A recent federal bankruptcy court decision addresses important principles of fiduciary conduct (and the benefits of a state exculpatory statute) in the context of a financially distressed not-for-profit hospital.
New Decision Affects D&O Liability
A recent federal bankruptcy court decision addresses important principles of fiduciary conduct (and the benefits of a state exculpatory statute) in the context of a financially distressed not-for-profit hospital.
Mission Product Holdings, Inc. v. Tempnology, LLC, Case No. 16-9016 (1st Cir., Jan. 12, 2018) (Kayatta, J) (Torruella, J, concurring in part, dissenting in part).
ISSUE 3 2017 FOCUS ON Brexit & the US Administration IN International News The Best Option for Dispute Resolution Brexit and the Free Flow of Data What to Expect from Trump’s FTC and DOJ in Terms of Merger Policy 2 International News EDITOR Andrea Hamilton Partner Brussels +32 2 282 35 15 [email protected] PUBLICATION EDITORS Aileen Devlin Kate Hinze CREATIVE SERVICES Jane Hanlon Cali Stefanos TABLE OF CONTENTS 3 Cross Border M&A: The Impact of Brexit, the Trump Ad
The High Court has refused a challenge by a liquidator to an invoice discounting agreement entered into by the Company prior to liquidation.
The liquidator argued that the invoice discounting agreement was in fact a loan agreement under which the Bank took a charge over the Company’s book debts. If that was the case, then those funds would be funds in the liquidation and the Bank an unsecured creditor, because the loan agreement was not registered and therefore void as against the liquidator.
The High Court recently rejected an appeal by KBC Bank Ireland (“KBC”) to write down a portion of a debtor couple’s mortgage due to the uncertainty in the ability of the debtors to repay the warehousing portion of the loan. The Personal Insolvency Arrangement (“PIA”) which had been approved by the Circuit Court was upheld.
A recent High Court case has brought about a change in the status quo involving personal insolvency arrangements and separated spouses. Banks were previously unable to complete deals with one spouse without the mutual cooperation of both parties. However the decision of JD & Personal Insolvency Acts1 has altered this position.
Addressing a circuit split over a trademark licensee’s rights following a debtor/licensor’s bankruptcy, the US Bankruptcy Appellate Panel (BAP) for the First Circuit held that, although trademarks and trade names are not included in bankruptcy law’s definition of “intellectual property,” the licensee’s rights to use the licensor’s trademarks as set forth in the agreement were not terminated by the debtor’s rejection of the agreement. Mission Prod. Holdings, Inc. v. Tempnology LLC, Case No. 15-065 (BAP, 1st Cir., 2016) (Hoffman, J).
“Top hat plans” have many attractive features, but a new court decision is a reminder that top hat plan participants have limited protections under ERISA – and that assets held in a rabbi trust are not protected from the claims of creditors upon the employer’s bankruptcy or insolvency.
December 2 marks the 15th anniversary of the Enron bankruptcy—a near cataclysmic event that ultimately led to a series of significant legislative, regulatory and public policy developments that inform governance practices to this day. The entire board would be well served by a brief overview of the governance impact of Enron, particularly since many directors were not in board service 15 years ago.