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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
Pitfalls of international trust structures as asset protection vehicles

The judgment in the much-publicised case of Akhmedovav Akhmedov & Ors[i] in April 2021 is a telling example of where the English Courts have exercised wide-reaching statutory powers to set aside or vary dispositions on trust with extra-territorial effect, notwithstanding the assets are held by offshore trustees, outside the Court’s j

United Kingdom, Family, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Charles Russell Speechlys
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
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
Prepetition Claim or Postpetition Claim? The Timing of a Claim When A Debtor’s Prepetition Wrongful Actions Continue Postpetition

Executive Summary

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supreme Court of the United States
PSV 1982 Limited v Langdon: A Warning for Directors in Breach of Section 216 Insolvency Act 1986

Subject to exceptions, a director of a company that enters into liquidation is restricted from being involved in the management of a new or existing company (SecondCo) with the same or a sufficiently similar name to that of the liquidating company (section 216 Insolvency Act 1986 (IA 1986)). If in breach of s.216, a director will have personal liability for all the relevant debts SecondCo incurred during the period of the breach under s.217 IA 1986.

United Kingdom, England & Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Liquidation, Insolvency Act 1986 (UK), High Court judge (England and Wales), High Court of Justice (England & Wales)