The U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code's "safe harbor" provision exempting certain securities transaction payments from avoidance as fraudulent transfers. In Merit Management Group LP v. FTI Consulting Inc., the unanimous Court held that section 546(e) of the Bankruptcy Code does not protect transfers made through a financial institution to a third party regardless of whether the financial institution had a beneficial interest in the transferred property.

The long-running dispute over the payment of Argentina's sovereign debt, on which the South American nation defaulted for the second time in July 2014, continues to be particularly active.

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

Recent Developments

Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 27 countries that comprise the European Union as well as the collective viability of eurozone economies. Here we provide a snapshot of some recent developments relating to insolvency and restructuring in the EU.

On May 9, 2012, the English High Court, in Trillium (Nelson) Properties Ltd v Office Metro Ltd [2012] EWHC 1191 (Ch) (09 May 2012), for the first time ruled on the requirements governing the existence of an “establishment” under the EC Insolvency Regulation (Council Regulation (EC) No 1346/2000) (the “Regulation”). Under the Regulation, “main” insolvency proceedings may be commenced on behalf of a debtor only in the single jurisdiction in which the debtor’s “centre of main interests” (commonly referred to as “COMI”) is located.