Second Circuit holds that Bankruptcy Code preempts creditors’ state law constructive fraud claims.
The change provides clarity regarding the pledges over credit rights, restoring pledges as effective and efficient security interests.
Introduction
Ask any restructuring professional about the greatest challenge in restructuring and reorganising a business group with operations in the People’s Republic of China (PRC), and he/she is likely to say that it is virtually impossible to take over control of the PRC operating subsidiaries without the co-operation of the existing PRC legal representatives.
Material changes to the Italian bankruptcy law will likely result in increased interest of investors in the distressed market.
The Italian legislators passed significant amendments to the legal framework applicable to debt restructurings and bankruptcy proceedings with law decree No. 82/2015, subsequently converted, with amendments, in law No. 192/2015 (Law 192).
Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the Kingdom of Saudi Arabia. In Qatar, Latham & Watkins LLP is licensed by the Qatar Financial Centre Authority.
Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the Kingdom of Saudi Arabia. In Qatar, Latham & Watkins LLP is licensed by the Qatar Financial Centre Authority.
On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market:
The liquidator of a company has an obligation to find out what led to the company’s failure, and take steps to maximise recovery for the company’s creditors. He is usually a stranger to the company’s business, and starts off at a disadvantage, having no prior knowledge of the company’s affairs, and usually incomplete and unsatisfactory records. He also has to deal with previous directors and officers of the company who are often uncooperative and may themselves be complicit in the company’s demise.
Latham & Watkins Benefits, Compensation & Employment Practice June 15, 2015 | Number 1844 FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2015)1 From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring. This Client Alert answers some of the most frequently asked questions with respect to the treatment of pension-plan liabilities and other post-employment benefits (OPEB) obligations in US bankruptcies.
Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements.