Le créancier d’une société déclarée en faillite doit effectuer une déclaration de créances auprès du greffe du tribunal de commerce qui a déclaré la faillite en mentionnant le montant de sa créance et le privilège éventuel dont il peut se prévaloir. Dans l’hypothèse où le produit de la réalisation des actifs de la société faillie/en liquidation est suffisant, ce privilège permettra de récupérer à l’issue de la procédure de faillite un éventuel dividende.

Het Hof van Justitie heeft geoordeeld dat onder de werkingssfeer van de Insolventieverordening niet alleen situaties vallen die verband houden met twee of meer lidstaten; een dergelijke algemene en absolute voorwaarde voor de toepassing van de Insolventieverordening zou de doelstelling hiervan immers voorbij schieten en een efficiënte en doeltreffende afwikkeling van insolventieprocedures in het gedrang brengen.

On May 23, 2014, the Federal Trade Commission announced that the FTC’s Bureau of Consumer Protection sent a letter to the court overseeing the bankruptcy proceedings for ConnectEDU Inc. (“ConnectEDU”), an education technology company, warning that the proposed sale of the company’s assets raises privacy concerns.

Although Section 506(b) of the Bankruptcy Code explicitly allows payment of post-petition interest to holders of oversecured claims (i.e., where the value of the collateral exceeds the amount of the claim), the Bankruptcy Code does not describe how to calculate it. No bright line rules exist dictating how to determine oversecured status, the timing of the valuation, and the rate and type of interest to be paid to oversecured creditors. Computation of post-petition interest is a frequent topic of debate among the courts.

Both the Loan Syndications and Trading Association, Inc. (the “LSTA”) and the Loan Market Association (the “LMA”) publish the forms of documentation used by sophisticated financial entities involved in the trading of large corporate syndicated loans in the secondary trading market. The LSTA based in New York was founded in 1995. The LMA based in London was formed in 1996. Both the LSTA and LMA share the common aim of assisting in developing best practices and standard documentation to facilitate the growth and liquidity of efficient trading of syndicated corporate loans.

After five years of litigation, on 3 April 2014, the US Department of Justice entered into a settlement agreement with Kerr-McGee Corporation and its parent company, Anadarko Petroleum (“Kerr-McGee”). This agreement requires Kerr-McGee to pay $5.15 billion in order to compensate for its environmental and tort liabilities of the past 85 years.

This agreement came after the 12 December 2013 judgment of the US Bankruptcy Court for the Southern District of New York in Tronox Inc., et al., v. Kerr-McGee Corp., et al. (In re Tronox Inc.), 503 B.R. 239 (Bankr. S.D.N.Y. 2013).

Despite the absence of any provision in the Bankruptcy Code expressly authorizing the recharacterization of a debt claim to an equity interest, it generally is well-established that recharacterization is within the broad powers afforded a bankruptcy court under section 105(a) of the Bankruptcy Code and is necessary for the proper application of the Bankruptcy Code’s priority scheme.1  In a recharacterization analysis, a

bankruptcy court ignores the labels of a transaction, examines the facts, and determines whether a

The Tenth Circuit Court of Appeals recently considered the question of how much protection is required for a secured creditor to be adequately protected. Banker’s Bank of Kansas, N.A. v. Bluejay Properties, LLC (In re Bluejay Properties, LLC), Bankr. No. 12-22680 (10th Cir. Mar. 12, 2014)(unpublished).

The United States Court of Appeals for the Seventh Circuit (the “Seventh Circuit”) recently adopted a broad reading of the safe harbor of United States Bankruptcy Code (the “Bankruptcy Code”) § 546(e), which protects from avoidance “settlement payments” and transfers made in connection with a “securities contract,” among other transfers.1 In FCStone, the Seventh Circuit reversed the United States District Court for t

Suite aux faillites d’une quinzaine de boutiques au mois de septembre dernier au centre-ville de Luxembourg et partant du constat de la disparition progressive des commerces en centre-ville ainsi que d’une baisse de la création d’entreprises dans le secteur du commerce de détail, l’ancien gouvernement a émis un avant-projet de loi sur le bail commercial le 4 octobre 2013 (ci-après « l’avant-projet » ou le « projet »).