On April 15, 2016, the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) halted the attempt of plaintiffs who were injured in an accident involving a General Motors vehicle to seek recourse against General Motors LLC (“New GM”) in state court, finding that New GM did not assume liability for the plaintiffs’ claims. This decision provides yet another reminder to t
In In re Caesars Entertainment Operating Co v BOKF, NA(1) the US Court of Appeals for the Seventh Circuit reviewed a bankruptcy court's denial of a trustee's motion for a temporary injunction staying litigation between non-debtors.
Facts
Introduction
Introduction
The Regulator has updated its guidance on assessing and monitoring the employer covenant in order to help trustees apply the defined benefit funding code of practice (“the Code”).
The guidance is intended to identify good practice for trustees in:
Introduction
This article provides an essential update for insolvency practitioners on insolvency changes in 2015 and the proposed changes in 2016.
2015 Changes
The Small Business, Enterprise and Employment Act 2015
In recent times, the legal profession has undergone widespread changes at the bequest of previous governments. The most draconian measures have been in relation to the expense of professional services. These include a budgeting and costs management process which is the subject of judicial approval. In essence, service provider’s fees and expenses are estimated and capped in advance of them being incurred.
In March 2015 in Bank of America NA v Caulkett the Supreme Court considered whether debtors in a Chapter 7 bankruptcy liquidation could invoke Section 506(d) of the Bankruptcy Code to void or 'strip off' the junior mortgage liens on their homes when the senior mortgage debt exceeded their homes' current value (for further details please see "Supreme Court considers junior liens on 'underwater' property").