Transfers and transactions up to ten years old may be scrutinized, unwound and recovered by a trustee, the bankruptcy court sitting in Massachusetts recently held in the NECCO (think chalky wafer candy) bankruptcy case. The ruling, in a case of first impression in Massachusetts, expands the reach back period from the typical four-year period for fraudulent transfer recovery, so long as the IRS is a creditor in the case.
This past May, in a highly-anticipated decision, the Supreme Court held in Mission Product Holdings, Inc. v. Tempnology, LLC that a debtor’s rejection of an executory contract under Section 365 of the Bankruptcy Code has the same effect as a breach of contract outside of bankruptcy.
Over the last two years, much of the healthcare world has been watching the government’s prosecution of Insys Therapeutics for its sales and marketing practices related to its Subsys spray. Subsys is powerful and highly addictive fentanyl spray (administered under the tongue) that was approved by the FDA in 2012 for the treatment of persistent breakthrough pain in adult cancer patients who were already receiving, and tolerant to, regular opioid therapy.
Final provision number three of the Trade Secrets Law, in force since March 13, 2019, authorized the government to approve a revised wording of the Insolvency Law within eight months. Under that authorization, on March 22 the Ministries of Justice and of Economy and Enterprise submitted a bill for the Revised Insolvency Law.
La Disposición Final Tercera de la Ley de Secretos Empresariales, en vigor desde el pasado 13 de marzo, habilitaba al Gobierno a aprobar un texto refundido de la Ley Concursal en el plazo de ocho meses. De acuerdo con dicha habilitación, los Ministerios de Justicia y Economía y Empresa presentaron el 22 de marzo un proyecto de Texto Refundido de la Ley Concursal.
El tribunal de un Estado miembro que conoce del procedimiento de insolvencia tiene competencia exclusiva para conocer de las acciones revocatorias ejercitadas dentro del mismo
Sentencia del Tribunal de Justicia de la Unión Europea de 14 de noviembre de 2018
El 6 de junio el Consejo de la Unión Europea aprobó la Propuesta de Directiva del Parlamento Europeo y del Consejo sobre marcos de reestructuración preventiva, segunda oportunidad y medidas para aumentar la eficacia de los procedimientos de condonación, insolvencia y reestructuración.
Con ello se pone fin al proceso legislativo de la Directiva y queda pendiente solo de publicación en el Diario Oficial de la Unión Europea (DOUE).
En términos generales, la directiva aprobada impone a los Estados miembros la implementación de normativa armonizada relativa a:
A member state’s court entertaining an insolvency proceeding has exclusive jurisdiction to entertain clawback actions brought within the proceeding
On June 6 the Council of the European Union approved the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.
This marks an end to the legislative process of the Directive, which is now pending to be publisged in the Official Journal of the European Union.
Put concisely, the approved directive imposes an obligation on member states to implement harmonized legislation on:
On May 20, 2019, the United States Supreme Court ruled that a debtor-licensor’s ‘rejection’ of a trademark license agreement under section 365 of the Bankruptcy Code does not terminate the licensee’s rights to continue to use the trademark. The decision, issued in Mission Product Holdings, Inc. v. Tempnology, LLC, resolved a split among the Circuits, but may spawn additional issues regarding non-debtor contractual rights in bankruptcy.
The Court Tells Debtors, “No Take Backs”