In a departure from prior precedent in the United States Bankruptcy Court for the Southern District of New York (SDNY), a recent opinion by Judge Michael E. Wiles in In re Cortlandt Liquidating LLC,[1] effectively lowered the Bankruptcy Code section 502(b)(6) cap on rejection damages that a commercial real estate landlord may claim, by holding that the cap should be calculated using the “Time Approach,” rather than the “Rent Approach.”
Calculation of Lease Rejection Damages
The March 2023 banking crisis has been an unexpected “stress test” for dealing with liquidity issues.
When state regulators closed Silicon Valley Bank this past Friday, many startups understandably faced severe liquidity issues triggered by the sudden and unexpected loss of access to their deposits.
On January 4, 2023, Judge Glenn of the United States Bankruptcy Court for the Southern District of New York issued a much-awaited decision in the Celsius Network LLC (along with its affiliated debtors, “Celsius” or the “Debtors”) chapter 11 cases relating to the ownership of crypto assets deposited by customers in the Celsius “Earn” rewards program accounts.
On December 5, 2022, in In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022) (“Global Cord”), the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) denied recognition of a proceeding pending in the Grand Court of the Cayman Islands (the “Cayman Proceeding” and the court, the “Cayman Court”) because it was more like a corporate governance and fraud remediation effort than a collective proceeding for the purpose of dealing with reorganization or liquidation, as Chapter 15 of the Bankruptcy Code requires.
Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection.
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In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.
Analizamos las principales novedades en materia de insolvencia internacional contenidas en el Proyecto de Ley de reforma del Texto Refundido de la Ley Concursal. Sin perjuicio del texto final que resulte aprobado tras la correspondiente tramitación parlamentaria, el capítulo dedicado a la insolvencia internacional es uno de los que menos enmiendas han recibido y, por tanto, donde previsiblemente se producirán menos cambios.
We analyze the main novelties of the international insolvency regulation introduced in the Insolvency Law Reform Bill. Although the final wording will be approved after its passage through parliament, the chapter on international insolvency is among those that received the fewest amendments and therefore is expected to see the fewest changes. We therefore predict that all or a large part of the comments made below will also be applicable to the wording of the Insolvency Law that will be approved at the end of the process.
The European Court has issued a sentence of special relevance for the operation and effectiveness of the “pre-pack” insolvency procedures. Specifically, it clarifies the requirements that must be met to respect the rights of workers in the event of business transfers.