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Rises in energy costs, disruption to global supply chains, the situation in Ukraine, soaring inflation and higher interest rates are pushing several major European economies towards recession. Borrowers and issuers in the leveraged loan and high yield markets are feeling the impact and the benign refinancing conditions of 2021 are long gone. The natural consequence is rising default rates – S&P's global corporate default count for 2022 surpassed 2021's year-to-date tally during September.

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Recent rulings out of the United States Court of Appeals for the Fifth Circuit and its lower bankruptcy courts have emphasized the circuit’s broad interpretation of section 363(m) of the Bankruptcy Code, which protects bankruptcy sales from being overturned on appeal.

In her September 23 opinion in In re Royal Street Bistro, LLC, et al., No. 21-2285, District Judge Sarah S. Vance provided a comprehensive summary of the Fifth Circuit case law while mooting a debtor’s attempt to appeal a sale under section 363 of the Bankruptcy Code.

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On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit affirmed the decision of the U.S. Bankruptcy Court for the Southern District of Texas (Isgur, J.) allowing a claim against a solvent debtor for a make-whole premium and post-default interest totaling approximately $387 million. Ultra Petroleum Corp., et al. v.

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A case study of what to look out for when a tenant or its guarantor is looking like it is heading for financial difficulties.

As a prudent and prepared landlord, it's always sensible to assess what potential remedies you might have should a tenant (or its guarantor) become insolvent or enter into some form of insolvency procedure. In this bulletin, we look at a short hypothetical case study and identify some of the key issues that landlords will need to assess in such circumstances.

1. The case study scenario

The case study facts are as follows:

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This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h

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On 12 January 2019, the Italian Government enacted Legislative Decree No. 14 (so called "business crisis and insolvency code (codice della crisi d’impresa e dell’insolvenza)", which entered into force on 15 July 2022 (the "Insolvency Code").

The Insolvency Code provides for, inter alia, the following:

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以物抵债,指债权人与债务人之间存在金钱债务,双方约定将债务人财产作价交付债权人抵偿债务的行为。实践中,主要分为两种类型,包括当事人双方协商的以物抵债和民事强制执行程序中的以物抵债程序,本文仅就前种以物抵债类型进行探讨。

近年来,随着新冠疫情影响,经济形势发生变化,再加上政策调控等多重因素打击,导致地产行业遭遇寒冬,现金流频繁遭受考验。迫于资金回款压力,为了缓解僵局,地产企业推出“工抵房”“内部房”等房源以期减轻对外负债或实现现金回流。其中,“工抵房”也被称为工程抵款房,是开发商用于给工程方抵扣工程款的一种方式,也是大众所俗称以物抵债的一种常见形式。虽然,工程方的需求是现金而并非房屋,但目前经济形势下,工程方面临开发商无款支付的现实局面,只能无奈被迫接受“工抵房”。尽管“工抵房”的出现使得开发商不再面临房子无路销售的难题,同时解决了部分应付款项;工程方能获得部分“工抵房”以解决工程资金被长期拖欠的难题;购房者可以更低价格买到“工抵房”从而降低购房成本,这一循环链看似多赢,实则隐藏大量法律风险。本文将从“工抵房”的角度,以工抵债权人的视角,对以物抵债的性质、模式、法律风险等维度进行分析,以期对实践和后续研究有所贡献。

一、以物抵债协议的性质

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In October 2022, the English High Court delivered a long-awaited judgment1 relating to whether or not certain Bankruptcy Events of Default can be cured under the ISDA 2002 and 1992 Master Agreements ("ISDA Master Agreements") - resolving an issue relating to the suspensory effect of conditions precedent to payments and performance under ISDA Master Agreements raised in the English Court of Appeal earlier in the Lehman administration.

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In what has been referred to as a “momentous decision for company law”, the Supreme Court recently considered whether, when a company is in the ‘insolvency zone’, its directors must have regard to the interests of its creditors in addition to, or instead of, its shareholders.

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