The Supreme Judicial Court, the high court of the Commonwealth of Massachusetts, has answered a certified question from the Bankruptcy Court about the interpretation of Massachusetts’s fine art consignment law, G.L. c. 104A.  The case, Eve Plumb et al. v.

Opening statements concluded in the Detroit Bankruptcy trial yesterday, and as expected, the role of the art at the Detroit Institute of Arts played a central role. Although opening statements constitute nothing of evidentiary value, they obviously show the road map that the various sides intend to follow. Thanks to courtroom reporting, we have a number of clues about the themes that the lawyers intend to develop.

Op 11 juli 2014 heeft de Hoge Raad bepaald dat vorderingen van een huurder tot het verrichten van onderhoud en tot het verschaffen van huurgenot op zichzelf steunvorderingen kunnen opleveren bij een faillissementsaanvraag (ECLI:NL:HR:2014:1681).

International businesses involved in transactions associated in some way  with U.S. citizens received a measure of relief over the 4th of July holiday  weekend.

A report by an expert witness designated by the City of Detroit for the upcoming bankruptcy trial has been released concerning the value of the full collection of the Detroit Institute of Arts.  The report puts the full collection value at $2.7 to $4.6 billion, but estimates t

Met de inwerkingtreding van de Wet Claw back op 1 januari 2014 eindigde een periode waarin diverse ondernemingsrechtelijke wetten in werking traden, waaronder de Wet bestuur en toezicht en de Flex-BV wetgeving. Op dit moment bereidt de wetgever enkele nieuwe wetsontwerpen voor. In de meeste gevallen staat daarin de rol van bestuurders en toezichthouders centraal. Zo ook in het voorontwerp Wet bestuur en toezicht rechtspersonen en binnen het Wetgevingsprogramma Herijking Faillissementsrecht. 

Since reports last month that a grand bargain had been struck to provide an infusion of cash to the Detroit bankruptcy in exchange for conveying the artwork at the Detroit Institute of Arts back to the museum itself, it has been largely accepted that the deal would succeed.  The deal would contribute $366 million from several foundations, $100 million from the DIA foundation, and $350 million from the State of Michigan.  This air of inevitability is due in large part to the cards that Emergency Manager Kevyn Orr holds: unless Detroit wants to monetize or sell the DIA collection th

As we predicted when it was filed, Judge Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan denied today several creditors’ motion to appoint an independent commission to appraise the collection of the Detroit Institute of Arts (owned by the city of Detroit) as part of the city’s ongoing bankruptcy. 

Detroit Emergency Manager Kevyn Orr’s plan to monetize the collection of the Detroit Institute of Arts, whether by sale or otherwise, took a large step towards realization today when at least nine local and national foundations pledged up to $330 million to Detroit to keep the collection of the Detroit Institute of Arts safe from sale, loan, or other encumbrance, and also to shore up pension funds  Following 

Following on yesterday’s release of the full report and recommendations by Christie’s with regard to the collection of the Detroit Institute of Arts, the Bankruptcy Court has set a hearing on the