Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P.

In John David Hedger (the Liquidator of Pro4Sport Ltd) v David Adams [2015], the Liquidator of Pro4Sport Ltd (Pro4Sport) made an application to the Court under section 212 of the Insolvency Act 1986. The claim arose out of one transaction which took place shortly before the liquidation of Pro4Sport on 20 July 2012. On 25 June 2012 Mr Adams, on behalf of Pro4Sport, transferred all, or practically all, of the assets of Pro4Sport to an associated company, Pro4Sport.co.uk Ltd (Pro4Sport.co.uk) for a deferred consideration of £47,000 plus VAT.

In Ferreira da Silva e Brito and others v Estado portuges (C-160/14) the European Court of Justice (the ECJ) considered the meaning of a "transfer of a business" under the Acquired Rights Directive (the Directive) in relation to a situation whereby a majority shareholder assumed significant functions of a former subsidiary, which had been wound up.

Background

A number of headlines following a recent high-profile professional negligence case suggest that there is no duty on a purchaser’s conveyancer to check a seller’s solvency. It is, of course, part of the normal pre-contract searches and enquiries to check on the solvency of the seller, and in the majority of cases, the property solicitor will become aware of the seller’s bankruptcy, as a notice or restriction on the title will show up on the official search of the registered title.  

Solvent

On July 23, 2015, in an action arising from the huge TCEH chapter 11 bankruptcy, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York issued an opinion in Delaware Trust Company v.

ICELAND INTRODUCES A PLAN TO LIFT CAPITAL CONTROLS

In a move that creditors have been waiting patiently forsince 2008, the Icelandic government has finally taken a step towards the lifting of capital controls which were imposed in Iceland after the financial crisis that will impact the main three failed banks;Kaupthing, Landsbanki and Glitnir.

Bankruptcies and restructurings involving partners and partnerships1 raise a number of unique tax issues. While the Internal Revenue Service (the “IRS”) has provided guidance with respect to a number of these issues, a surprising number of unresolved issues remain. The first part of this outline summarizes the state of the law with respect to general tax issues that typically arise in connection with partner and partnership bankruptcies and restructurings. The balance of the outline discusses tax issues that arise under Subchapter K when troubled partnerships are reorganized. II.

On May 4, 2015, a unanimous United States Supreme Court in Bullard v. Blue Hills, 135 S. Ct.

As reported in our briefing last week, the European Court of Justice has delivered its judgment in the case of Union of Shop, Distributive & Allied Workers (USDAW) and another v WW Realisation 1 Ltd (in liquidation) and others (C–80/14) in relation to long running claims brought by former employees of national retailers Woolworths and Ethel Austin, which arose out of the administration and closure of all of their retail stores. The ECJ had to consider the meaning of “establishment” in the legislation, which triggers an obligation to undertake collective consultation when an employe

Following huge trading losses and the discovery of alleged fraud in a Singaporean subsidiary, O.W. Bunker & Trading A.S. filed for bankruptcy on 7 November 2014in the Danish court, just seven months after the company floated on the stock market.  Since then, a number of other O.W. Bunker Danish and overseas entities have also filed for bankruptcy.