U.S. Bankruptcy Judge Shelley Chapman ruled last week in the chapter 11 case of Sabine Oil & Gas that Sabine could utilize the U.S.
The Supreme Court’s decision last term in Baker Botts v. Asarco, in which the Court ruled that professionals that are paid from a debtor’s bankruptcy estate cannot be compensated for time spent defending their fee applications, continues to rankle bankruptcy practitioners. Moreover, a recent decision in a Delaware bankruptcy case shows that the impact of Asarco will not be easily circumvented.
The received wisdom is that if, as a debtor, you are considering equitable set-off arguments, you are clutching at straws. A recent case shows a rare example of when such rights can successfully be used however. This article explores the issues further.
The background
Company dissolution and restoration, and its effects upon property of the company, is a difficult area to grapple with. Two recent decisions dealt with similar issues but with completely different outcomes. We analyse the decisions and which one should be viewed as correct.
The background
This article takes a look at the considerations laid down in Re Sahaviriya Steel Industries UKLimited [2015] EWHC 2726 when the court is asked to make a validation against anticipated payments – what guidance can be extracted?
The past two months have seen a further plethora of regulatory and legislative changes. We sum up some of the more significant ones.
Pre-pack pool open for business
The Enterprise Investment Scheme (EIS) can provide very significant tax relief for investors in unlisted companies but a recent case in the First Tier Tribunal (“FTT”) shows how strictly the rules of the Scheme are interpreted.
One of the many conditions of EIS relief is that the shares issued to the investor must not have any preferential right to a company’s assets on a winding up. The requirement is included so that an investor cannot obtain the tax advantages of EIS relief while being shielded from the economic risk of the investment.
The facts
Bankruptcy and restructuring professionals usually do not need to be political junkies. Amendments to the Bankruptcy Code, and the accompanying machinations of the Congressional legislative process, typically occur at a glacial pace, and such changes nearly always affect future rather than current chapter 11 cases. However, the
Real Estate Disputes Case Review 2015 In case you have missed the last 12 months’ most significant property cases, or would like a reminder, listed below is our monthly review of this year’s important cases. Briefing Real Estate December 2015 December 2014 Landlord protecting tenant’s deposits A landlord’s ability to seek possession of residential premises under section 21 of the Housing Act 1988 was considered when the tenant’s deposit had not been protected in an authorised scheme at the time of service of the notice.
Welcome Welcome to Private Equity News, our private equity update which keeps you informed of current issues and news in the private equity industry. For further information on any issues raised in Private Equity News or private equity generally please email richard.