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Fifth Circuit Holds That Creditor Lacks Constitutional Standing to Appeal

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USA, Insolvency & Restructuring, Litigation, Shipping & Transport, Kramer Levin Naftalis & Frankel LLP, ING Group, Fifth Circuit
Delaware Bankruptcy Court Finds that Section 546(e) Does Not Protect Fraudulent Transfers Following Supreme Court’s Ruling in Merit Management

The Bottom Line

In one of the first applications of the Supreme Court’s ruling on the scope of section 546(e) in Merit Management, Delaware Bankruptcy Court Judge Carey found that section 546(e)’s safe harbor did not apply to fraudulent transfers between two parties that were not financial institutions, even if the transaction passed through financial intermediaries.

What Happened

USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, United States bankruptcy court
Insurance Rehabilitation Proceeding in Curaçao Recognized by New York Bankruptcy Court

The Bottom Line

In In re ENNIA Caribe Holding N.V., 18-12908 (Bankr. S.D.N.Y. Dec. 20, 2018), a bankruptcy court in the Southern District of New York recognized a foreign insurance company’s rehabilitation proceeding in Curaçao as a “foreign main proceeding,” pursuant to Chapter 15 of the Bankruptcy Code, over objections from the insurance company’s nondebtor parent company. In doing so, the court examined, among other things, what is required for a “collective proceeding” in a foreign insolvency.

What Happened

USA, New York, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, United States bankruptcy court, US District Court for the Southern District of New York
Singapore Regulatory Update: Insolvency, Restructuring and Dissolution Bill

On 1 October 2018, the Singapore Parliament passed the Insolvency, Restructuring and Dissolution Bill (the "Bill"), an omnibus legislation which will consolidate Singapore's personal insolvency, corporate insolvency and restructuring laws, which are currently under separate legislative regimes.

The overhaul follows recent amendments to the corporate insolvency and restructuring provisions of the Singapore Companies Act, and is part of a wider effort to boost the debt restructuring ecosystem in Singapore.

Key provisions introduced by the bill

Singapore, Company & Commercial, Insolvency & Restructuring, Bird & Bird LLP, Companies Act
Third Circuit Upholds Right of Tenant to Continued Possession of Rejected Lease Premises and Reduced Rent Payable to Purchaser After Sale of Premises

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USA, Delaware, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Third Circuit
SDNY District Court Holds That Bankruptcy Courts Have Core Jurisdiction and Constitutional Adjudicatory Authority over Involuntary Third-Party Releases

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USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Res judicata and issue estoppel, US District Court for the Southern District of New York
Fifth Circuit Holds Executory Contract Not Listed on Bankruptcy Schedules Is Automatically Rejected Upon Expiration of 60-Day Period in Chapter 7 and Not Capable of Being Sold

The Bottom Line

The Fifth Circuit recently held in RPD Holdings, L.L.C. v. Tech Pharmacy Services (In re Provider Meds, L.L.C.), No. 17-1113 (5th Cir. Oct. 29, 2018), that a patent license that was not specifically listed on the debtors’ bankruptcy schedules was automatically deemed rejected where it was not assumed within 60 days of the cases’ conversion from Chapter 11 to Chapter 7.

What Happened?

USA, Texas, Insolvency & Restructuring, Litigation, Patents, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Fifth Circuit
Third Circuit Remands W.R. Grace Decision Concerning Plan Channeling Injunction and Insurance Providers, Providing Additional Insights for Third Parties and Claimants

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USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Third Circuit
Anwendbarkeit des SchVG auf Genussrechte / Rechte des gemeinsamen Vertreters
  1. Genussrechte können nur dann als inhaltsgleiche Schuldverschreibungen aus Gesamtemissionen dem Schuldverschreibungsgesetz unterfallen, wenn sie in einer Urkunde verbrieft sind (Genussschein).
  2. In einem Prozess über Rechte der Schuldverschreibungsgläubiger aus den Schuldverschreibungen sind diese auch dann Partei des Prozesses, wenn sie einen gemeinsamen Vertreter bestellt haben.
  3. Die Vertretungsmacht im Insolvenzverfahren berechtigt den gemeinsamen Vertreter auch ohne vorhergehenden gesonderten Beschluss der Gläubigerversammlung, der Forderungsanmeldung eines anderen Gläu
Germany, Insolvency & Restructuring, Bird & Bird LLP
Horizontal Gifting Upheld in Chapter 11 Plan in the Third Circuit

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP