Debtors in non-U.S. bankruptcy or restructuring proceedings commonly seek to shield their U.S. assets from creditor collection efforts by seeking "recognition" of those proceedings in the United States in a case under chapter 15 of the Bankruptcy Code. If a U.S. bankruptcy court recognizes the debtor's foreign proceeding, the Bankruptcy Code's automatic stay prevents creditor collection efforts, including the commencement or continuation of any U.S. litigation involving the debtor or its U.S. assets. A U.S.

In a 2021 ruling, the U.S. Court of Appeals for the Second Circuit revived nearly 100 lawsuits seeking to recover fraudulent transfers made as part of the Madoff Ponzi scheme. In one of the latest chapters in that resurrected litigation, the U.S. Bankruptcy Court for the Southern District of New York held in Picard v. ABN AMRO Bank NV (In re Bernard L. Madoff Investment Securities LLC), 654 B.R. 224 (Bankr. S.D.N.Y.

One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and approximately 130 other affiliated companies that ignited the meltdown of many other platforms, exchanges, lenders, and mining operations because they did business with FTX.

Because bankruptcy courts were created by Congress rather than under Article III of the U.S. Constitution, there is a disagreement over whether bankruptcy courts, like other federal courts, have "inherent authority" to impose sanctions for civil contempt on parties that refuse to comply with their orders. The U.S. Court of Appeals for the Second Circuit revisited this debate in In re Markus, 78 F.4th 554 (2nd Cir. 2023).

On December 12, 2023, in the case of In re Envision Healthcare Corp., Case No. 23-90342, Judge Christopher M. López of the US Bankruptcy Court for the Southern District of Texas determined that Section 541 of the Bankruptcy Code conflicts directly with, and therefore trumps, Section 18-304 of the Delaware LLC Act to prevent the termination of a member’s interests in a Delaware limited liability company arising from such member’s bankruptcy filing.

Summary of Section 18-304 of the Delaware Limited Liability Company Act (LLC Act)

Över 8 200 företag försattes i konkurs under 2023, vilket innebär en ökning med 31 procent jämfört med föregående år, enligt statistik från Creditsafe. 2023 går till historien som det högsta konkursåret sedan Creditsafe började med sina mätningar 1999.

Konkursstormen som pågått i sjutton månader har drabbat både stora och små företag i alla län och branscher. Värst drabbat är sportsektorn, bilhandlare och bygg. Under året gick 1,08 procent av Sveriges aktiebolag i konkurs. Höga konkurstal kommer fortsätta prägla 2024.

UK Restructuring A YEAR IN RETROSPECT 2 Contents Introduction Our people UK team Matter Highlights UK Restructuring Employment UK Restructuring Section Header Section Header Contents 3 Robert Russell UK Head of Restructuring +44 (0)161 235 4147 [email protected] 2023 – Continued instability Casting our minds back to January last year, the economic outlook was fraught with uncertainty.

Executive summary

A recent decision of the High Court sanctioned restructuring schemes for two companies in the Solar 21 renewable energy investment group showing once again effective and efficient restructuring tools available in Ireland for companies in need. Below we discuss the main features of the Judgment and the criteria required to be met in order for the schemes to be legally binding and effective pursuant to Part 9 of the Companies Act 2014 (as amended) (the Act).

What is a Part 9 Scheme of Arrangement?

The Court heard argument in the case on December 4, 2023.

Third-Party Releases in Chapter 11 Plans

A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy estate for the benefit of stakeholders or to fund distributions under, or implement, a chapter 9, 11, 12, or 13 plan.