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When an Asset is not an Asset
2016-07-19

The Court of Appeal has recently considered the status of contingent assets within the balance sheet test for insolvency in the context of a company’s inability to pay its debts. Under Section 123 Insolvency Act 1986, a company is deemed unable to pay its debts if its assets are less than its liabilities including contingent liabilities but nothing is said about the status of contingent assets.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Shareholder, Dividends, Beneficiary, Debt, Liability (financial accounting), Balance sheet, Liquidator (law), Insolvency Act 1986 (UK), Court of Appeal of England & Wales
Authors:
Susan Kelly
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Death and taxes assured: confirmation of shell corporation’s tax-avoidance Chapter 11 plan denied
2010-08-10

Preservation of favorable tax attributes, such as net operating losses that might otherwise be forfeited under applicable nonbankruptcy law, is an important component of a business debtor's chapter 11 strategy. However, if the principal purpose of a chapter 11 plan is to avoid paying taxes, rather than to effect a reorganization or the orderly liquidation of the debtor, the Bankruptcy Code contains a number of tools that can be wielded to thwart confirmation of the plan.

Filed under:
USA, Insolvency & Restructuring, Litigation, Tax, Jones Day, Bond (finance), Tax exemption, Bankruptcy, Shareholder, Debtor, Taxable income, Beneficiary, Debt, Liquidation, Tax deduction, Title 11 of the US Code, Internal Revenue Code (USA)
Authors:
Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
Business restructuring review: from the top
2007-04-01

The U.S. Supreme Court has issued two bankruptcy rulings so far in 2007. On February 21, 2007, the Court ruled in Marrama v. Citizens Bank of Massachusetts that a debtor who acts in bad faith in connection with filing a chapter 7 petition may forfeit the right to convert his case to a chapter 13 case. On March 20, 2007, the Court ruled in Travelers Casualty & Surety Co. v. Pacific Gas & Electric Co.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Surety, Debtor, Beneficiary, Consideration, Bad faith, Majority opinion, Title 11 of the US Code, SCOTUS, United States bankruptcy court
Location:
USA
Firm:
Jones Day
View Original Article
Washington court finds Alaska self-settled asset protection trust subject to Washington Uniform Fraudulent Transfer Act
2013-06-28

The Bankruptcy Court for the Western District of Washington has now joined other states in invalidating transfers to a self-settled trust on a variety of grounds in the latest asset protection self settled trust case, In re Huber, 2012 Bankr. LEXIS 2038 (May 17, 2013).

Filed under:
USA, Washington, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Bryan Cave Leighton Paisner (Bryan Cave), Fraud, Beneficiary, Asset protection, Title 11 of the US Code, United States bankruptcy court
Authors:
Kathleen R. Sherby , Stephanie L. Moll
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Are inherited IRAs protected in bankruptcy?
2012-05-01

Whether post-death creditor protection is available to inherited IRAs under the 2005 Bankruptcy Act has been the subject of a number of cases decided in the last several years. The argument made by bankruptcy trustees is that, on the death of the IRA owner, the IRA ceases to be “retirement funds” as it is not the retirement funds of the beneficiary. Consequently, the bankruptcy trustees argue that the inherited IRA ceases to have the protection afforded to IRAs under the Bankruptcy Code.

Filed under:
USA, Michigan, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Beneficiary, United States bankruptcy court
Authors:
Kathleen R. Sherby , Stephanie L. Moll
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
The Little Airline That Couldn’t
2016-07-19

Remember Sabena, the ill-fated Belgian airline that declared bankruptcy in 2001? Well, to quote Ford Madox Ford, this is the saddest story I have ever heard.

Filed under:
USA, Aviation, Banking, Insolvency & Restructuring, Trade & Customs, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Beneficiary, Uniform Commercial Code (USA), Office of Foreign Assets Control (USA), Deutsche Bank
Authors:
Robert Clifton Burns
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Will Inherited IRAs Be Used As A Tool for Protecting An Inheritance from Creditors?
2016-06-10

A recent decision out of a New Jersey Bankruptcy Court highlights a loophole in the Bankruptcy Code which may allow Chapter 7 debtors to keep significant assets out of the hands of trustees and creditors.

Filed under:
USA, New Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Beneficiary, Title 11 of the US Code, United States bankruptcy court
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Re Reynolds - Official Assignee v Wilson and another
2009-02-23

[2007] NZCA 122

Decision of The Court Of Appeal of New Zealand on Sham and Alter Ego Trusts

Facts and Decision  

Filed under:
New Zealand, Insolvency & Restructuring, Litigation, Real Estate, Ogier, Bankruptcy, Beneficiary, Mortgage loan, Standing (law), Legal burden of proof, Involuntary dismissal, Default (finance), Court of Appeal of England & Wales, Trustee
Location:
New Zealand
Firm:
Ogier
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
Who is ‘connected’ or ‘associated’?
2009-01-21

Pensions and insolvency legislation uses the test in the Insolvency Act 1986 for assessing whether a person is ‘connected’ or ‘associated’ with another. This test is important because various statutory provisions use it, especially in limiting the persons whom the Pensions Regulator can make responsible for pension scheme deficits under the ‘moral hazard’ powers in the Pensions Act 2004. This briefing gives an outline of the statutory provisions and points to some difficult areas.  

Why is this relevant?  

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Share (finance), Shareholder, Beneficiary, Limited liability partnership, Subsidiary, Actuary, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Insolvency Act 1986 (UK), Pension Protection Fund, Pensions Act 2004 (UK), The Pensions Regulator, Trustee
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article

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