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Cayman Islands Voluntary Liquidations 2017
2017-10-24

In order to prevent the expense of annual 2018 government registration fees, an appointed liquidator will be required to hold the final general meeting for a company or file the final dissolution notice for an exempted limited partnership on or before 31 January 2018.

Filed under:
Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Maples Group, Audit, Liquidation, Cayman Islands Monetary Authority
Authors:
Marc Randall , Mervin Solas
Location:
Cayman Islands
Firm:
Maples Group
View Original Article
Thabault v. Chait: completing the Third Circuit's deepening insolvency trilogy
2009-03-06

When the United States Court of Appeals for the Third Circuit decided Thabault v. Chait, 541 F.3d 512 (3d Cir. 2008), in September 2008, it was the most significant accounting malpractice decision of last year and perhaps the most significant damages case in the last 20 years. Why? Accounting malpractice cases are filled with pitfalls for unsuspecting plaintiffs. Moreover, accounting firms tend to settle cases in which the plaintiffs survive motions predicated on tried-and-true legal defenses and factual hurdles. The result is that few auditing malpractice cases are tried.

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Professional Negligence, Jones Day, Shareholder, Audit, Federal Reporter, Accounting, Negligence, Remand (court procedure), Causation (law), Malpractice, New York State Insurance Department, Third Circuit, US District Court for District of New Jersey, Chief financial officer
Location:
USA
Firm:
Jones Day
View Original Article
Claims against insolvent funds
2009-07-31

The drafting changes just discussed are primarily intended to ensure that funds do not become embroiled in contractual disputes, but in a global recession more and more funds are finding themselves in disputes that threaten to end up, and sometimes do end up, before the courts. In this chapter we analyse the legal issues surrounding key matters in the current litigious environment and cover the following:  

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Fraud, Audit, Liquidation, Articles of association, Liquidator (law), Net asset value, Arbitrage, High Court of Justice
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Insolvency exclusion applies to claim arising out of insolvency of a third party
2009-11-18

The United States District Court for the Central District of California, applying California law, has granted summary judgment in favor of an insurer because a lawsuit against the insured actuarial services firm was a claim "arising out of the insolvency" of the insured's client and therefore was barred by the policy's insolvency exclusion. Zurich Global Corp. U.K. v. Bickerstaff, Whatley, Ryan & Burkhalter, Inc., 2009 WL 2827969 (C.D. Cal. Aug. 26, 2009).

Filed under:
USA, California, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Legal personality, Audit, Medical malpractice, Negligence, Liquidation, Causation (law), Causality, Actuary, Bank reserves, US District Court for Central District of California
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
Trust companies in liquidation - dealing with priority debts
2016-07-12

The decision in In the matter of Independent Contractor Services (Aust) could mean more reliance upon fair entitlements guarantee funding provided by the Commonwealth in relation to the liquidation of trading trusts.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Costs in English law, Audit, Beneficiary, Debt, Withholding tax, Liquidation, Liquidator (law), Discretionary trust, Corporations Act 2001 (Australia), Australian Taxation Office, New South Wales Supreme Court , Trustee
Authors:
Mikhail Glavac , Orla McCoy
Location:
Australia
Firm:
Clayton Utz
View Original Article
Breach of fiduciary duty claims dismissed, but conduct might still support equitable subordination or recharacterization
2008-06-30

In Mukamal v. Bakes,1 the trustee of two trusts created under a chapter 11 plan of reorganization filed a complaint (the “Complaint”) against the former directors and officers of the debtors, the dominant shareholders of the debtors and the debtors’ accounting firm, alleging, among other things, various breaches of fiduciary duties.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Shareholder, Debtor, Unsecured debt, Collateral (finance), Arbitration clause, Waiver, Fiduciary, Audit, Board of directors, Trustee
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Bear Stearns may well be found to have acted in good faith in the Manhattan Investment Fund Case
2008-01-31

In the summer of 2007, we reported on Gredd v. Bear, Stearns Securities Corp. (In re Manhattan Investment Fund, Ltd.),1 decided by the United States Bankruptcy Court for the Southern District of New York.

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Cadwalader Wickersham & Taft LLP, Short (finance), Security (finance), Fraud, Audit, Federal Reporter, Margin (finance), Good faith, Investment funds, Brokerage firm, Title 11 of the US Code, Bear Stearns, Second Circuit, United States bankruptcy court, Trustee
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
SIGTARP releases report regarding closure of General Motor and Chrysler dealerships
2010-07-20

Yesterday, the Special Inspector General for the Trouble Asset Relief Program (SIGTARP) released a report criticizing the Treasury Department’s role in the accelerated closure of hundreds of GM and Chrysler dealerships.

Filed under:
USA, Insolvency & Restructuring, Alston & Bird LLP, Audit, Consideration, Bailout, US Department of the Treasury, General Motors
Authors:
Colin Roberts
Location:
USA
Firm:
Alston & Bird LLP
View Original Article
House Committee on Financial Services holds hearing on Lehman Bankruptcy examiner’s report
2010-04-26

On April 20, the House Committee on Financial Services held a hearing to discuss public policy issues raised by last month’s report of court-appointed bankruptcy examiner for Lehman Brothers Holdings Inc. (Lehman Brothers), Mr. Anton R. Valukas. The Committee heard testimony from the following witnesses:

Panel One:

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Audit, Board of directors, Accounting, Defamation, Balance sheet, US Securities and Exchange Commission, Federal Reserve System, US House Committee on Financial Services, Lehman Brothers, Ernst & Young, Chief executive officer
Location:
USA
Firm:
Alston & Bird LLP
View Original Article
Lehman Brothers examiner publishes report
2010-03-12

Yesterday, the ninevolumeReport of Anton R.

Filed under:
USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Audit, Accounting, Depository institution, Balance sheet, Business judgement rule, Leverage (finance), US Congress, Federal Reserve System, Lehman Brothers, United States bankruptcy court
Location:
USA
Firm:
Alston & Bird LLP
View Original Article

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