LBI Media, Inc., along with seventeen affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 12655).
David’s Bridal, Inc., along with three affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12635).
Lamington Road Designated Activity Company LLC (Case No. 18-12615) and its subsidiary, White Eagle General Partner, LLC (Case No.
Starion Energy, Inc., along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12608). Starion, headquartered in Middlebury, Connecticut, is a competitive retailer of electricity operating in eleven states.
On October 31, the Federal Reserve Board adopted two proposed rules that would tailor how certain aspects of the post-crisis bank regulatory framework, including certain capital and liquidity requirements and other prudential standards, apply to large U.S. banking organizations. One of the rules is to be issued jointly by the FDIC, Federal Reserve and OCC. The other was issued solely by the Federal Reserve.
In order to facilitate the smooth conduct of business transactions the Government has put in numerous efforts in the form policies and regulations. While the greatest threat posed to the lenders in the modern market operations is the impact of non-performing assets or bad loans. In order to maximize the value assets in a time bound manner, the Government enforced the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'IBC').
A recent ruling of the German Federal Civil Court (Bundesgerichtshof (“BGH”)) is a reminder of the risks which shareholders of a German company can face in an insolvency of their German subsidiary.
Use the Lexology Navigator tool to compare the answers in this article with those from other jurisdictions.
Director and parent company liability
Liability
Under what circumstances can a director or parent company be held liable for a company’s insolvency?
On 8 November 2017, the High Court released its decision in Re Attilan Group Ltd [2017] SGHC 283 (the "Attilan" case). The decision is interesting as it marks the first time the High Court had the opportunity to hear arguments on section 211E of the Companies Act (the "Act") on super priority for rescue financing.
The Government has released a consultation paper as part of their commitment to ongoing reform of Australia’s corporate insolvency regime. Phoenix activity refers to both legitimate business rescue activities and serial insolvency to avoid debts.