Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors. PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate brevity) requires that buyers of produce hold such produce – and their proceeds – in trust for the benefit of produce sellers.
Another bankruptcy trustee catches another hapless college unaware. In Roach v. Skidmore College (In re Dunston), Bankr. S.D. Ga. (Jan 31, 2017), a trustee appears to win the next battle of “bankruptcy estates v. child’s college,” ruling that an insolvent parent who paid the college tuition of an adult child made a fraudulent transfer to the college.
Post-judgment interest is not something most lenders consider when making a loan. In fact, it is not ordinarily the subject of significant analysis even when litigation becomes necessary. Where the United States District Court is the preferred venue, however, parties easily can fall into the quandary of being stuck with the federal statutory post-judgment interest rate, which is currently less than 1% per annum.
Reverse cross border mergers could become a popular device for UK companies seeking to maintain and preserve “passporting” or other EU rights.
The mechanism of a reverse cross-border merger (in this context whereby a UK parent company merges with their continental European subsidiary) has not historically been permitted under English law. However the provisions of an EU directive implemented in the UK in 2007 changed that position giving UK company groups that option.
While significant energy here at the Bankruptcy Cave is devoted to substantive bankruptcy matters, not all aspects of a general insolvency practice are always fun and litigation. Oftentimes insolvency lawyers add the most value by helping clients avoid a bankruptcy filing, or by successfully resolving a case through a consensual transactional restructuring.
A decision rendered during the sometimes peaceful interlude between Christmas and New Year’s is worth reading, and heeding. Hurston v. Anzo (In re Hurston), Adv. Proc. No. 15-2026 (Bankr. N.D. Ga. Dec. 27, 2016) is a helpful reminder to anyone representing lenders or creditors which are hell-bent-for-leather to pursue a non-dischargeability claim against a debtor that submits a false written statement (e.g., a personal financial statement) to obtain credit.
El Tribunal Supremo rechaza el ejercicio de las acciones rescisorias especiales del Derecho concursal contra una escisión de sociedades inscrita en el Registro Mercantil, y afirma que la protección de los acreedores debe realizarse por vía resarcitoria.
El Tribunal Constitucional confirma la constitucionalidad de las exigencias y requisitos legales para poder acceder al recurso de suplicación.
Este post trata de analizar el alcance la Sentencia del Tribunal Constitucional 173/2016, de 17 de octubre, así como de la de la doctrina del mismo órgano que la precede y que es sintetizada en la misma.
La sentencia de 10 de noviembre de 2016 de la sala cuarta del TJUE se ha pronunciado sobre los requisitos que deben reunir las prendas de cuenta corriente para quedar cubiertas por el régimen de garantías financieras de la Directiva 47/2002.
El TJUE ha respondido a las cuestiones prejudiciales elevadas por el Tribunal Supremo de Letonia sobre el ámbito de aplicación de la Directiva, después de que los órganos de primera instancia y de apelación letones desestimaran la demanda interpuesta por una compañía letona frente a una entidad financiera.
The Supreme Court is considering whether to grant review of two bankruptcy cases. On October 3, 2016, the Supreme Court invited the Solicitor General to file briefs expressing the views of the United States. Because the Supreme Court’s justices normally give significant weight to the federal government’s recommendations regarding interpretations of federal statutes (here, the Bankruptcy Code), the Solicitor General’s forthcoming briefs could influence whether the Supreme Court grants cert. on the two notable bankruptcy cases.
Southwest Securities v. Segner