Summary
The crash in oil prices has reverberated throughout the industry and is widely expected to lead to a wave of bankruptcies among oil and gas producers (particularly the small to midsize companies that have played a major role in the boom in shale production in North America). Less well recognized, until recently, is the prospect that these producer bankruptcies may soon affect oil pipeline companies that built new infrastructure, relying on long-term ship-or-pay contracts with the producers.
Having successfully obtained judgment for your client in a case where your firm of solicitors is acting under a conditional fee agreement (CFA), it is only natural that thoughts will turn to the firm’s own impending financial reward. But the terms of a CFA, negotiated at the outset of the case, can prove to be a barrier to their underlying commercial purpose: payment by result.
Section 262(1) of the IA 1986 provides that a debtor, creditor or nominee may apply to the court where: (a) a voluntary arrangement approved by a creditors’ meeting summoned under section 257 unfairly prejudices the interests of a creditor of the debtor, or (b) there has been some material irregularity at or in relation to such a meeting.
On June 12, 2014, the Supreme Court held that assets of an “inherited IRA” are not exempt from the IRA holder’s bankruptcy estate and are subject to the claims of creditors in bankruptcy. (Clark v. Rameker, Sup. Ct. Slip Op. No. 13-299, affirming In re Clark, 714 F.3d 559 (7th Cir. 2013). In Clark, the petitioner, Heidi Heffron-Clark, inherited an IRA worth approximately $450,000. The IRA was originally established by the petitioner’s mother as a traditional IRA and became an inherited IRA upon her death in 2001.
A New York state trial court has held that plaintiffs alleging asbestos injuries may bring suit against a dissolved and liquidated New Jersey corporation and may effectuate service of process on the dissolved corporation by serving the corporation’s insurer. Germain v. A.O. Smith Water Products Co., No. 190281/12, 2013 WL 6065986 (N.Y. Sup. Ct. Oct 23, 2013).
Key2law (Surrey) LLP v D’Antiquis 2011 EWCA Civ 1567
USDAW and others v WW Realisation 1 Limited (in Liquidation) and another ET 3201156/2010
This case concerns the recent news about the protective award made against Woolworths PLC. Woolworths which employed over 27,000 employees in 814 stores went into administration at the end of November 2008. Joint administrators were appointed and it went into liquidation.
Independent Insurance Co Limited (In Provisional Liquidation) v Aspinall and another UKEAT/0051/11
Independent Insurance Company - IIC- went into provisional liquidation in June 2001. Half of its employees were made redundant including Mr Aspinall and Mrs O’Callaghan. They issued proceedings claiming a protective award when IIC failed to comply with its collective consultation obligations, consult with employee representatives or arrange for necessary elections.
Welcome to the latest issue of the Section 337 Update. This newsletter is designed to provide you with practical updates and developments on Section 337 proceedings before the US International Trade Commission.
The Collision of Section 337 and the US Bankruptcy Laws