In In re 1141 Realty Owner LLC, et al., No. 18-12341 (SMB), 2019 WL 1270818 (Bankr. S.D.N.Y. March 18, 2019), Bankruptcy Judge Stuart M. Bernstein of the U.S. Bankruptcy Court of the Southern District of New York recently reaffirmed that upon sufficient contractual language, "make whole" prepayment premiums are enforceable under New York law even after loan acceleration. The court emphasized that the language of the contract provided for such a result and that this was an enforceable liquidated damages clause under New York law.
In a unanimous 25 February panel decision, the Second Circuit Court of Appeals held that the trustee liquidating Bernard L. Madoff’s investment firm can claw back billions in Ponzi scheme proceeds from investors who received the proceeds indirectly through non-U.S. “feeder funds” (funds that aggregate investor capital to invest in funds such as Madoff’s).
In a recent decision, EMA GARP Fund v. Banro Corporation, No. 18 CIV. 1986 (KPF), 2019 WL 773988 (S.D.N.Y. 21 February 2019), District Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York enforced a foreign reorganization plan in the United States on the basis of international comity, notwithstanding that no application for recognition and enforcement had been made under Chapter 15 of the U.S. Bankruptcy Code. Banro Corp.
Stellt der Insolvenzverwalter im Kündigungsschutzprozess einen Auflösungsantrag nach § 9 KSchG und löst das Arbeitsgericht daraufhin das Arbeitsverhältnis gegen Zahlung einer Abfindung auf, so erhält der Arbeitnehmer diese Abfindung aus der Insolvenzmasse (vollständig) ausbezahlt – anstatt (wie bisher angenommen) im Insolvenzverfahren nur einen Bruchteil dieser Abfindung geltend machen zu können.
Hintergrund
In a unanimous 25 February panel decision, the Second Circuit Court of Appeals held that the trustee liquidating Bernard L. Madoff's investment firm can claw back billions in Ponzi scheme proceeds from investors who received the proceeds indirectly through non-U.S. "feeder funds" (funds that aggregate investor capital to invest in funds such as Madoff's).
This question arises frequently in practice. In October 2018 the Labour Appeal Court had occasion to consider the issue in the matter of South Africa Commercial Catering and Allied Workers Union (SACCAWU) obo Members v JDG Trading (Pty) Ltd. JDG Trading is a large SA corporation that, like others in a filing local economy, found itself caught in the tough financial headwinds
Human resources practitioners are often called upon to advise and lead employee consultation in a business restructure. Sometimes, a legal review of the statutory consultation notice issued under section 189(3) of the Labour Relations Act, 1995 (the LRA) is also undertaken.
A cross-practice team led by partner Tom Astle has advised a syndicate of c.75 lenders under a bespoke €1.06bn super priority loan to distressed Croatian food producing and retail giant Agrokor (the “SPFA“) on an English law scheme of arrangement proposed by the company. The scheme of arrangement was approved by 97.92% in number of the lenders under the SPFA, representing 99.99% in value of scheme claims, at the creditors’ meeting earlier this week, and was sanctioned by Mr Justice Fancourt this morning.
In einem aktuellen Beitrag im Betriebs-Berater wird das Schreiben des Bundesfinanzministeriums (BMF) vom 6. Dezember 2018 zur Entscheidung des Europäischen Gerichtshofs (EuGH) in der Rechtssache Hornbach ausführlich erläutert. Den Beitrag im Betriebs-Berater können Sie hier kostenfrei abrufen.
Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability. The amendment was necessary because the German Federal Tax Court had previously held the original administrative decree (which in a conceptually different manner avoided the tax burden on such profits) unlawful. This article gives a brief overview over the legislative history and the practical consequences of the amendment.
1. LEGISLATIVE HISTORY