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Liquidators and Administrators May Start to Feel ASIC’s “Why Not Litigate?” Approach Bite

It has been widely reported that, post Banking Royal Commission, the Australian Securities Investigation Commission (ASIC) will take a "why not litigate?" approach. As we foreshadowed in an article last month, this scrutiny will not be confined to the banking sector but is likely to extend to anyone subject to ASIC oversight.

Australia, Capital Markets, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Third Circuit Makes Clear That Plan Releases Can Extend To Post-Confirmation Acts

We have discussed plan releases in prior posts. Oftentimes, disputes involving plan releases revolve around whether, and in what contexts, third-party releases in plans are appropriate. Recently, the Third Circuit Court of Appeals addressed the relatively unique question of whether releases in a confirmed plan are binding upon post-confirmation purchasers of the debtor’s stock.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Res judicata and issue estoppel, US Securities and Exchange Commission, FINRA, Supreme Court of the United States, Third Circuit
New Regulation on Urgent Measures for Financial Matters for Credit Cooperatives

Royal Decree-Act 11/2017 of 23 June, on urgent measures for financial matters

Spain, Banking, Capital Markets, Insolvency & Restructuring, Squire Patton Boggs, Credit (finance), Security (finance), Financial regulation, Subordinated debt, European Committee for Standardization
Marblegate’s Lost Marbles and Why Bondholders and Indenture Trustees Should Care

This week the U.S. Court of Appeals for the Second Circuit issued its highly-anticipated ruling in Marblegate Asset Management, LLC v. Education Management Corp. (“Marblegate”). At issue in Marblegate was whether Education Management Corp. (“EDMC”) violated the Trust Indenture Act when it implemented a restructuring that impaired the rights of Marblegate Asset Management, LLC (“MAM”). The Second Circuit reversed the District Court’s decision in favor of MAM, and held that EDMC’s restructuring did not violate the TIA.

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Second Circuit
Poland updates its covered bond legislation to attract foreign investors

On 5 August 2015, the President of the Republic of Poland signed an amendment to the Act of 29 August 1997 on Covered Bonds and Mortgage Banks and related laws (the “Amendment”). These new changes will come into force on 1 January 2016.

Poland, Banking, Capital Markets, Insolvency & Restructuring, Squire Patton Boggs, Covered bond
Australia corporate update - October 2013

General corporate

ASIC reports on corporate insolvencies 2012–2013

Australia, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Security (finance), Debt, Unsecured creditor, Australian Securities Exchange
Bankruptcy Court adopts Madoff trustee’s method of determining “net equity”

The United States Bankruptcy Court for the Southern District of New York issued an important ruling on March 1, 2010 in the Securities Investor Protection Act (SIPA) liquidation of Bernard L. Madoff Investment Securities LLC (Madoff Securities), adopting the trustee’s method of determining “net equity” for purposes of distributing “customer property” and Securities Investor Protection Corporation (SIPC) funds under SIPA.3

Securities Investor Protection Act

USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Bankruptcy, Debtor, Security (finance), Liquidation, Broker-dealer, Investment funds, Pro rata, Securities Investor Protection Corporation, Trustee, United States bankruptcy court