The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.

On an international level, and in contrast with the previous quarters, few events are worth mentioning.

At the III Commercial Law Conference held on June 7, 2019, the Council of the Federal Justice approved Precedent No. 104, according to which there will be no transfer of liabilities regarding financial penalties imposed under Law No. 12.846/2013 (Clean Company Act) on the acquirer of assets when the acquisition is based on article 60 of Law No. 11,101/2005 (Brazilian Restructuring and Bankruptcy Law).

Introduction The UK Government has announced that it will be introducing legislation under which the UK tax authorities1 will move up the creditor hierarchy in English insolvency proceedings2 in respect of certain taxes paid by

Taggart v. Lorenzen, No. 18-489

Today, the Supreme Court held 9-0 that a creditor cannot be held in contempt of court for violating a bankruptcy discharge order if there is a “fair ground of doubt” as to whether the order barred the creditor’s conduct.

On May 20, 2019, the Supreme Court decided Mission Product Holdings, Inc. v. Tempnology, LLC, No. 17-1657. In an 8-1 decision, and in a majority opinion authored by Justice Kagan, the Court held that the debtor-licensor’s rejection of a trademark license under Section 365 of the Bankruptcy Code “has the same effect as a breach outside bankruptcy” and, as such, the debtor, through such a rejection, could not rescind the non-debtor’s licensee’s right to continue to use the trademarks; in short, the debtor-licensor’s rejection of the license “cannot revoke the license.” Slip Op. at 16-17.

Yesterday, in an 8-1 decision, the US Supreme Court held in Mission Product Holdings, Inc. v.

Mission Product Holdings, Inc. v. Tempnology, LLC, No. 17-1657

Today, the Supreme Court held in an 8-1 decision that when a debtor, acting under Section 365 of the Bankruptcy Code, rejects a contract licensing its trademarks, the contract is not rescinded and the debtor thus cannot revoke the trademark license.

On April 23, 2019, the United States District Court for the Southern District of New York, in fraudulent transfer litigation arising out of the 2007 leveraged buyout of the Tribune Company,1 ruled on one of the significant issues left unresolved by the US Supreme Court in its Merit Management decision last year.

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When executing public M&A transactions, dealmakers need to understand local market practice as well as the local regulatory environment.