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").
This week’s TGIF considers the most recent case involving the Octaviar group of companies where the Supreme Court gave judicial advice to liquidators of related companies within the Octaviar group regarding a proposed settlement.
Key takeaways
This week’s TGIF examines the risks of not complying with the strict rules for serving an application to set aside a statutory demand interstate, and whether a demand that mis-states the extended six-month period to comply will be set aside.
Key takeaways
This week’s TGIF looks at recent litigation involving Henclo Investments Pty Ltd, where the NSW Supreme Court refused an application to wind up a company on the basis that an outstanding debt alone is insufficient to show insolvency.
Key takeaways
This week’s TGIF looks at a decision of the Federal Court called in the matter ofCuDeco Limited where liquidators sought directions and declarations as to their responsibility and liability for certain assets.
Key takeaways
This week’s TGIF examines a recent Federal Court decision which considered an application to discharge summonses issued pursuant to sections 596A and 596B of the Corporations Act 2001 (Cth).
Key takeaways
In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).
TAX CONTROVERSY AND LITIGATION NEWSLETTER
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Focus on Tax Controversy
NOVEMBER 2020\\VOLUME 4\\ISSUE 3
IN THIS ISSUE
ARTICLES AND UPDATES Bankruptcy Court's Jurisdiction To Resolve Tax Claims2 FAQs Issued Under The CARES Act Invalid Under The APA8 Tax Court Concludes IRS Failed to Satisfy 675111
Penalty For Failure To File Form 5471 Is Not Divisible 14 Sixth Circuit Rejects Taxpayer's Judicial Estoppel Claim17
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In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”). One of the benefits of bankruptcy court protection is the automatic stay, which will