Judge Parker of the U.S. Bankruptcy Court for the Western District of Texas recently issued an order in the case of Hilltop SPV, LLC, granting debtor Hilltop SPV LLC’s (“Hilltop”) motion to reject a Gas Gathering Agreement (“GGA”) with counter-party Monarch Midstream, LLC (“Monarch”).[1] This decision allows Hilltop to reject the GGA while allowing Monarch to retain the covenants that run with the land post-rejection.

Harrington v. Purdue Pharma L.P., 144 S. Ct. 2017 (June 27, 2024)

In Tynefield Care Ltd (and others) v the New India Assurance Company Ltd¹ the indemnity claims of the insured Claimant companies were dismissed, and policies avoided from inception for breach of the duty of fair presentation under the Insurance Act 2015. The breach related to the insolvency history of one of the de facto or shadow directors of the Claimant companies.

This judgment therefore adds to the post-2015 Act case law considering breach of the duty of fair presentation.

On 11 June 2024, Mr. Justice Leech handed down a landmark UK judgment relating to wrongful trading and misfeasance against the former directors of the BHS Group of companies (BHS) pursuant to the Insolvency Act 1986 (IA86).

The 533-page judgment saw one of the largest reported wrongful trading awards since the introduction of IA86, as well as a novel claim for “misfeasant trading.”

On 4 March 2024, Mr Justice Richards of the English High Court delivered a judgment (the Judgment) in relation to the sanction of the restructuring plan under Part 26A of the Companies Act 2006 (the Plan) of Project Lietzenburger Straße HoldCo S.à r.l. (the Plan Company). The Judgment required that a new creditors’ meeting of the Plan Company’s senior creditors be convened to vote on an amended Plan.

To modernise the restructuring toolkit available to special administrators, the UK government has introduced changes to the English special administration regime (SAR)1 for distressed water companies. The changes follow reports of significant stress in the water services sector.

New Changes

HFW DISPUTES DIGEST 2023

Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.

This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.

1. Globalization of Businesses Leads to More Cross Border Restructurings – With the increase in international businesses’ globalization comes an increase in cross border restructurings both inside and outside of courts.

Go-To Guide:

Over the past few months, Delaware courts have continued to address important M&A and corporate issues. Significant corporate law developments have also arisen from state and federal courts in California. Below are some highlights and practical takeaways related to important developments in Delaware law.

CORPORATE

Advance Notice Bylaws and Board Action Affecting the Stockholder Franchise.