In Re McInerney Homes Limited
In the McInerney case, the company and the examiner sought to have schemes confirmed which would result in an immediate payment to a banking syndicate of €25 million. The banking syndicate contended that the discounted current value which they expected to recover from their security outside any schemes was €50 million.
The Isle of Man case Simpson v Light House Living Ltd concerned an appeal on a successful set-off claim brought by Australian supermodel Elle Macpherson. When the bank Kaupthing Singer & Friedlander Limited entered liquidation, Macpherson had £2,541,680.09 deposited in the bank in her personal capacity and potentially owed the bank over £7,801,727 pounds by way of the company Light House Living Limited.
The economic turbulence stirred up by our most recent credit crunch has thrown up a myriad of difficult legal questions for financiers everywhere. This anxious economic environment which has restrained the financial independence of many Irish companies from their financiers is fraught with legal conundrums.
Workout Agreements
Israel has seen an upsurge in the number of debt settlements in recent years including the involvement of the movers and shakers in the Israeli market such as the IDB Group, one of Israel’s prominent business groups, holding a diversified network of leading corporations in key business sectors.
Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.
The Rescheduling of Indebtedness of Large Israeli Companies
2013 was the year when repayment obligations finally caught up with some of Israel’s largest corporate borrowers.
Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.
A decision of the Court of Rimini dated 1st December 2016 states that the competitive bid process provided by Art. 163-bis of the Italian Bankruptcy Law is not mandatory when there is a strict connection between the lease of business and a proposed third-party loan to support the concordato proposal
The case
Another step towards a lender-friendly environment, but the new form of pledge is being delayed
The Italian Parliament passed law No. 155 of 19 October 2017 to delegate the Government to reform the rules on insolvency and financial distress. This has been commented widely in the press and between commentantors, as it is expected to bring about significant developments (we have previously reported here).