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    Update: Congress further extends bankruptcy relief to Small Businesses with less than $7.5 million of debt
    2022-06-08

    On June 7, 2022, Congress passed (in a 392-21 vote) the “Bankruptcy Threshold Adjustment and technical Corrections Act,” which raises the debt limit back to $7.5 million for businesses electing treatment under the Small Business Reorganization Act (“SBRA”), codified under Subchapter V of Chapter 11.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Michael Best & Friedrich LLP, US Congress, CARES Act 2020 (USA)
    Authors:
    Justin M. Mertz
    Location:
    USA
    Firm:
    Michael Best & Friedrich LLP
    California DFPI Requests Public Comment on Crypto Asset-Related Financial Products and Services Under California Consumer Financial Protection Law
    2022-06-03

    On June 1, the California Department of Financial Protection and Innovation (DFPI) released an invitation for comment on the DFPI’s regulatory approach to crypto asset-related financial products and services, as well as the potential regulation of such products and services under the California Consumer Financial Protection Law (CCFPL).

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Troutman Pepper, Blockchain
    Authors:
    Christopher J. Capurso , Kalama M. Lui-Kwan , Keith J. Barnett , Ethan G. Ostroff , Carlin A. McCrory , Addison J. Morgan
    Location:
    USA
    Firm:
    Troutman Pepper
    The Continued Growth of Unitranche Financing
    2022-05-25

    Unitranche financing began as a middle-market product, tracing its origins to the days of recovery from the global credit crisis. The credit markets re-opened with an explosion of available capital from traditional lenders, business development companies and other direct lenders. With an increasing supply of capital, leverage shifted to borrowers and private equity, allowing them to better dictate the terms and conditions of their loan facilities. With the greater prevalence of so-called “covenant-lite” loans, also came the exponential growth of the unitranche market.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Crowell & Moring LLP, Bankruptcy
    Authors:
    Frederick (Rick) Hyman , Kevin Rubinstein , Scott Lessne
    Location:
    USA
    Firm:
    Crowell & Moring LLP
    Trustee basics: Edition 2 - The no action clause
    2022-05-25

    The issue

    A "no action" clause will appear in almost all English law-governed bond trust deeds.

    A no action clause provides that a bondholder (or anyone entitled to payments on the bonds) cannot, initially, proceed directly against the issuer. Instead, the right to bring a cause of action resides with the trustee and it is only if the trustee, having become bound to take action, fails to do so within a reasonable time (with the failure continuing) that a bondholder can then itself proceed directly against the issuer.

    Filed under:
    European Union, United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Stephenson Harwood LLP
    Authors:
    Jayesh Patel , Charlotte Drake
    Location:
    European Union, United Kingdom
    Firm:
    Stephenson Harwood LLP
    High Court finds lenders not entitled to rely on certificates of independent advice
    2022-05-20

    This week's TGIF considers Stubbings v Jams 2 Pty Ltd [2022] HCA 6, in which the High Court overturned a finding by the Victorian Court of Appeal and confirmed that certificates of independent advice will not always protect lenders from an unconscionability claim.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Unconscionability, High Court of Australia
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Missed it by that much: The FCA decides the proper construction of the UCPR in relation to online filing
    2022-05-19

    In a recent case involving a default judgment to recover the sum of an outstanding loan, the Federal Court of Australia considered whether it had jurisdiction to set aside a bankruptcy notice issued against the guarantor of the loan and whether it had jurisdiction to extend the time for compliance with the bankruptcy notice.

    Background

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Gadens
    Location:
    Australia
    Firm:
    Gadens
    LPA receivership vs calling-up: a comparison
    2022-05-19

    There are significant differences in the procedures available to lenders north and south of the border when it comes to enforcing fixed charges or standard securities over real/heritable property. In this blog, we will compare the process in England & Wales ("E&W") of appointing a fixed charge or "LPA" receiver with the Scottish calling-up procedure

    England & Wales: LPA receivers

    Filed under:
    United Kingdom, Scotland, England & Wales, Banking, Insolvency & Restructuring, Real Estate, Brodies LLP, Debtor
    Authors:
    Andrew Scott , Lucie Barnes , Jamie Nellany
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Recovering payments made from bank account after bankruptcy date
    2022-05-17

    Supreme Court 22 January 2022, ECLI:NL:HR:2020:80 - www.rechtspraak.nl

    Introduction

    Recently, the Supreme Court dealt with the following question: can the bankruptcy trustee recover a payment made from a bank account with a debit balance in the name of the bankrupt company after the bankruptcy date, as undue payment due to a breach of the fixation principle or the equality of creditors principle?

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Litigation, Ploum
    Authors:
    Lucas Lustermans , Joost Kool
    Location:
    Netherlands
    Firm:
    Ploum
    Terugvorderen girale betaling gedaan na datum faillissement
    2022-05-17

    Hoge Raad 22 januari 2022, ECLI:NL:HR:2022:80 (www.rechtspraak.nl).

    Introductie

    In het onderhavige arrest buigt de Hoge Raad zich over de volgende vraag: kan de curator een girale betaling, gedaan na datum faillissement vanaf een op naam van de failliet staande bankrekening met een debetsaldo, als onverschuldigd terugvorderen wegens strijdigheid met het fixatiebeginsel of de paritas creditorum?

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Litigation, Ploum
    Authors:
    Joost Kool , Lucas Lustermans
    Location:
    Netherlands
    Firm:
    Ploum
    Commercial Court finds that s.423 claims in respect of transfers of corporate assets do not raise a serious issue to be tried
    2022-05-18

    The Commercial Court (Andrew Baker J) has handed down judgment on a jurisdiction challenge inInvest Bank v El-Husseini[2022] EWHC 894 (Comm). Daniel Warents (whose oral submission to the Court were said to have been “very well presented”) and Emma Hughes acted for the first, third, and fourth defendants (instructed by Streathers Solicitors LLP).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, XXIV Old Buildings
    Authors:
    Daniel Warents , Emma Hughes
    Location:
    United Kingdom
    Firm:
    XXIV Old Buildings

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