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PBA - possibly best arrangement for your project finance?

Project Bank Accounts (PBA) are a payment mechanism based on ring-fenced bank accounts created to increase the security of contractors and sub-contractors in a building project. Their main benefits include security and speed of payment and protection of funds in potential insolvency. Sounds too good to be true? PBAs are becoming increasingly common, and with the Government commitment to use PBAs “unless there are compelling reasons not to do so”, their joint value in public sector contracts is expected to reach £4bn by this year.

United Kingdom, Banking, Construction, Employment & Labor, Insolvency & Restructuring, Projects & Procurement, MacRoberts LLP
The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
Liquidators of Scottish Coal Company can't walk away

Appeal Judges in the Court of Session yesterday issued a decision directing that the liquidators of Scottish Coal Company (SCC) cannot abandon sites or disclaim statutory licences imposing obligations on the company.

United Kingdom, Scotland, Energy & Natural Resources, Insolvency & Restructuring, MacRoberts LLP, Liquidator (law), Court of Session
That makes two for the FDIC: 11th Circuit Court of Appeals issues another precedential decision interpreting tax sharing agreements in bankruptcy, awards ownership of tax refund to FDIC

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USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Second Circuit in AMR Corp. – “no make-whole” based on plain meaning of indentures and discusses consequences of section 1110 payments

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Default (finance), Title 11 of the US Code, Second Circuit
Third Circuit confirms narrow construction of the doctrine of equitable mootness – burden on appellant and use of the doctrine should be “rare”

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Class action, Legal burden of proof, Third Circuit
It’s called "adequate" – not "automatic" – protection

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Collateral (finance), Legal burden of proof, Tax lien, Bankruptcy Appellate Panel
Balancing of accounts in bankruptcy

The Court of Session has reiterated that balancing of accounts in bankruptcy may be relied upon by a defender in enforcement proceedings to successfully resist enforcement of an adjudicator's award. See Richard Heis & others as joint administrators of Connaught Partnerships Ltd (in administration) v. Perth & Kinross Council.

United Kingdom, Scotland, Insolvency & Restructuring, Litigation, MacRoberts LLP, Bankruptcy, Court of Session
Tax sharing agreements in bankruptcy – a tale of two jurisdictions

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USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Holding company, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Stay here – Second Circuit in Residential Capital holds automatic stay can be applied to non-debtors where action has an immediate adverse economic consequence for estate

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USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Mortgage-backed security, Federal Housing Finance Agency, Second Circuit, Fourth Circuit