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There’s no equity in law

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Amicus curiae, Title 11 of the US Code, Supreme Court of the United States, United States bankruptcy court
Converting the form of liquidation – more bang for the liquidator's buck

Introduction

Early in his or her appointment a liquidator in a creditors' voluntary liquidation (CVL) should consider applying to the Court to convert the CVL to a Court ordered winding up in insolvency.  Conversion may benefit the unsecured creditors, in whose interests the liquidator acts, by enabling the liquidator to pursue claims and make recoveries not available in a CVL. 

The reasons liquidators have applied for conversion include:

Australia, Insolvency & Restructuring, Insurance, Litigation, Addisons, Unsecured debt, Liquidation, Liquidator (law), Corporations Act 2001 (Australia)
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
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
Can a voluntary liquidator obtain orders to issue creditor notices electronically?

Voluntary administrators frequently obtain Court orders permitting notices to be issued to creditors electronically. Such orders are made under section 447A of the Corporations Act (the Act) on grounds of efficiency, cost and necessity. See Mothercare Australia Ltd (Administrators Appointed) [2013] NSWSC 263 and Creative Memories Australia Pty Ltd [2013] NSWSC 1294.

Australia, New South Wales, Insolvency & Restructuring, Litigation, Addisons, Liquidation, Liquidator (law), Automated Clearing House
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
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

The Bottom Line:

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