The Court of Appeals for the Ninth Circuit recently held that section 1129(a)(10) of the Bankruptcy Code – a provision which, in effect, prohibits confirmation of a plan unless the plan has been accepted by at least one impaired class of claims – applies on “per plan” rather than a “per debtor” basis, even when the plan at issue covers multiple debtors. In re Transwest Resort Properties, Inc., 2018 WL 615431 (9th Cir. Jan. 25, 2018). The Court is the first circuit court to address the issue.

On 21 July 2017, a draft bill on the protection of over-indebted natural persons was submitted to the Bulgarian Parliament (the “Bill”). The Bill introduces a new legal framework to address personal over-indebtedness and to protect indebted persons from a lifetime of indebtedness while ensuring a fair satisfaction of creditors.