MONTHLY NEWSLETTER SERIES APRIL, 2025 | VOL. XXIII VAISH ASSOCIATES ADVOCATES LEGALAXY WWW.VAISHLAW.COM LEGAL MAXIM Inter alia: “Among other things” MONTHLY NEWSLETTER SERIES APRIL, 2025 | VOL.
Chart Comparing Exemptions
The specific bankruptcy and nonbankruptcy (Minnesota law and nonbankruptcy federal law) exemptions vary in scope and dollar amount. The following table summarizes and compares the two sets of exemptions. The statutory language of the exemption has been paraphrased in this chart. The actual statutory language as well as case law must be reviewed when analyzing a debtor’s claim for a particular exemption.
Revised August 2024
On September 13, the U.S. Bankruptcy Court for the District of Delaware issued a highly anticipated decision in the In re: Yellow Corporation, et al. bankruptcy that addressed objections to 11 multiemployer pension funds’ withdrawal liability claims totaling $6.5 billion, where those plans received billions in taxpayer-funded Special Financial Assistance (SFA) provided under the American Rescue Plan Act (ARPA) that was not included in plan assets for purposes of the withdrawal liability assessments based upon PBGC regulations.
Question: Can a retirement fund organized under Canadian law qualify for a state law exemption requiring that it “qualify as a retirement plan” under the Internal Revenue Code?
This question gets all the way to the U.S. Seventh Circuit Court of appeals, which issues a “No” answer, in Green v. Leibowitz, Case No. 23-2841 (decided 7/16/2024).
In today's rapidly evolving business landscape, businesses find themselves at the intersection of technological innovation and geopolitical and economic turbulence. Despite the increased reliance on software systems and digital infrastructure, it remains peculiar that in many EU Member States there's still no clear framework for handling software licenses in insolvency.
On 27 May 2024, the draft bill on transfer of undertaking in bankruptcy (in Dutch: Wetsvoorstel overgang van onderneming in faillissement, the WOVOF) was made available for internet consultation. The WOVOF aims to increase the protection of employees in case of bankruptcy, and more particular, in case of a restart (in Dutch: doorstart). The WOVOF introduces, amongst other things, an obligation for the acquirer in a restart to (in principle) offer employment to all employees from the bankrupt company. This and other measures will be discussed in detail in this this news blog.
The market is experiencing almost unprecedented levels of liquidity, across public and private debt and equity capital markets. This is staunching restructuring activity, which might otherwise be expected to rise (not least as pandemic-related government support starts to withdraw). There are also many companies still sponsoring defined benefit pension schemes. The statutory and regulatory landscape in this area has evolved significantly in recent months – with new powers for regulators, and new restructuring tools for debtors.
This overview includes case law since mid-2022 and provides an overview of legal amendments that have a practical impact on national and international contracts.
Insolvency-based rescission clauses
Changes are afoot to the statutory regime governing special administrations for regulated water companies (the SAR) following the publication of a suite of new legislation.
Impact of the changes on pension trustees
Avoidance actions are a household staple for insolvency administrators to increase the insolvency estate in Austria. The current European Commission’s Proposal for a Directive (COM (2022)702) now aims to harmonise contestation rights in insolvency across all European member states.