On March 15, 2024, the US Court of Appeals for the Seventh Circuit issued a ruling that broadly applied the “safe harbor” provision of section 546(e) of the Bankruptcy Code to insulate from state and federal fraudulent transfer attack certain transactions involving private securities. Petr, Trustee for BWGS, LLC v. BMO Harris Bank, N.A. and Sun Capital Partners VI, L.P., No. 23-1931, 2024 WL 1132170 (7th Cir. 2024). The court addressed two questions of first impression in the Seventh Circuit:

Introduction

On March 11, 2024, Judge Colm F.

I dagarna har konkursen i Componenta Främmestad AB avslutats. Bolaget försattes i konkurs under hösten 2019 varvid Jonas Premfors utsågs till konkursförvaltare.

Bolaget har haft en årsomsättning om ca 800 mkr och utgjort ett dotterbolag inom den finska börsnoterade Componenta-koncernen. Verksamheten har bestått i tillverkning av chassikomponenter till den tunga fordonsindustrin med kunder i ett antal europeiska länder samt i Australien och Sydamerika.

Introduction

Two shareholders of KBBO have obtained recognition in the English High Court of their Abu Dhabi bankruptcy process.

There is a growing trend of bankruptcy courts approving structured dismissals of chapter 11 cases following a successful sale of a debtor’s assets under section 363 of the Bankruptcy Code. A structured dismissal is a cost‑effective way for a debtor to exit chapter 11 and is an alternative to (a) confirming a post‑sale liquidating plan, which is expensive and not always viable, or (b) converting the case to chapter 7, which introduces significant uncertainty and unpredictability with the appointment of a chapter 7 trustee to replace management.

DLA Piper Hong Kong Financial Services Dispute Quarterly Law Report – February 2024 2 DLA PIPER HONG KONG FINANCIAL SERVICES DISPUTE QUARTERLY LAW REPORT – FEBRUARY 2024 Foreword Welcome to the second edition of the DLA Piper Hong Kong Financial Services Dispute Quarterly Law Report.

New legislation hit the statue books on Wednesday bringing updates to the legislation governing special administrations for regulated water companies in England and Wales. The changes are timely (some may even consider them overdue) given the current market instability, and provide flexible options should the regime have to be used.

According to Section 1445 of the Belgian Judicial Code (JC), any creditor can, on the basis of authentic or private documents, levy a (conservatory) garnishment on the sums or goods a third party owes to its debtor. After notification of the garnishment order, the third-party garnishee can no longer hand over these sums and/or goods to the debtor (Section 1451 JC).

Conservatory garnishments are typically used by creditors to put pressure on their debtor (eg notifying a garnishee order to a debtor’s bank, which then freezes the debtor’s accounts).

When leveraged buyouts (“LBOs”) fail, the selling shareholders are litigation targets. A common suit is a claim by a bankruptcy trustee asserting constructive fraudulent transfer claims seeking to claw-back payments to the selling shareholders from the loan proceeds that financed the LBO.