Yes, Gathering Agreements Can Be Rejected as Executory Contracts (At Least Under One Court’s Interpretation of Texas Law)
In the event of bankruptcy, creditors are entitled to disclosure of the bookkeeping of the estate under certain conditions. In its decision dated 8 April 2016 (ECLI:NL:HR:2016:612), the Dutch Supreme Court ruled that this right is limited and depends on the purpose of the disclosure. Creditors are not entitled to disclosure if the purpose is to retrieve information to support their claim against a third party.
Al sinds 2004 schrijft de MiFID richtlijn voor dat dat beleggingsondernemingen financiële instrumenten (waaronder verhandelbare derivaten) veilig en bankruptcy remote moeten aanhouden voor hun cliënten. In 2005 bleek waarom: bij het faillissement van Van der Hoop Bankiers bleek dat beleggers geen aanspraak meer hadden op hun derivaten, maar concurrent schuldeiser van de bank waren geworden.
De Minister van Justitie beloofde daarop met wettelijke bescherming te komen. Die is er nu.
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A Chicago bankruptcy court declined to dismiss the Chapter 11 case of a “bankruptcy remote” limited liability company even though the debtor failed to obtain the unanimous consent of its members as required by its operating agreement. See In re Lake Mich. Beach Pottawattamie Resort, LLC, Case No. 15bk42427, 2016 Bankr. LEXIS 1107 (Bankr. N.D. Ill. April 5, 2016).
In a recent judgment, the Dutch Supreme Court ruled that in the event of a bankruptcy whereby the bankruptcy receiver has wrongfully collected receivables which were pledged to a secured creditor and the total value of the assets of the bankrupt estate was insufficient to pay all debts, the bankruptcy receiver was allowed to recover its salary from the proceeds of that wrongful collection with priority over the claim of that secured creditor.
Challenges, Risks and New Developments in the Distressed Oil & Gas Industry MARK A. PLATT, Partner 214 932 6433 | [email protected] Dallas, TX JOHN H. THOMPSON, Partner 202 857 2474 | [email protected] Washington, DC The authors thank the following colleagues for their assistance with this material: Courtney A.
Today, the Second Circuit reissued the latest in a line of cases adopting an expansive reading of the safe harbor under Section 546(e) of the Bankruptcy Code. In re Tribune Co. Fraudulent Conveyance Litig., Case 13-3992, Doc. 356-1 (2d Cir. Mar. 29, 2016). (This opinion was originally issued on March 24 and withdrawn on March 28. The opinion released today contains minor, non-substantive alterations to the text on pages 8, 22, 26, and 40. In all other respects, it is identical to the opinion withdrawn last week).
In a case of first impression, the Seventh Circuit recently issued an opinion that may cause landlords and their advisors to re-evaluate the consequences of terminating a financially distressed commercial tenant’s lease prior to bankruptcy. Official Comm. of Unsecured Creditors of Great Lakes Quick Lube LP v. T.D. Investments I, LLP (In re Great Lakes Quick Lube LP), --- F.3d ---, 2016 WL 930298 (7th Cir. Mar. 11, 2016) (Posner, J.).
Can Gathering Agreements Be Rejected as Executory Contracts?
On 5 February 2016, the Dutch Supreme Court (“Supreme Court“) ruled (ECLI:NL:HR:2016:199) that an estate claim (boedelvordering) based on damage suffered by a pledge holder, caused by the wrongful collection of claims encumbered by a right of pledge by a bankruptcy trustee, does not have priority over the estate claim relating to the remuneration of the trustee.