The Government has announced that it will be delaying the proposed changes to Conditional Fee Arrangements ("CFA") and After the Event ("ATE") Insurance, in respect of insolvency proceedings, until 2015.

Recently, the Supreme Court of the United States held that a debtor cannot confirm a Chapter 11 “cramdown” plan that provides for the sale of collateral free and clear of a secured creditor’s lien when it denies the secured creditor’s right to credit bid at the auction.  This should be welcome news to members of the secured lending community because guaranteeing the right of secured creditors to credit bid will reduce the risk of making such loans.

--------------------------------------------------------------------------------

The U.S. Court of Appeals for the Fifth Circuit recently held that a paragraph in an asset purchase agreement qualified as an amendment to an employee benefit plan, highlighting a split between circuits of the U.S. Courts of Appeal.

--------------------------------------------------------------------------------

In its recent decision in Lehman Brothers International (Europe) (in administration)¹  the Supreme Court resolves the uncertainty where a regulated firm does not properly segregate client monies. The decision has a number of practical implications, not only for the administration of Lehman Brothers International (Europe) (LBIE) but also for the way client monies are held by institutions.  

Background

Many employers dread triggering debts under section 75 of the Pensions Act 1995 within their defined benefit pension scheme, but in some circumstances it simply cannot be avoided.  Once a section 75 debt has been triggered it is important that the debt is calculated properly.  The Actuary is required to calculate the difference between the value of the scheme's assets and the cost of purchasing annuities to secure all of the liabilities of the scheme.  But what if there is a delay in calculating the debt?  At which date is the Actuary required to ascertain the cost of bu

In its recent decision in Re Kaupthing Singer and Friedlander^[1], the Supreme Court clarifies the interrelationship between the rule against double proof and the rule in Cherry v Boultbee. The Court considered in particular whether the rule in Cherry v Boultbee is (1) compatible with the principle against double proof, and (2) limited to seeking an indemnity in respect of sums actually paid.

Background

Where does liability under a Pensions Regulator Contribution Notice rank in an Employer's insolvency?

In a case of first impression that has important implications for parties who acquire intellectual property rights under international license agreements, the U.S. Bankruptcy Court for the Eastern District of Virginia held that the protections of Section 365(n) of the U.S. Bankruptcy Code applied to licensees of U.S. patents in a Chapter 15 case, despite the fact that those protection were not available under the foreign law applicable to the foreign debtor.  In re Qimonda AG, Case No. 09-14766 (Bankr. E.D. Va., Oct. 28, 2011) (Mitchell, Bankruptcy J.).

Employee rights issues arising from M&A transactions in Germany can be difficult to navigate.  Compared to the United States and most other regions, Germany has a high level of employee protection, resulting from a number of statutes which put multiple layers of protection over an employment relationship.  While employee rights issues arising from M&A transactions in Germany may be difficult to oversee, they rarely deter companies from pursuing a transaction; however, employee issues play a major role in most acquisitions and carve out situations, so understanding the nuan

The Internal Revenue Service’s recently issued general legal advice memorandum (GLAM) should provide beneficial results to certain taxpayers that use a check-the-box election to convert an insolvent foreign corporation into a partnership.

Overview