In line with EU regulation, Luxembourg has finally passed an amendment resulting in the creation of an insolvency register, active since 10 February, 2023. The change will affect Luxembourg companies declared insolvent and is intended to improve searches of insolvency registers throughout the EU.
Persuading a bankruptcy judge to find “excusable neglect” after missing a filing deadline is usually a tough sell. You’d think it would be particularly hard when the party seeking relief was “belligerent and disrespectful to the Court and opposing counsel.”
We have previously blogged about Bartenwerfer v. Buckley, No. 21-908, a Supreme Court case concerning the scope of the fraud exception to the dischargeability of debts in bankruptcy. Section 523 of the Bankruptcy Code exempts from discharge “any debt . . . for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by . . .
Entrepreneurs in difficulty, who are struggling with the performance of a contract, may benefit from a restructuring procedure. Any restructuring procedure guarantees the protection of executed contracts, with the most effective solution being the reorganization procedure (postępowanie sanacyjne).
In a recent per curium opinion, the Fifth Circuit recommitted to its practice of dismissing claims against court-appointed fiduciaries when plaintiffs fail to obtain permission before bringing suit. The court rested its decision on the Barton doctrine, which other courts, including the Eleventh Circuit, have found inapplicable in similar circumstances.
This note aims to provide brief and practical answers to common questions on the law of assignment in English law finance transactions.
1. Are all notified assignments legal assignments?
Key Takeaways
Incorporating the principles contained in EU insolvency directives, the new Italian Insolvency Code affirms the goal of resolving crises in the least traumatic way possible for the business. This represents a fundamental innovation of the underlying philosophy of Italian insolvency law and the remedies envisaged for companies in distress so that they may successfully restructure their outstanding exposure. Below, we provide a general overview of the Insolvency Code and its key remedies.
The Insolvency Code in brief
This post is about a junkyard, hogs getting slaughtered, and a bankruptcy judge poised to sanction a creditor and her counsel. The message from the case to would-be claimants in other cases is simple: do not “overreach.”In re U Lock, Inc., Case No. 22-20823, 2023 WL 308210, at *1 (Bankr. W.D. Pa. Jan. 17, 2023).
The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. Defined by section 541 of the Bankruptcy Code, “property of the estate” broadly encompasses the debtor’s interests in property, with certain additions and exceptions provided for in the Code. See 11 U.S.C. § 541. Difficult questions can arise in a contractual relationship between a debtor and a counterparty about whether an entity actually owns a particular asset or merely has some contractual right.