In a recent decision, Wortley v.

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

On 3 June 2016, the Supreme Court ruled that a valid right of pledge can be established on goods that are delivered subject to retention of title (of ownership). If the buyer is declared bankrupt, the conditional ownership can become an unconditional ownership if the condition precedent is fulfilled (mostly full payment of the purchase price). Next to the buyer, the pledgee can also fulfil this condition. As a consequence, these goods are not part of the bankrupt estate, so that the pledgee can take recourse against these goods.

The facts

Op 3 juni 2016 heeft de Hoge Raad geoordeeld dat er een geldig pandrecht kan worden gevestigd op zaken die onder eigendomsvoorbehoud zijn geleverd aan de koper. Indien de koper failliet wordt verklaard, kan het voorwaardelijke eigendomsrecht uitgroeien tot een onvoorwaardelijk eigendomsrecht door vervulling van de voorwaarde jegens de verkoper (veelal volledige betaling van de koopsom). Ook de pandhouder kan deze voorwaarde vervullen. Het gevolg hiervan is dat genoemde zaken niet in de faillissementsboedel vallen, maar dat de pandhouder hier verhaal op kan nemen.

The Second Circuit issued its much anticipated decision in Marblegate Asset Management LLC v. Education Management Corp., holding that “Section 316(b) prohibits only non-consensual amendments to an indenture’s core payment terms.” At issue is whether the phrase “right . . . to receive payment” forecloses “more than formal amendments to payment terms that eliminate the right to sue for payment.” The Second Circuit held that it does not.

In two months' time the Insolvency (England and Wales) Rules 2016 will come into force (with effect from 6 April 2017). This date has been long in the making the first draft of the new rules was published in September 2013.

The new rules are not intended to change the law. Their main aim is to consolidate provisions in order to reduce repetition, ensure that there is a more logical structure and modernise and simplify the language (including gender neutral drafting).

This briefing highlights a few of the key changes.

In this installment of “To Cap or Not to Cap,” which was previously featured on Weil’s Bankruptcy Blog in May of 2015 (see here), we reviewed a recent decision from the United States Court of Appeals for the Ninth Circuit. In Kupfer v.

Het is pandhouders op grond van artikel 3:246 lid 1 Burgerlijk Wetboek (BW) toegestaan om een pandrecht op vorderingen uit te winnen door middel van het opeisen van de vordering. Deze bevoegdheid omvat tevens het recht om zekerheidsrechten uit te winnen die aan de verpande vordering zijn verbonden. Dit is bevestigd in een arrest van de Hoge Raad van 18 december 2015 (ABN AMRO / Marell).

Feiten

Pursuant to Article 3:246 paragraph 1 of the Dutch Civil Code (DCC) pledgees have the power to enforce their right of pledge on receivables by claiming (direct) payment of the receivable. This power also includes the right to enforce rights of pledge that in their turn have been granted as security for the repayment of the pledged receivable. The Supreme Court confirmed this in its judgement of 18 December 2015 (ABN AMRO / Marell).

The chapter 11 cases of Gawker Media, LLC and its debtor affiliates have given the bankruptcy vultures everything they could ever hope for in one case – celebrity, scandal, a cameo by the First Amendmen