In addition to the extension to the commercial eviction ban until 30 June 2021, the UK Government has now also extended the moratorium on commencing winding-up proceedings until 30 June 2021.
You may view the regulation from the UK Government at gov.uk.
On 16 March 2021, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) declared Greensill Bank AG (Greensill) to be an indemnification case, meaning that German deposit insurance institutions can compensate the bank’s creditors.
BaFin had previously filed an insolvency petition against Greensill, and the insolvency court in Bremen opened insolvency proceedings on 16 March 2021. It appointed an insolvency administrator who is now responsible for managing Greensill’s affairs.
The case in question is CIMB Bank Bhd v. World Fuel Services (Singapore) Pte Ltd [2021] SGCA 19. The decision was delivered on 5 March 2021 by the Singapore Court of Appeal.
The judgment addresses issues surrounding claims by a bank under assignments and other security documents over rights in and receivables under commodities supply contracts, and overturns the Singapore High Court decision in CIMB Bank Bhd v. World Fuel Services (Singapore) Pte Ltd [2020] SGHC 117.
Summary
The race to vaccinate Americans is likely to bring an end to the pandemic in the months ahead, but the outlook for the U.S. economy is far less certain. On Friday, the Federal Reserve Board delivered its Monetary Policy Report to Congress. While providing statistics suggesting that U.S. businesses could rebound when the pandemic ends, the report noted significant risks of business bankruptcies as well as a steep drop in commercial real estate prices.
Credit bidding is the process whereby a lender, with a secured charge over a borrower’s asset, bids on that asset using the very debt that is owed by the borrower to the lender. The circumstances are usually foreclosure of a lending position against a borrower.
In the maritime sector, this process often takes place in the context of forced judicial sales of vessels pendente lite (i.e., during the course of litigation) and frequently before judgment is obtained against the borrower shipowner.
This article was originally published in Law360. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors' opinions only.
In Pension Benefit Guaranty Corp. v. 50509 Marine LLC et al.[1] the U.S. Court of Appeals for the Eleventh Circuit held that the Pension Benefit Guaranty Corp. can recover an employer's defined benefit pension plan termination liability--often millions of dollars--from controlled group members that did not even exist when the contributing employer liquidated years earlier.[2]
In In re Nine West LBO Securities Litigation (Case No. 20-2941) (S.D.N.Y. Dec. 4, 2020), a federal district court denied in part a motion to dismiss claims brought by the Nine West liquidating trustee against former directors (the "Defendants") of The Jones Group, Inc. (the "Company"), Nine West's predecessor, for, among other things, (i) breaches of their fiduciary duties of care and loyalty, and (ii) aiding and abetting breaches of fiduciary duties. The litigation arises from the 2014 LBO of the Company by a private equity sponsor ("Buyer").
Hot on the heels of the landmark changes to the insolvency landscape brought by the Corporate Insolvency and Governance Act 2020 (CIGA) (see our previous article on CIGA), the Government recently announced reforms relating to pre-packaged administration sales to connected parties.
We recently reported on Delaware Judge Christopher Sontchi’s decision in the Extraction bankruptcy to permit the rejection of midstream gathering agreements.1 Fellow Delaware Judge Karen Owens followed Extraction in the Southland Royalty decision issued November 13, 2020.2 Judge Owens determined that Southland Royalty Company, LLC (“Southland”), an E&P operator with assets primarily in Wyoming, could reject the gas gathering agreement and sell its assets free and clear of the agreement.
Summary of decisions In re Body Transit, Inc., No. BR 2010014 ELF, 2020 WL 1486784 (Bankr. E.D. Pa. Mar. 24, 2020).