With the increase in global trade and business, often involving complex corporate structures in multiple jurisdictions, we expect to see a significant increase in cross-border insolvency and restructuring matters in coming years. This is especially the case with rapid advancements in technology and digital change driving “borderless” transactions and investments in every industry.
The government has identified that the economic impacts of the COVID-19 pandemic and the public health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress.
The recent appellate decision of the Full Court of the Federal Court on 19 April 2018 in White, in the matter of Mossgreen Pty Ltd (Administrators Appointed) v Robertson [2018] FCAFC 63 (Re Mossgreen) provides guidance regarding equitable liens and a stern warning to insolvency professionals to seek directions from the Court before engaging in conduct which affects property of third parties.
A March 8 2016 decision of the influential Bankruptcy Court for the Southern District of New York has attracted attention from – and caused concern for – owners of pipelines and other midstream assets, as well as lenders to midstream and upstream lenders across the United States.
The Bankruptcy Court for the Northern District of Illinois issued a noteworthy opinion for those whose work involves real estate mortgage conduit trusts (REMIC trusts) or utilization of the Bankruptcy Code’s “safe harbor” provisions. In In re MCK Millennium Ctr. Parking, LLC,1 Bankruptcy Judge Jacqueline P.
Bankruptcy Judge Christopher S. Sontchi recently ruled in the Energy Future Holdings case1 that the debtor will not be required to pay the $431 million “make whole” demanded by bondholders upon the debtor’s early payment of the bonds.2
In what may become viewed as the de facto standard for selling customer information in bankruptcies, a Delaware bankruptcy court approved, on May 20, 2015, a multi-party agreement that would substantially limit RadioShack’s ability to sell 117 million customer records.