A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed to the company from National Westminster Bank Plc (Natwest). The company entered into interest rate swaps with Natwest. After the swaps terminated, the company granted a fixed charge and debenture over its assets to a third party. Administrators were appointed and recorded costs of over £164,000 before the company was dissolved.
Australia is making several significant reforms to its insolvency legislation – with more changes likely to come – to provide much-needed comfort for directors and to align legislation on ipso facto clauses in order to prevent contractual terminations simply as a result of the commencement of an insolvency proceeding. (See the Productivity Commission Report on Business Set-up, Transfer and Closure (available here)).
Federal Law No. 391-FZ on Amendments to Certain Legislative Acts of the Russian Federation of December 29, 2015
The Law introduced amendments to various regulatory acts in the area of bankruptcy, notaries, appraisal activities and concession agreements. We will touch on the changes most important for the real estate market:
Leslie Benedict: “Money isn’t everything, Jett”
Jett Rink: “Not when you’ve got it.”
Giant (1956)
1. Adoption and entry into force of the Russian Federation Code of Administrative Procedure dated March 8, 2015, No. 21-FZ
We previously posted about a recent effort to address an issue left unresolved in Baker Botts v. ASARCO, 135 S. Ct.
According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law.1 Reference is made to Milan Court Decrees 6 November 2015 and 3 December 2015 (the “Case Law”).2
Baker Botts L.L.P. has filed its application for retention as debtors’ counsel in In re New Gulf Resources, LLC, et al. (Case No. 15-12556, Bankr. D. Del.), and the application incudes a novel “Fee Premium.” Essentially, Baker Botts’ aggregate fees incurred in the case will be increased by 10% (subject to court approval) but … Baker Botts will waive the entire Fee Premium “if, and only if, Baker Botts does not incur material fees and expenses defending against any objection with respect to an interim or final fee application.”
The Ontario Court of Appeal (Court) recently affirmed the decision of the Ontario Superior Court of Justice in Nortel Networks Corporation (Re) (Nortel),[1] that the “interest stops” rule applies in proceedings unde
More than three dozen US energy industry companies (E&Ps) filed for chapter 11 this year, with three more – New Gulf Resources LLC, Magnum Hunter Resources Corp., and Cubic Energy Inc. – filing just this third week of December. According to BloombergBriefs.com, even before these most recent filings. energy sector filings accounted for 26% of all chapter 11 filings in 2015, which is the largest share of filings for any sector. Just when the industry thought oil prices could not go any lower, they have.