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.
A recent order from the United States Bankruptcy Court for the Southern District of Texas (the “Court”) allowed a debtor to reopen a completed auction based on a significantly more attractive, but untimely, bid. The late bid was approximately three times the cash consideration of the previously declared winning bid, and also provided for the additional containment of potential environmental risks. The decision is being appealed to the United States District Court for the Southern District of Texas (the “District Court”).
Judge Craig Whitley’s recent transfer of the LTL Management case will bring a high-profile "Texas Two-Step" chapter 11 bankruptcy to New Jersey, and it may open a new chapter in how courts approach the novel transaction designed to isolate and address certain mass-tort liabilities.
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5. Yargı Paketi olarak da anılan İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun Teklifi (“Teklif”), TBMM Adalet Komisyonu tarafından kabul edildi. Kabul edilen Teklifin kanunlaştırılması doğrultusunda Salı günü TBMM Genel Kurulu’nda görüşmeler başladı. Söz konusu Teklif ile icra ve iflas süreçlerinde iş yoğunluğunun azaltılması ve verimliliğin artırılması amacıyla İcra ve İflas Kanunu’nda önemli değişiklikler öngörülüyor.
New development
The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.
In a decision that will likely impact bankruptcy proceedings around the country, the Supreme Court recently denied the petition for writ of certiorari of David Hargreaves, which challenged the equitable mootness doctrine.1 As a result, the concept of equitable mootness remains anything but moot.
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4299 sayılı ve 14 Temmuz 2021 tarihli Cumhurbaşkanlığı kararı ile Çerçeve Anlaşmalar kapsamında gerçekleştirilen finansal yeniden yapılandırma işlemlerini ve bu işlemler için tanınan teşvikler ve vergi muafiyetlerini düzenleyen Bankacılık Kanunu’nun geçici 32. maddesinin geçerlilik süresi iki yıl daha uzatıldı. Geçici 32. Madde ve Çerçeve Anlaşma’ya ilişkin bültenlerimize aşağıdaki bağlantılardan ulaşabilirsiniz:
Değişiklik Ne Getiriyor?
Recent development
With a presidential decision numbered 4299 and dated 14 July 2021, the effectiveness of Temporary Article 32 of the Banking Law regulating the financial restructuring transactions and related incentives and tax exemptions contemplated under the Framework Agreement has been extended for an additional two years. Please refer to the following links for our alerts on the introduction of Temporary Article 32 and the Framework Agreement:
What’s new?
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