The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.
The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).
In an appeal involving a Chapter 12 bankruptcy, the U.S. Court of Appeals for the Eighth Circuit recently affirmed that the borrower’s use of the 20-year treasury bond rate sufficiently ensured that the total present value of future payments to the lender over the plan period equaled or exceeded the allowed value of the claim.
A copy of the opinion in Farm Credit Services of America v. William Topp is available at: Link to Opinion.
Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.
While media attention of the COVID-19 pandemic has focused on commercial tenants, many commercial landlords are also experiencing distress as a result of missed rent payments. There are a few general concepts that are helpful to understand as a tenant in the event your landlord files bankruptcy.
In the recent decision of Atlantic Sea Cucumber Ltd (Re), 2023 NSSC 231 the Supreme Court of Nova Scotia in Bankruptcy and Insolvency (the “Court”) departed from the long-standing norm in insolvency proceedings of granting an abridgement of time for filing and service of applications. The debtor company, Atlantic Sea Cucumber Ltd.
In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.
There are few things as daunting to a vendor or supplier as its counterparty’s bankruptcy. The likelihood of a significantly discounted recovery for goods and services provided and potential loss of a customer may have long-lasted impacts on profitability. Even worse, however, is the prospect that payments received in good faith prior to a debtor’s bankruptcy filing may be at risk of recoupment. In this alert, we address the risk that such payments are voidable as preferential transfers.
Bill n°7989 amending the law of September 2, 2011 regulating access to the professions of craftsman, trader, industrialist and certain liberal professions (the “2011 Law”), was adopted yesterday, 20 July 2023, by the Luxembourg Parliament. The dispense with the second vote shall be approved by the State Council in the coming days.
The reform modernizes the right of establishment in the Grand Duchy of Luxembourg in order to create a modern legal framework that will stimulate entrepreneurship.
Die unterschätzte Gefahr persönlicher Haftung
Ähnlich wie „Die sieben Todsünden“ nach dem Historiker Sebastian Haffner (1964) im Jahr 1918 zum Untergang des deutschen Kaiserreichs geführt haben, gibt es für den Geschäftsleiter einer GmbH, GmbH & Co. KG oder Aktiengesellschaft sieben Todsünden im Zusammenhang mit Krise und Insolvenz. Diese haben zwar nicht einen Reichsuntergang, aber die persönliche Haftung der Geschäftsführung zur Folge. Und das bedeutet oftmals die Vernichtung der wirtschaftlichen Existenz.
We have previously discussed the growing list of judicial decisions addressing the appropriate remedy for overpayment of U.S. Trustee (“UST”) quarterly fees. In U.S. Tr. Region 21 v. Bast Amron LLP (In re Mosaic Mgmt. Grp., Inc.), No. 20-12547, 2023 WL 4144557 (11th Cir.