The Fed and the FDIC, in an August 30 joint press release, announced that they are extending the filing deadline for Prudential Financial Inc. and four major foreign banking organizations to submit their resolution plans. Prudential Financial, a designated nonbank SIFI pursuant to Dodd-Frank, will now have until December 31, 2019, to submit its living will, a year later than previously required (and following previous extensions).
On Sunday 26 August the UK Government confirmed its intention, when Parliamentary time permits, to introduce radical proposals to reform insolvency law. The moves, announced in “Insolvency and Corporate Governance – Government Response”, proposes the introduction of a new moratorium to give viable, but financially distressed companies breathing space to address their problems.
In appointing restructuring provisional liquidators ("RPLs") to the Cayman Islands incorporated company, CW Group Holdings Limited ("CW"), in the face of opposition from a creditor seeking a remedy that may have led to CW's liquidation, the Cayman Islands court has reinforced its reputation in (i) putting company rescue first and (ii) seeking to ensure that returns to creditors are maximised. A significant step has also been taken in applying a more commercial and pragmatic reality to the question of officeholder independence.
A Csődtörvényt módosító új javaslattal kapcsolatban az elmúlt napokban egy népszerű hírportálon jelent meg nagyobb terjedelmű írás „Lex reptér: törvény, ami az egész magyar gazdaságot veszélyezteti” címmel. Blogbejegyzésemben amellett érvelek, hogy amennyiben a követelésbehajtási célú felszámolási eljárásokat jogi realitásként elfogadjuk, úgy a módosítás alapvetően jó irányba mutat.
The economic value of IP rights in US bankruptcy proceedings has risen rapidly. Due to Congress's unique view of trademark licenses, appellate courts are increasingly divided on the ability both of debtor-owners to freely reject them, and of licensees to continue to use them. In In re Tempnology LLC,1 the Supreme Court has been asked to provide much-needed certainty on these issues.
Twenty years after Noble Energy, Inc. acquired assets from the bankruptcy estate of Alma Energy Corp., ConocoPhillips, Co. asserted a US$63 million claim against Noble regarding the acquisition.
The Australian corporate insolvency regime is undergoing significant reform. A suite of new amendments have been implemented or proposed, and the new “ipso facto” amendments that have been implemented as part of the second wave of reforms will apply to most contracts entered into after July 1, 2018.
The UK Supreme Court recently handed down judgment in Pimlico Plumbers v Smith1, the latest decision on the hot topic of employment status in the “gig economy”, following the Deliveroo and CitySprint cases in 2017. The court dismissed Pimlico's appeal, holding that the employment tribunal was entitled to find that Mr Smith, who was engaged under a contract describing him as a self-employed plumber, was in fact a worker. He may now proceed with claims of disability discrimination and for unlawful deductions and holiday pay.
In Ctrip Investment Holding Ltd v eHi Car Services Limited the Cayman Islands Court delivered a warning to shareholders seeking to use the winding up jurisdiction to advance their own individual commercial interests.
The timing of the commencement of the voluntary liquidation of a Cayman Islands company was often driven primarily by the desire to avoid incurring the following year’s annual government fees. To avoid those fees, the liquidation had to commence by December, with the final meeting being held before the end of January. This timetable resulted in an effective dissolution date into the next calendar year, while still avoiding the government fees for that year.