Ist der Vertragspartner insolvent, stellt sich die Frage nach der Einordnung der offenen Forderungen: Insolvenzforderung oder Masseverbindlichkeit?

Ob man Insolvenz- oder Massegläubiger ist, spielt vor allem wegen der fast immer unterschiedlichen Befriedigungsquote eine große Rolle: Insolvenzforderungen werden nur in Höhe der (meist geringen) Insolvenzquote bedient, während Masseverbindlichkeiten (häufig auch als Masseforderung bezeichnet) grundsätzlich in voller Höhe vorab aus der Insolvenzmasse befriedigt werden.

Seit 25 Jahren bietet die InsO verschiedene Werkzeuge, um Gläubiger bestmöglich befriedigen und gleichzeitig Unternehmen nachhaltig sanieren zu können.

Geld zurück trotz erbrachter Leistung wegen zu hoher Deckungslücke des Schuldners. Aber wann?

Gläubigerbenachteiligungsvorsatz bei der Vorsatzanfechtung im Rahmen von Grundstücksverkäufen (BGH, Urteil vom 22. Februar 2024 – IX ZR 226/20).

On June 27, the U.S. Supreme Court announced a 5-4 decision rejecting the nonconsensual releases of the Sackler family in the Purdue Pharma bankruptcy case. The split is an interesting alignment of Justices: Gorsuch writing the majority opinion, joined by Thomas, Alito, Barrett and Jackson; Kavanaugh for the dissent, joined by Roberts, Sotomayor and Kagan.

Chapter 11 bankruptcy has long been thought of as anathema to commercial real estate (CRE) lenders. This is due to the debtor-friendly bankruptcy forum, particularly with respect to (i) the up to 18 month exclusivity period during which only the debtor could propose a plan of reorganization and (ii) threats of a "cram-down" plan used to lever concessions from lenders. These provisions can be, and often were, abused by debtors with no real rehabilitative intent using bankruptcy only as a leverage tool.

Executive Summary

In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs¹ .

Executive Summary

Investors in LMA-based intercreditor agreements¹ (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions).

It is now two years since the 30 April 2021 introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations") and a good time to look back at whether the Regulations have achieved their purpose, what issues remain and what the next two years might look like.

Summary

Key Points