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    Bankruptcy and your super: getting it right
    2009-09-01

    The Bankruptcy Act 1966 (Cth) was amended to address the outcome of the High Court's decision in Cook v Benson1. It was held in that case that a trustee in bankruptcy could not recover amounts transferred from a retirement fund to another superannuation fund after the bankruptcy of the member as the amounts rolled over to the fund by or on behalf of the member were made in good faith and for consideration (ie the member had a right to receive benefits on retirement).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Hall & Wilcox, Share (finance), Bankruptcy, Consideration, Retirement, Liquidation, Good faith, Default (finance), Annuity, Australian Taxation Office, Australian Prudential Regulation Authority, Trustee, High Court of Australia
    Authors:
    Andrew O'Bryan
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Investment firm insolvency: protection for trustees
    2008-10-24

    In the current market turmoil, several banking and insurance names have already had to be rescued by government-brokered packages. It is therefore timely to review what rights institutional investors have in the event of counterparty insolvency. Unfortunately, the picture is complicated, not just because the question of how pension fund investors can get their money back may have an international dimension, but also because governments keep moving the goalposts on the availability and adequacy of compensation schemes.

    Where does the claim arise?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Squire Patton Boggs, Asset management, Investment management, Investment funds, Default (finance), Annuity, Financial Services Compensation Scheme, Trustee
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    “But Sometimes You Get What You Need” - - Another Decision on Annuity Exemptions
    2016-08-01

    Last week, our post “You Can’t Always Get What You Want” discussed a Texas bankruptcy court decision rejecting efforts by debtor Sam Wyly to claim as exempt a number of offshore private annuities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, Tax exemption, Bankruptcy, Debtor, Retirement, Annuity, Life annuity, Tax deferral, US Congress, Internal Revenue Code (USA), Trustee, United States bankruptcy court, Seventh Circuit
    Authors:
    G. Christopher Meyer
    Location:
    USA
    Firm:
    Squire Patton Boggs
    “You Can’t Always Get What You Want” - - Denial of Claimed Exemptions for Offshore Annuities
    2016-07-25

    The bankruptcy courts have a long history of being willing to use their judicial power under the Bankruptcy Code to prevent perceived efforts by debtors to inappropriately shield their assets from creditors. This is true even when the debtors employ structures and devices that are complex and crafted in seeming compliance with applicable law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Bankruptcy, Conflict of laws, Debtor, Annuity, Life annuity, Tax haven, Securities fraud, Internal Revenue Service (USA), US Securities and Exchange Commission, United States bankruptcy court
    Authors:
    G. Christopher Meyer
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy Court authorizes transfer pursuant to the New Jersey Structured Settlement Protection Act
    2011-02-10

    The United States Bankruptcy Court for the District of New Jersey has issued a published opinion authorizing a trustee’s transfer of structured settlement payments pursuant to the New Jersey Structured Settlement Protection Act, N.J.S.A. 2A:16-63, et seq. (NJ SSPA). In In Re Jackus, 2011 WL 118216 (Bankr. N.J. Jan. 14, 2011), the Bankruptcy Court held that, inter alia, the bankruptcy court had jurisdiction to authorize the transfer under the NJ SSPA, and the transfer was in the “best interest” of the bankruptcy estate and its creditors.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Faegre Drinker Biddle & Reath LLP, Bankruptcy, Debtor, Consideration, Life insurance, Subject-matter jurisdiction, Annuity, Life annuity, US Code, Trustee, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Timothy J. O'Driscoll
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Recent developments concerning Executive Life Insurance Company of New York
    2011-09-02

    We write to provide an important update concerning Executive Life Insurance Company of New York (“ELNY”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Insurance, Faegre Drinker Biddle & Reath LLP, Life insurance, Liquidation, Annuity, Life annuity, New York State Insurance Department
    Authors:
    Timothy J. O'Driscoll
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Investment firm insolvency: protection for trustees
    2008-10-24

    In the current market turmoil, several banking and insurance names have already had to be rescued by government-brokered packages. It is therefore timely to review what rights institutional investors have in the event of counterparty insolvency. Unfortunately, the picture is complicated, not just because the question of how pension fund investors can get their money back may have an international dimension, but also because governments keep moving the goalposts on the availability and adequacy of compensation schemes.

    Where does the claim arise?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Squire Patton Boggs, Asset management, Investment management, Investment funds, Default (finance), Annuity, Financial Services Compensation Scheme, Trustee
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    “But Sometimes You Get What You Need” - - Another Decision on Annuity Exemptions
    2016-08-01

    Last week, our post “You Can’t Always Get What You Want” discussed a Texas bankruptcy court decision rejecting efforts by debtor Sam Wyly to claim as exempt a number of offshore private annuities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, Tax exemption, Bankruptcy, Debtor, Retirement, Annuity, Life annuity, Tax deferral, Internal Revenue Code (USA), US Congress, United States bankruptcy court, Seventh Circuit, Trustee
    Authors:
    G. Christopher Meyer
    Location:
    USA
    Firm:
    Squire Patton Boggs
    “You Can’t Always Get What You Want” - - Denial of Claimed Exemptions for Offshore Annuities
    2016-07-25

    The bankruptcy courts have a long history of being willing to use their judicial power under the Bankruptcy Code to prevent perceived efforts by debtors to inappropriately shield their assets from creditors. This is true even when the debtors employ structures and devices that are complex and crafted in seeming compliance with applicable law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Bankruptcy, Conflict of laws, Debtor, Annuity, Life annuity, Tax haven, Securities fraud, Internal Revenue Service (USA), US Securities and Exchange Commission, United States bankruptcy court
    Authors:
    G. Christopher Meyer
    Location:
    USA
    Firm:
    Squire Patton Boggs
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