Law360, New York (March 25, 2014, 1:21 PM ET) -- On Feb. 11, the three private plaintiff-appellants and 11 state plaintiff-appellants in State National Bank of Big Spring et al. v. Jacob J. Lew et al. filed briefs with the U.S. Court of Appeals for the District of Columbia Circuit in their appeal of the district court’s decision that the plaintiffs lacked standing to challenge certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010).

On Feb. 11, the three private plaintiff- appellants and 11 state plaintiff-appellants in State National Bank of Big Spring et al. v. Jacob J. Lew et al. filed briefs with the U.S. Court of Appeals for the District of Columbia Circuit in their appeal of the district court’s decision that the plaintiffs lacked standing to challenge certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010).

On February 11th, the three private plaintiff-appellants and eleven State plaintiff-appellants in State National Bank of Big Spring, et al. v. Jacob J. Lew, et al. filed briefs with the U.S. Court of Appeals for the District of Columbia Circuit in their appeal of the District Court’s decision that the plaintiffs lacked standing to challenge certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010) (the “Dodd-Frank Act” or the “Act”).

This case serves as an important reminder that board appointments should not be taken lightly - even as a “personal favour”.  Directors should ensure that they are sufficiently abreast of the affairs of their companies and actively involved in their management.  An argument that a director was “not really involved” in management is unlikely to find favour when the company finds itself in strife.

The United States Bankruptcy Court for the Southern District of New York (the “Court”) in Weisfelner v. Fund 1 (In Re Lyondell Chemical Co.), 2014 WL 118036 (Bankr. S.D.N.Y. Jan. 14, 2014) recently held that the safe harbor provision of 11 U.S.C.

Understanding your rights as a creditor while navigating under China’s bankruptcy laws is becoming a must these days, especially for foreign creditors. As many foreign companies engage in business with Chinese companies, chances are likely that you will encounter a failing Chinese company that will file for bankruptcy in China. A China bankruptcy filing can have a tremendous impact upon foreign creditors.  If you are doing business with Chinese companies or have investments in Chinese companies, you should be aware of your rights as a creditor under Chinese bankruptcy laws.

In Anderson v Krafft-Murphy Co. Inc., 2013 Del. LEXIS 597 (Del. Nov. 26, 2013), the Delaware Supreme Court held that Sections 278 and 279 of the Delaware General Corporation Law, 8 Del. C.

This decision is a testament to the flexibility of schemes of arrangement in Australia as a means of effecting settlements with a company’s creditors as well as third parties such as the company’s insurers. The Federal Court also demonstrated its propensity to take a liberal interpretation of what constitutes a “compromise or arrangement” to enliven its jurisdiction to convene a meeting of creditors for the purpose of considering a proposed scheme of arrangement.

From 15 August 2013, the Insolvency & Trustee Service Australia (ITSA) will now be known as the Australian Financial Security Authority (AFSA). The name change is thought to better capture the breadth of the services administered by the authority, but the services remain the same, namely, the administration and regulation of Australia’s personal insolvency system and the administration of the Personal Property Securities Register.

When public institutions are suffering from financial deficits, one question is usually raised: can they sell art to survive? In the museum world it is generally understood that you are to deaccession art only if the work is duplicative of another work in the collection, or for similar collections-related reasons, and the sale proceeds are used exclusively for collections activities. Therefore, for example, you cannot seek to sell art to obtain sufficient liquidity to meet any financial obligation, or make debt service payments.