Second Circuit Court of Appeals Decision in GM Cases Casts a Shadow Over Whether Section 363 Sale Orders Insulate Buyers from Debtors’ Product Liability Claims.

GENERAL

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 Gazetted

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (Amendment Ordinance) was gazetted on 3 June 2016. The Amendment Ordinance aims to improve and modernize Hong Kong’s corporate winding-up regime. The Amendment Ordinance will come into effect on a appropriate date to be published in the Gazette.

Major provisions of the Amendment Ordinance include:

I. Introduction

On May 3, 2016 the Italian government approved Law Decree No. 59 (the “Decree”) which, inter alia, provides for new types of security and introduces streamlined in-court and out-of-court enforcement procedures. In addition, the Decree mandates the setting up of a centralized electronic register for security enforcement proceedings and insolvency and pre-insolvency restructuring proceedings. The Decree aims to facilitate financings and secondary debt transactions by reinforcing creditors’ rights and providing more flexible instruments to lenders and borrowers.

Lease Assignment and Guarantees: Case Update and Recap

Summary

In case of arrangement with creditors under Article 160 of the Bankruptcy Law, Article 182-ter, introduced by Article 146 of D.Lgs. n. 5/2006, expressly states that taxpayers can propose a partial payment of income taxes, but not of VAT and withholding taxes, for which the payment can be only deferred.

On March 11, 2016, Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the Energy Future Holdings bankruptcy that resolved an intercreditor dispute over $90 million in proceeds to be distributed under the plan of reorganization.

CAYMAN ISLANDS

In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets.  However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in regulators.  As seen with recent developments in Portugal and Italy, a number of competing motivations surround the rescue of financial institutions.  The old maxim – “Put your trust in God, but keep your powder dry” -  may be applied to describe investor sentiment in an envir

Court of Appeals Rejects Literal Construction of Bankruptcy Code section 523(a)(1), Ruling Court Must Determine Whether Debtors Subjectively Made an Honest and Reasonable Attempt to Satisfy the Tax Law

In a December 17, 2015 decision in United States v. Martin (In re Martin), 2015 WL 9252590 (9th Cir. BAP 2015) the Bankruptcy Appellate Panel of the Ninth Circuit Court of Appeals (the “Panel”), defined what qualifies as a tax return for dischargeability purposes, specifically disagreeing with three other Courts of Appeals.