Nos alegra compartir este compendio que ha preparado nuestro equipo de Concursal con la evolución de la reforma delTexto Refundido de la Ley Concursaldesde el texto de la Directiva hasta la redacción aprobada, incluyendo los principales informes

Following an August 11, 2022 opinion from the Court of Appeals for the Fifth Circuit, certain irrevocable surety bonds will not be considered executory contracts in bankruptcy, even when a court applies a functional multiparty approach to the traditional Countryman definition of an executory contract.

The crypto winter has overcast the summer for many Voyager customers. Upon the commencement of Voyager’s chapter 11 filing in July, customer accounts were frozen. Unable to trade their own crypto assets, some frustrated customers rushed to consult with legal counsel. Others began studying bankruptcy law in the hopes of finding a legal solution. It was only late last week, on August 4, when some customers found relief from the crypto storm: Judge Michael Wiles approved Voyager’s motion to allow certain customers who had cash in their accounts to withdraw cash, up to $270 million.

Following an August 4, 2022 memorandum opinion from Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware, a party to a safe harbored contract can qualify as a “financial participant” under section 546(e) of the Bankruptcy Code even where the party was not a financial participant at the time of the transaction.

Voyager Digital Assets, Inc., a leading cryptocurrency brokerage and lending platform, filed for Chapter 11 bankruptcy protection on July 5, 2022 in the Southern District of New York following a recent financial crisis impacting the crypto industry, which investors are calling the “crypto winter.” The filing was followed by the Chapter 11 bankruptcy of Celsius Networks. While the situation is fluid, these two filings could be the beginning of a series of bankruptcies by major cryptocurrency companies.

Following a July 6, 2022 memorandum opinion from the United States Bankruptcy Court for the District of Delaware, lenders and noteholders seeking to preserve the priority of their liens must make any desired subordination protections explicit in their security documents. Judge Craig T. Goldblatt’s decision in In re TPC Group Inc. upholds a prepetition “uptier” transaction and narrows the issues before the Bankruptcy Court regarding TPC Group Inc.’s desired entry into a debtor-in-possession loan with an ad hoc group of noteholders over the dissent of minority holders.

El reconocimiento de un derecho de separación por el atesoramiento abusivo de beneficios supone un mecanismo de protección de la minoría. Su ejercicio, sin embargo, puede resultar perjudicial para la sociedad, que tendrá que abonar al socio saliente el valor de su participación. Por este motivo, siempre se ha planteado la posibilidad de enervar, de algún modo, el ejercicio del derecho. La Sentencia del Tribunal Supremo de 25 de enero se ocupa de un caso de esta naturaleza reconociendo, en un supuesto muy concreto, el carácter abusivo del ejercicio del derecho de separación.  

On March 14, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) revisited the issue of the rejection of filed-rate contracts in bankruptcy where such contracts are governed by the Federal Energy Regulatory Commission (“FERC”). The ruling marks the first time the Fifth Circuit has addressed this issue since its 2004 decision in In re Mirant Corp.¹ In Federal Energy Regulatory Commission v.

La CNMV ha publicado un documento con “preguntas y respuestas” que pretende servir de ayuda en la interpretación por las sociedades cotizadas del régimen de operaciones vinculadas tras la reforma introducida por la Ley 5/2021 para la incorporación de la Directiva sobre derechos de los accionistas en las sociedades cotizadas. A continuación, se incluye un resumen de los criterios interpretativos ofrecidos por el organismo supervisor.

Referencias Jurídicas CMS

Artículos de fondo

For a company with robust data protection and recovery practices, a ransomware attack may cause a few extra headaches, but it won’t wipe the company out. Companies without those protections in place, however, risk allowing ransomware to bankrupt their entire enterprise.