The consequences for cross-border insolvencies will largely depend on how Brexit is implemented, but will not affect schemes of arrangement
Foreword
Understanding and mastering cross-border insolvency requires a thorough knowledge of the different domestic insolvency regimes, all of which have distinctive procedures and rules on jurisdiction and recognition of foreign proceedings. Creditors and debtors look for the most favourable system: in this framework, the UK insolvency system is usually considered “creditor-focused”.
(6th Cir. B.A.P. Sep. 30, 2016)
(7th Cir. Sept. 14, 2016)
(Bankr. E.D. Ky. September 14, 2016)
(Bankr. E.D. Ky. Sept. 14, 2016)
(N.D. Ind. Sept. 14, 2016)
(Bankr. W.D. Ky. Sep. 16, 2016)
(Bankr. W.D. Ky. Sep. 16, 2016)
(Bankr. W.D. Ky. Sep. 12, 2016)
The bankruptcy court grants the motion to terminate the automatic stay. The creditor and the debtor entered into a sale contract prepetition for sale of the debtor’s real property. The debtor argued that the sale contract terminated prepetition, and the creditor argued that it should be permitted to pursue its claims on the contract in state court. The court finds that the debtor has no equity in the property and that it is not necessary to an effective reorganization. Thus, stay relief is appropriate. Opinion below.
Judge: Lloyd
(Bankr. W.D. Ky. Sep. 1, 2016)
The bankruptcy court addresses the issue of whether the debtor’s prepetition claim for a surcharge before the Public Service Commission is property of the estate. The pre-petition receiver for the debtor argued that it was not, because the debtor abandoned its assets prepetition in the PSC action. The court disagrees, finding that legal title was not severed in the prepetition proceedings, and thus the bankruptcy trustee has control and authority over the surcharge claim. Opinion below.
Judge: Lloyd