E.D. Ky. Nov. 22, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Bankruptcy opinions within a day or two of issuance from the Western and Eastern Districts of Kentucky, the Northern and Southern Districts of Indiana, the Sixth and Seventh Circuits, and the U.S. Supreme Court

(B.A.P. 6th Cir. Nov. 28, 2017)

The Sixth Circuit B.A.P. affirms the bankruptcy court’s dismissal of the Chapter 12 bankruptcy case. The court finds that the bankruptcy court failed to give the debtor proper notice and opportunity to be heard prior to the dismissal. However, the violation of due process was harmless error. The delay in filing a confirmable plan and continuing loss to the estate warranted the dismissal. Opinion below.

Judge: Preston

Attorney for Appellant: Heather McKeever

USA, Insolvency & Restructuring, Stoll Keenon Ogden PLLC, Bankruptcy, Supreme Court of the United States, United States bankruptcy court, Sixth Circuit, Seventh Circuit
Cox v. Specialty Vehicle Solutions, LLC

(6th Cir. Nov. 14, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
In re Wilson

(Bankr. W.D. Ky. Nov. 1, 2017)

The bankruptcy court grants the creditor’s motion for stay relief to proceed with a state court foreclosure action. The creditor had obtained an order granting stay relief in a prior bankruptcy filed by the debtor’s son, the owner of the property. The debtor’s life estate interest in the property does not prevent the foreclosure action from proceeding. Opinion below.

Judge: Lloyd

Attorney for Debtor: Mark H. Flener

Attorney for Creditor: Bradley S. Salyer

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC