KEY TAKEAWAYS

key takeaways

KEY TAKEAWAYS

• The application process and evidence required by the JFSC for a migration

• Consideration of a migration application by the JFSC

• Effects of granting a certificate of continuance and a migration overseas

The object of this guide is to provide clients of Walkers with information on the process involving the migration of companies to and from Jersey.

Migration to Jersey

Key takeaways

A successful purchase depends not just on negotiating a two-party transaction, but rather navigating the applicable process and dealing with all the competing interests successfully to allow a bid to succeed and closing to occur.

Q: Do opportunities exist for asset buyers in times of distress?

Creditors risk losing important rights in bankruptcy cases if deadlines are not met. Unfortunately, sometimes the existence or relevance of a deadline is not obvious to a creditor. Indeed, bankruptcy notices can be indecipherable and tempting to ignore, but failing to abide by deadlines comes at a high price. A recent opinion from the U.S. Bankruptcy Court for the District of Massachusetts underscores the need for creditors to take timely action to preserve rights, which is especially noteworthy given the current coronavirus pandemic and the expected increase in bankruptcy filings.

In In re Fortin, 598 B.R. 689 (Bankr. D. Mass. 2019), the United States Bankruptcy Court for the District of Massachusetts considered whether a lender may enforce a mortgage despite the unenforceability of the underlying promissory note. The court held that a lender’s inability to collect on a note due to the expiration of the statute of limitation for enforcement of the note does not adversely affect enforcement of the mortgage so long as the debt remains unpaid.

"When licensing trademark rights, you need to think about a host of issues at the outset including the impact of a licensor declaring bankruptcy."

In Coosemans Miami v. Arthur (In re Arthur), the Bankruptcy Court for the Southern District of Florida held last week that individuals in control of a PACA trust may still receive a bankruptcy discharge of debts arising from their breach of such PACA trust. A link to the opinion is here.

The Fifth Circuit recently issued an opinion that federal bankruptcy law does not prohibit a bona fide shareholder from exercising its right to vote against a bankruptcy filing notwithstanding that such shareholder was also an unsecured creditor. This represents the latest successful attempt to preclude bankruptcy through golden shares or bankruptcy blocking provisions in corporate authority documents.