The Supreme Court has not handled its recent major bankruptcy decisions well. The jurisdictional confusion engendered by its 2011 decision in Stern v.

Four years ago, in Stern v. Marshall, the Supreme Court stunned many observers by re-visiting separation of powers issues regarding the jurisdiction of the United States bankruptcy courts that most legal scholars had viewed as long settled. Stern significantly reduced the authority of bankruptcy courts, and bankruptcy judges and practitioners both have since been grappling with the ramifications of that decision.

On 20 May 2015, after a three-year legislative process, a recast version of the European Insolvency Regulation (EIR) was adopted. For the most part, it will be applicable in approximately two years' time. The most important changes likely to affect the European restructuring landscape are a broader scope of application and new rules on COMI. The recast regulation also introduces a framework for group insolvency proceedings.

Judge Robert Gerber ruled last week that General Motors LLC (“New GM”), the entity formed in 2009 to acquire the assets of General Motors Corporation (“Old GM”), is shielded from a substantial portion of the lawsuits based on ignition switch defects in cars manufactured prior to New GM’s acquisition of the assets of Old GM in 2009.

Judge Christopher Sontchi issued a notable opinion last week in the bankruptcy case of Energy Future Holdings Corp., et al. (“EFH”), Case No. 14-10979 (D. Del.), ruling that the repayment in full of certain senior secured notes did not trigger an obligation by the debtors to pay a make-whole premium.

Under Dutch law each partner of a partnership (other than a limited partner) is severally liable for liabilities of the partnership. The Dutch Supreme Court has recently rendered two important judgments with respect to the liability of partners in a partnership and the consequences thereof if the partnership is declared bankrupt.

Judge Robert Gerber will be stepping down at the end of this year, ending a storied judicial career highlighted by his oversight of the 2009 chapter 11 case of General Motors Corporation (“Old GM”).

In Dutch case law it has long been held that the bankruptcy of a Dutch partnership automatically entails the bankruptcy of each of the partners. In a decision that explicitly breaks with previous case law, the Dutch Supreme Court found on 6 February 2015 that the bankruptcy of a Dutch partnership does no longer entail the bankruptcy of its partners.

There were nearly a million bankruptcy cases filed by individuals and businesses in 2014.  It is safe to say that only the tiniest fraction of such debtors have any familiarity with the Supreme Court’s decision in Stern v.

1.   Introduction

On 21 November 2014 the draft Dutch Implementation Act for the European Framework for the Recovery and Resolution of Banks and Investment Firms (the "Implementation Act") and draft guidelines were published for public consultation purposes. The Implementation Act is designed to implement the Bank Recovery and Resolution Directive ("BRRD") and to apply the Single Resolution Mechanism ("SRM").