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.
Introduction
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.
Il Tribunale di Milano (29 settembre 2016) conferma l’interpretazione secondo cui il concordato deve essere risolto in conseguenza del solo fatto oggettivo dell’inadempimento che non sia di “scarsa importanza” ai sensi del secondo comma dell’art. 186 l.f.
Il caso
Il Tribunale di Milano (10 novembre 2016) ha disposto l’omologazione ex art. 182-bis l.fall. richiesta da un fondo, ritenuto soggetto di diritto autonomo rispetto alla SGR per mezzo della quale agisce e non solo un patrimonio separato
Il caso
Una SGR ha chiesto l’omologazione di un accordo di ristrutturazione dei debiti per conto di un fondo comune di investimento immobiliare di tipo chiuso, deducendone la situazione di incapienza patrimoniale.
The Court of Pavia (14 October 2016) denies confirmation of a concordato preventivo plan and proposal approved by the creditors, based on the opinion of the Judicial Commissioner that the plan is clearly unsuitable to cure the debtor’s state of financial and economic distress
The case