En el concurso de acreedores de Cubigel Compressors S. A. U. (Cubigel), la administración concursal calificó de subordinado el crédito de Koxka Technologies S. L. U. (Koxka) por pertenecer esta sociedad al mismo grupo que la primera. De hecho, tanto Cubigel como Koxka eran sociedades unipersonales y sus únicos socios (a su vez sociedades mercantiles) estaban participados en porcentajes del 65 % y del 79 % por una misma persona física.

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States to designate a district court judge to conduct the case. On May 5, Chief Justice Roberts appointed District Judge Laura Taylor Swain of the Southern District of New York. Judge Swain was a bankruptcy judge in the Eastern District of New York before joining the district court in 2000.

Pursuant to article 47(1) of the Commercial Companies (Structural Changes) Act ("LME"), spin-offs (partial divisions) are excluded from pre-insolvency acts of disposal susceptible to clawback (avoidance).

An insolvency practitioner filed an avoidance claim, pleading, in the main, that the conveyance of certain real property under the partial division of the insolvent company be held unenforceable and, in the alternative, that the division itself be held unenforceable.

1. Debt capitalisation in court-approved refinancing agreements

The 4th additional provision (4th a.p.) of the Spanish Insolvency Act (IA) provides that certain effects under a court-sanctioned refinancing agreement may extend to financial creditors that either have not signed the agreement or have expressed disagreement with it (dissenting creditors).

1. RDA (RDL, its Spanish acronym) 11/2014, of 5 September, on urgent measures in insolvency matters, amends, inter alia, the rules on majorities required for the acceptance of settlement proposals.

The new rules can be found in art. 124(1) of the Spanish Insolvency Act (Ley Concursal), which now reads as follows:

1. El RDL 11/2014, de 5 de septiembre, de medidas urgentes en materia concursal, ha venido a modificar, entre otros extremos, el régimen de las mayorías necesarias para la aceptación de propuestas de convenio.

El corazón de la nueva disciplina está constituido por el nuevo apartado 1 del art. 124 LC, que ha quedado redactado como sigue:

According to its Explanatory Notes, RD Act (Order in Council) 4/2014, of 7 March, adopting  urgent measures on business debt refinancing and restructuring, aims to facilitate the financial  repair and recovery of companies facing an economic crisis. To this end, a set of rules varying in  scope and significance have been laid down, which I here discuss with regards to the treatment  reserved to loans granted under refinancing agreements - as provided by the Spanish Insolvency  Act (IA) - and their signatory creditors.

EL RDL 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial, tiene como objetivo declarado (vid. su Exposición de Motivos) facilitar el saneamiento financiero de las empresas en situación de crisis económica. A estos efectos se han dictado un conjunto de normas de diferente alcance y significado.

The U.S. Court of Appeals for the Seventh Circuit in Chicago has issued a decision with significant implications for licensees of trademarks whose licensors become debtors in bankruptcy. In Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, the Court considered whether rejection of a trademark license in bankruptcy deprives the licensee of the right to use the licensed mark.¹ Disagreeing with the holding of the Court of Appeals for the Fourth Circuit in Lubrizol Enterprises, Inc. v.

The Trustee overseeing the liquidation under the Securities Investor Protection Act (“SIPA”) of Lehman Brothers Inc. (“Lehman”) in the U.S. and the Joint Administrator of Lehman Brothers International (Europe) (“LB Europe”) in the U.K. have reached an agreement in principle to resolve $38 billion in asserted claims among Lehman, LB Europe and subsidiaries and affiliates. The agreement is subject to definitive documentation and approval by the Bankruptcy Court in New York and the English High Court. The parties set December 15, 2012 as the deadline to reach a final agreement.