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Supreme Court Alert: The Court Provides Additional Guidance on the Appropriate Level of Review of Determinations of Mixed Questions of Law and Fact by the Bankruptcy Court

On March 5, 2018, the Supreme Court issued a unanimous decision in U.S. Bank National Ass’n ex rel. CWCapital Asset Management LLC v.

USA, Banking, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Ninth Circuit, United States bankruptcy court
Narrower Harbors: Supreme Court Holds that § 546(e) Securities Safe Harbor Does Not Protect Transfers in Which Financial Institution Is Only a Conduit

The Bankruptcy Code provides bankruptcy trustees, debtors, and creditor committees with “avoidance powers” that allow them to set aside and recover certain transfers that a debtor made before filing for bankruptcy.[1]  These avoidance powers are, however, limited by a number of exceptions enumerated in the Bankruptcy Code, including the securities safe harbor at § 546(e).  Section 546(e) protects from avoidance any transfer “made by or to (or for the benefit of) . . .

USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Debtor, Security (finance), Safe harbor (law), Trustee, Supreme Court of the United States, Seventh Circuit, Circuit court
IRS Guidance Removes Obstacle to Restructuring Tax-Exempt Organizations

Under newly issued guidance, the IRS has made it easier for many tax-exempt organizations to restructure.

The IRS will now continue to recognize as exempt, those organizations that:

•             change their structure from an unincorporated association to a corporation;

•             reincorporate from one state to another;

USA, Insolvency & Restructuring, Non-profit Organizations, Tax, Caplin & Drysdale, Chartered, Tax exemption, Limited liability company, 501(c) organisation, Internal Revenue Service (USA)
Annahmeverzugslohn in der Insolvenz

Qualifizierung des Annahmeverzugslohns als Neuforderung oder Altmasseverbindlichkeit von Kündigungsmöglichkeit vor Entstehung des Lohnanspruchs abhängig.

Ob eine Forderung in der Insolvenz als Neuforderung oder Altmasseverbindlichkeit eingestuft wird, ist in der Praxis, auf Grund der gesetzlichen Reihenfolge der Befriedigung, von wesentlicher Bedeutung.

Germany, Employment & Labor, Insolvency & Restructuring, Litigation, CMS Germany, Federal Labour Court of Germany
First Circuit finds creditors' committees have unconditional right to intervene in adversary proceedings

Introduction

USA, Insolvency & Restructuring, Litigation, Public, Caplin & Drysdale, Chartered
The First Circuit Joins Several Other Circuit Courts in Finding That Creditors’ Committees Have an Unconditional Right to Intervene in Adversary Proceedings

On September 22, 2017, the First Circuit Court of Appeals held that § 1109(b) of the Bankruptcy Code (the “Code”) provides a creditors’ committee with an “unconditional right to intervene” in an adversary proceeding.[1]  In reaching this conclusion, the court reversed the District Court for the District of Puerto Rico’s order denying an intervention motion and distinguished its own precedent, on which the District Court had relied.  This decision further bolsters the right of creditors’ com

USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Federal Rules of Civil Procedure (USA), Second Circuit, Third Circuit, First Circuit
Supreme Court to consider statutory safe harbour for debtors' pre-petition securities transactions

Introduction

USA, Capital Markets, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Security (finance), Seventh Circuit
Sonderzahlung nach Anzeige der Masseunzulänglichkeit

Masseunzulänglichkeit führt zu erneuter Zäsur: Privilegierung als Neumasseverbindlichkeit gilt nur für anteiligen Zeitraum ab Masseunzulänglichkeit

Germany, Employment & Labor, Insolvency & Restructuring, Litigation, CMS Germany
Update Banking & Finance Juni/June 2017

Banking & Finance Banking & Finance Juni/June 2017 4 | Editorial Fokus 6 | Blockchain – (auch) eine Innovation im Bereich der Wertpapierabwicklung? 9 | Deutschland reformiert das Insolvenzanfechtungsrecht – zumindest ein wenig 11 | Die Auswirkungen der Datenschutz-Grundverordnung auf das Bankenwesen Finance 13 | Bundesgerichtshof befasst sich mit dinglichen Upstream-Sicherheiten – Auswirkungen auf Limitation Languages?

European Union, Germany, Banking, Capital Markets, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Tax, CMS Germany, Federal Financial Supervisory Authority (Germany), GDPR
Das vorinsolvenzliche Sanierungsverfahren im EU-Richtlinienentwurf

Anders als die Insolvenzordnung, sieht die EU-Richtlinie zum vorinsolvenzlichen Sanierungsverfahren keine Einschränkung der Arbeitnehmerrechte vor.

European Union, Germany, Employment & Labor, Insolvency & Restructuring, CMS Germany, European Commission