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Intercreditor Distressed Disposal Provisions: Pragmatic Decision Provides Certainty for Stakeholders

Executive Summary

Investors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions).

USA, Capital Markets, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP
Galapagos Group Restructuring Prevails Over Junior Creditor Challenge

The Galapagos Group has secured comprehensive affirmation of its 2019 debt restructuring (the “Restructuring”) from the English High Court. This decision is a significant step towards resolution of the highly contested restructuring, and provides market participants with further clarity and certainty when it comes to implementing lender-led transactions in future.

USA, Insolvency & Restructuring, Weil Gotshal & Manges LLP
Pre-Pack Regulation: Two Years On

It is now two years since the 30 April 2021 introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations") and a good time to look back at whether the Regulations have achieved their purpose, what issues remain and what the next two years might look like.

Summary

United Kingdom, Insolvency & Restructuring, Tax, Katten Muchin Rosenman LLP, HM Revenue and Customs (UK)
UK High Court Hands Down Decision in Sova Capital

Key Points

European Union, United Kingdom, USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Financial Conduct Authority (UK)
German share pledge enforcement: German Federal Supreme Court finally provides clarification on who is entitled to enforce

Since the beginning of the 21st century and the first big wave of security enforcements in Germany, who holds the entitlement to enforce a share pledge has caused countless disputes between pledgees and insolvency administrators. This issue has now been resolved by a recently released judgment of the German Federal Supreme Court of 27 Oct 2022 (case no.: IX ZR 145/21), which has now held that pledged shares as well as pledges over certain other non-movable rights such as trademarks or patents can be enforced by the pledgee (only) and not by the administrator.

Germany, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
German share pledge enforcement: German Federal Supreme Court finally provides clarification on who is entitled to enforce

Since the beginning of the 21st century and the first big wave of security enforcements in Germany, who holds the entitlement to enforce a share pledge between pledgees and insolvency administrators has caused countless disputes. This issue has now been resolved by a recently released judgment of the German Federal Supreme Court of 27 Oct 2022 (case no.: IX ZR 145/21), which has now held that pledged shares as well as pledges over certain other non-movable rights such as trademarks or patents can be enforced by the pledgee (only) and not by the administrator.

Germany, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate

Introduction

USA, Banking, Insolvency & Restructuring, IT & Data Protection, Real Estate, Weil Gotshal & Manges LLP, Cryptocurrency, FTX
How Many Connections are Too Many? Bankruptcy Court Finds Multiple Attenuated Connections Not Enough to Warrant Disqualification of Debtors’ Professional

Introduction

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Ultra IV: Make-Wholes, Never Say Never Again

Executive Summary

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Insolvency, U.S. Court of Appeals
UK Supreme Court Confirms Creditor Duty in Zone of Insolvency: BTI v Sequana

Key Points

United Kingdom, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Insolvency, UK Supreme Court