A lender’s state law tort claims against “non-debtor third-parties for tortious interference with a contract” were “not preempted” by “federal bankruptcy law,” held the New York Court of Appeals on Nov. 24, 2020. Sutton 58 Associates LLC v. Pilevsky, 2020 WL 6875979, *1 (N.Y. Ct. Appeals, Nov. 24, 2020) (4-3). In a split opinion, the Court of Appeals reversed the Appellate Division’s dismissal of a lender’s complaint against the debtors’ non-debtor insiders. The lender will still have to prove its case at trial.
The Asserted Claims
Contents
Ross Miller, Simmons & Simmons LLP
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Introduction
Monika Lorenzo-Perez and Sabina Khan, Brown Rudnick
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Status and relationship of an ad hoc committee with indenture trustees
El Auto del Juzgado de lo Mercantil nº10 de Barcelona, del pasado 29 de julio, ha permitido el nombramiento de un administrador antes del concurso para facilitar la venta de la unidad productiva antes de la declaración de concurso. Con ello, se ha permitido una medida equivalente al “pre-pack” anglosajón, favoreciendo una liquidación más eficiente y evitando incrementar el pasivo de la concursada.
On 9 November 2020, the PRC Supreme People's Court ("SPC") promulgated the Interpretations Applicable to Security-related Parts of the Civil Code of the People's Republic of China (Draft for Comment) (the "Draft") for public comments by 27 November 2020. This is the first interpretations issued by the SPC to the public for comments after the PRC Civil Code was officially promulgated.
As interest rates remain relatively low and financial liquidity levels remain high, investors with a higher risk appetite will continue to find increased opportunities with distressed assets. In Brazil, these have already reinvigorated the trend of M&As in Q3 of 2020.
A revigorated trend
What are the new provisions?
INTRODUCTION
The Federal Court has today sensibly ruled that security interests do not vest in the company grantor simply because the company had at some time previously been in liquidation, administration or subject to a deed of company arrangement (DOCA). This decision should come as a great relief to secured lenders and suppliers to companies that have successfully passed through a restructuring and have resumed "business as usual".