Section 105(a) of the Bankruptcy Code provides that a bankruptcy court “may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this title.” 11 U.S.C. § 105(a). In the Caesars bankruptcy, the Seventh Circuit explored the breadth of a court’s rights to take action under this section. The Seventh Circuit held that section 105(a) permits the Bankruptcy Court to issue an injunction with respect to litigation pending against the debtors’ non-debtor parent.
Until now the 1981 English case of The Halcyon Isle has been the principle authority on maritime liens and conflict of laws in Anglo-Common law jurisdictions. In that case, which was on appeal from the Singapore courts, the majority of the Privy Council held that the recognition and enforcement of maritime liens were to be determined according to the law of the forum in which the proceedings were commenced (i.e. the lex fori).
On December 22, New York AG Schneiderman announced that more than 3,000 consumers received partial compensation from funds stemming from a global settlement negotiated by AG Schneiderman and the CFPB.
Since May, we’ve followed Solus v. Perry, a New York County Supreme Court case originally filed in July of 2012. The case centered around whether Perry entered into a binding oral agreement to sell Solus a participation interest in a $1.6 billion claim against Bernie Madoff’s bankruptcy estate.
The Australian government has announced a 'National Innovation and Science Agenda' to be introduced by the middle of 2017, which includes providing a defence to protect directors from liability for insolvent trading where restructuring advice is obtained in an attempt to turn around a company's financial position. The government has also released the Productivity Commission Report on 'Business Set-up, Transfer and Closure' which contains recommendations on how the defence will operate.
When is a foreign entity eligible to file a chapter 15 petition? This question has been the subject of debate over the last few years, and Judge Martin Glenn’s recent opinion in In re Berau Capital Resources Pte Ltd. will add to this debate. Although the debtor in the case was foreign and did not have a place of business in the United States, Judge Glenn concluded that the debtor had satisfied the eligibility provisions under section 109(a) of the Bankruptcy Code because the New York choice of law and forum selection clause in the underlying bond indenture rendered the
Application for a freezing order in support of foreign proceedings/appointment of a receiver and a power of attorney
http://www.bailii.org/ew/cases/EWHC/Ch/2015/3383.html
The applicants (based in the UAE and Georgia) sought freezing orders against the respondents in support of proceedings taking place overseas. The respondents are LLPs registered in England and Wales and owned by a Georgian national.
This Court of Appeal decision in (1)TopBrandsLtd(2) LemioneServicesLtdv (1) Gagen Dulari Sharma (2) Barry John Ward (as former liquidators of Mama Milla Ltd) (2015) is noteworthy as it underlines that the “illegality defence” is still in a state of flux and in need of clarification by the Supreme Court.
An order recognising South Korean insolvency proceedings involving a shipping company, which had the effect of staying the commencement of actions against the company, was varied so that parties who had contracted with a Korean ship operator could pursue claims against it in London arbitration1.
Background
Here the Court of Appeal granted an injunction which restrained a building contractor (Harbour View) from presenting a winding-up petition, overturning the high court's decision at first instance. Harbour View had been engaged under two separate contracts based on a JCT Intermediate WCD (2011) to carry out works at two separate sites. The employer (Wilson) failed to pay against two interim certificates (August 2013 and September 2013), leaving a sum of over GBP 1.6 million owing.