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One Year of German StaRUG - Lessons Learned With Respect To The Tested and Yet Untested

One year ago when the German out-of-court restructuring regime, StaRUG, came into force, people hoped for it to be the beginning of a new viable rescue culture in Germany.

Whilst generally not public, it appears there have been substantially more professional articles covering StaRUG than cases themselves (believed to be around 10-20 for the year).

USA, Banking, Insolvency & Restructuring, Weil Gotshal & Manges LLP, Articles of association
The Bar Date Notice: Two Recent Cases Show Us There May Be More (Yes, More!) To Learn When It Comes to Providing Notice of a Debtor’s Bar Date

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Cybersecurity
Arbitrate? You Can’t Make Me! Rejection Trumps Arbitration, Says Texas Bankruptcy Court

Overview

USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Federal Arbitration Act 1926 (USA)
Going, Going, Gone: Third Circuit Confirms Auction Outcome Can Be Strong Evidence of Fair Value

Going, going, gone. Most people might associate those words with fine art, not bankruptcy. But in In re 388 Route 22 Readington Holdings, LLC, the question arose: is value reflected by an active, non-collusive auction, while not dispositive, strong evidence of fair value under section 363(b) of the Bankruptcy Code?

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
In Vacating Purdue Pharma’s Confirmation Order, the District Court Determines that the Plan’s Nonconsensual Third-Party Releases Are Not Statutorily Authorized

We’ve written extensively here, here, and

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Clearing a Runway to Litigating Claims: The Principle of Comity and Pre-Litigation Discovery in Chapter 15 Cases

As cross-border restructurings proliferate, especially in the wake of the global COVID-19 pandemic, companies with global assets and operations may utilize chapter 15 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) to facilitate cooperation between U.S. and foreign bankruptcy courts and protect assets located in the U.S. One doctrine central to relief under chapter 15 is the principle of comity, which refers to the recognition one nation’s legal system accords to another nation’s judicial proceedings. In chapter 15 proceedings, U.S.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Coronavirus
Insolvency Team - Recent Insolvency Case Update

These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.

This summary covers:

United Kingdom, Insolvency & Restructuring, Litigation, Planning, Gatehouse Chambers
Part 1: the Commercial Rent (Coronavirus) Bill

We are (or were!) emerging from nearly two years of restrictions caused by the Covid-19 pandemic which forced people to stay at home and businesses to close causing shock waves throughout the economy. The government put in place the package of emergency measures and support which we are now all too familiar with. However, the question always lingered, what next? What about when the money runs out?

United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Gatehouse Chambers, Corporate governance, Coronavirus
The Third Circuit Lets the Katz Out of the Bag: No Sovereign Immunity for California in the Post-Confirmation Venoco Dispute

The Executive Summary provided a short version of the facts. The next few paragraphs provide a longer version, or you can skip to the next section.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, European Commission, Supreme Court of the United States
Procedural Pitfalls: Part 8 vs. the Insolvency Rules in Orders for Sale (Gostelow & Anor v Hussain & Ors [2021] EWHC 3276 (Ch))

This appeal concerned (inter alia) whether an application for an order for sale made under s.335A of the Insolvency Act 1986 (‘IA 1986’) should be made by an application notice issued under the Insolvency Rules 2016 (‘IR 2016) or by a Part 8 Claim Form issued under the Civil Procedure Rules (‘CPR’).

Factual Background

United Kingdom, Insolvency & Restructuring, Litigation, Gatehouse Chambers