The U.S. Court of Appeals for the Ninth Circuit recently held that bankruptcy courts could confirm Chapter 13 plans proposing estimated time periods to complete the plan if unsecured creditors and the trustee did not object, reversing a contrary ruling from its Bankruptcy Appellate Panel.

A copy of the opinion in In re Nanette Sisk is available at: Link to Opinion.

The government has introduced the Corporate Insolvency and Governance Bill in Parliament, which will put in place a series of measures. This includes temporarily removing the threat of personal The liability for wrongful trading from directors trying to keep their companies afloat through the emergency. 

The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently held managing members of a limited liability company that filed a Chapter 11 bankruptcy were equitably estopped from asserting ownership of equipment where the members previously verified documents in the bankruptcy showing ownership of the equipment by the company.

A copy of the opinion in Richards v. Rabo ArgiFinance, LLC is available at: Link to Opinion.

The U.S. Court of Appeals for the Seventh Circuit recently held that absent unforeseen extraordinary circumstances, debtors in Chapter 13 cases cannot proceed on appeal in forma pauperis.

A copy of the opinion in Bastanipour v. Wells Fargo Bank, N.A. is available at: Link to Opinion.

The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently reversed a bankruptcy court’s disallowance of postpetition interest at the default contract rate, holding that “the bankruptcy court erred in applying a liquidated damages analysis and ruling the default interest rate was an unenforceable penalty,” and also erred in weighing “equitable considerations” to avoid enforcing the contractual default interest rate.

Applying for permission to advance fresh evidence on appeal is a tricky application, which has had varying degrees of success in the courts. Zheng Yougxiong v Gate Ventures Plc⁽¹⁾ is a useful example of the application of the criteria, albeit in the context of insolvency proceedings.

Background

Mr Zheng was a shareholder in, and creditor of, Gate Ventures plc. He sought and failed to obtain an administration order against Gate Ventures plc on the basis of a £2.5 million debt (the First Application).

This note discusses two recent decisions of the Court of Appeal of Singapore that dealt with the standard of review to be applied in winding up proceedings where a debtor asserts that there is a dispute which parties agreed to resolve by way of arbitration.

Winding up proceedings

It is quite often that we see contracts providing for disputes arising under the contract to be resolved by way of arbitration.

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On Friday 24 April, RPC hosted a 30 minute webinar on the interaction of furloughing and insolvency law.

During this session, our Insolvency Partner Paul Bagon discussed the recent High Court judgement involving Italian restaurant chain Carluccio's, which entered administration at the end of March.

When the Coronavirus Act 2020 (the "Act") received royal assent on 25 March 2020, commercial tenants across the country were afforded some relief.

The U.S. Court of Appeals for the Eighth Circuit recently affirmed the denial of bankruptcy discharge for a Chapter 7 debtor due to the debtor’s failure to keep adequate records.

In particular, the Eighth Circuit focused on a sudden and financially significant return of hundreds of thousands of dollars’ worth of high-end watches and jewelry that left significant unanswered questions as to the whereabouts of the assets and the legitimacy of the creditor jeweler’s claim.