In its bankruptcy filing under Japan's Civil Rehabilitation Law, Mt. Gox claims 6.5 billion yen, or around $64 million, in liabilities and 3.84 billion yen, or around $38 million, in assets.
Last week, the 8th Circuit B.A.P. affirmed, first noting that criminal judgments, including restitution awards and liens, are afforded special protection from bankruptcy discharge.
The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings are on the rise, and they are likely to increase. The issues facing parties under contract with a municipality when it files for bankruptcy protection are playing out nationally in places like Stockton, California, and Detroit, Michigan.
On 1 August 2013, an act amending the Business Continuity Act ("BCA") of 31 January 2009 entered into force.
The new act tackles the most common types of abuse under the Business Continuity Act and aims to reduce the number of bankruptcies following reorganisation governed by the BCA. The basic principles of the Business Continuity Act remain unchanged, however.
Asbestos defendants are one step closer to greater transparency regarding the often illusive bankruptcy trust claims and payments. On Wednesday, November 13, 2013, the U.S. House of Representatives passed H.R. 982, the Furthering Asbestos Claim Transparency (FACT) Act by a 221-199 vote. FACT would amend the U.S. Bankruptcy Code to require trusts formed under a bankruptcy reorganization plan and charged with paying claims connected to asbestos exposure to disclose all demands made by claimants and the basis of any payments made to claimants.
In a ground-breaking decision, the Dutch Supreme Court recently found that a foreign bankruptcy trustee may in principle exercise the powers conferred on him under the lex concursus (the law governing the bankruptcy) in the Netherlands as well. Such powers can include the management and disposal of assets located in the Netherlands at the time of the foreign bankruptcy order.
There has recently been a number of successful pre-pack restructurings in the Netherlands. A 'pre-pack' is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside formal insolvency proceedings, and whereby the enterprise survives, but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure maximum preservation of value. Several structures can be distinguished.
A pre-pack is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside of formal insolvency proceedings, and whereby the enterprise survives but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure the maximum preservation of value. Several structures can be distinguished.