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Distressed companies open the liability toolbox to avoid full-blown bankruptcies

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USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, White & Case, Bankruptcy, Private equity, Coronavirus
Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third party creditors on enforcement

In our recent note “Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement”, which can be viewed here, we addressed the increase in flexibility in European financings to incur senior unsecured debt and the risk that the lack of any agreed intercreditor arrangement may impair senior secured lenders’ ability to realise recoveries from a European Credit

United Kingdom, Aviation, Banking, Insolvency & Restructuring, Litigation, White & Case, Unsecured debt, Court of Appeal of England & Wales
Recent case serves as a reminder that both tax and bankruptcy law implications should be considered

In 2012, several judicial opinions have reminded directors, officers and “responsible persons” that personal liability may be imposed for business taxes. See our alert from June 20, 2012. Responsible persons are reminded again that not only will authorities impose liability for unpaid taxes of a business on individuals but that the imposition of such taxes may not be dischargeable in bankruptcy.

USA, Michigan, Insolvency & Restructuring, Litigation, Tax, Dykema Gossett PLLC, Bankruptcy, Excise, US Code, United States bankruptcy court