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    Directors duties: a stark reality following the recent ‘Marka Ruling’ and subsequent amendments to the UAE bankruptcy law
    2021-12-14

    On 1 November 2021, the Federal Decree Law No. 35 of 2021 (the "Decree") (amending certain provisions of the Federal Decree Law No.9 of 2016 concerning Bankruptcy (the "UAE Bankruptcy Law")) came into force. The publication of the Decree follows a significant decision relating to directors' duties by the Dubai Court of First Instance in the matter involving the bankruptcy of Marka Holdings PJSC ("Marka") (the "Marka Case").

    Overview

    Filed under:
    United Arab Emirates, Capital Markets, Company & Commercial, Insolvency & Restructuring, White & Case LLP, Corporate governance
    Location:
    United Arab Emirates
    Firm:
    White & Case LLP
    Caremark liability extended to corporate officers
    2008-05-02

    Do officers of a public corporation have an affirmative obligation to monitor corporate affairs? Yes, according to Judge Walsh in his recently issued memorandum opinion in Miller v. McDonald (In re World Health Alternatives, Inc.).1 Although "Caremark" oversight liability had previously generally only been imposed on directors of public corporations, the Bankruptcy Court for the District of Delaware determined that officers are not immune from such liability as a matter of law.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, White & Case LLP, Debtor, Breach of contract, Fraud, Fiduciary, Accounts receivable, Misconduct, Accounting, Misrepresentation, General counsel, Sarbanes-Oxley Act 2002 (USA), Internal Revenue Service (USA), US Securities and Exchange Commission, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Insolvency 2021: trends and developments
    2021-11-30

    Fewer Insolvencies for More Opportunities

    At the end of 2021, corporate bankruptcies (for most company sizes and in most sectors) were at their lowest level compared to the pre-COVID-19 figures from 2019, with a 50% drop in insolvency proceedings and a 10% decrease in pre-insolvency situations. This was largely due to the temporary impact of government emergency measures and support, including:

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, White & Case LLP, Employee Retirement Income Security Act 1974 (USA), Supply chain, Coronavirus
    Authors:
    Saam Golshani , Alexis A Hojabr
    Location:
    USA
    Firm:
    White & Case LLP
    FTSE 350: Snapshot of arrangements for AGMs to be held after 30 March 2021
    2021-04-12

    Following the end of the flexibilities afforded by The Corporate Insolvency and Governance Act 2020 (CIGA) in relation to the conduct of general meetings and following the publication of guidance by The Chartered Governance Institute (ICSA) we have reviewed notices of Annual General Meetings (AGMs) to be held after 30 March 2021. We set out some common themes around how companies are organising their AGMs in light of the guidance issued and the current restrictions in place.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, White & Case LLP, Corporate governance
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 1)
    2018-03-19

    Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a holder of “golden share” stock had not approved the petition as required by the debtor’s charter was going directly to the U.S. Court of Appeals for the Fifth Circuit on an expedited basis. It is the first case concerning the merits of contractual or structural bankruptcy-remoteness in my memory to reach a Court of Appeals since the adoption of the Bankruptcy Code in 1978.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    In Preference Suit, Seventh Circuit Holds That Debtor’s Assignment of Contractual Rights Does Not Negate Creditor’s New Value Defense
    2017-10-25

    In Levin v. Verizon Bus. Global, LLC (In re OneStar Long Distance, Inc.), 2017 U.S. App. LEXIS 18374 (7th Cir. Sept. 22, 2017), the Seventh Circuit recently addressed a situation where a debtor sought to reduce a creditor’s new value defense in a preference avoidance action.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Debtor, Seventh Circuit
    Authors:
    J. Taylor Kirklin , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    In re Creative Finance Ltd: Chapter 15 Case Dismissed
    2016-02-22

    A bankruptcy judge in New York court recently dismissed a case filed under chapter 15 of the U.S. Bankruptcy Code because the debtors did not have their center of main interests or business operations in the jurisdiction where the initial, foreign case was filed, the British Virgin Islands (BVI). In re Creative Finance Ltd. (In Liquidation), No. 14-10358, 2016 WL 156299 (Bankr. S.D.N.Y. Jan. 13, 2016).

    Filed under:
    USA, New York, Company & Commercial, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Debtor
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    COVID-19 Update: SBA Paycheck Protection Loan Program and Additional Financial Assistance Programs
    2020-03-27

    On March 27, the president signed into law Phase 3 of the federal stimulus program, called the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Title I of the act, titled the Keeping American Workers Paid and Employed Act (KAWPEA), directs, among other amounts, $349 billion to small businesses as part of an expansion of the U.S. Small Business Administration’s (SBA) Section 7(a) loan program under a new paycheck protection loan program (PPP) as well as $10 billion through an expansion to the SBA’s Section 7(b) economic injury disaster loan (EIDL) program.

    Filed under:
    USA, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, General contractor, Private equity, Coronavirus, Families First Coronavirus Response Act 2020 (USA), CARES Act 2020 (USA), Small Business Administration (USA)
    Authors:
    Adam C. Rogoff
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    COVID-19 Update: The Rules of Engagement for Navigating Business and Financial Distress
    2020-03-23

    The question is not if but how deeply the global coronavirus (COVID-19) pandemic will disrupt businesses and impact future operations. That answer differs based upon each company’s industry, access to cash and other capital, debt structure, ability to manage expenses, lost revenues, and operational interruption. Certain industries, such as airlines and airline service companies, hotels, restaurants, sports and entertainment, media, and retailers, among others, are suffering immediate adverse effects. Our healthcare resources are being stretched thin.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Coronavirus
    Authors:
    Adam C. Rogoff , Robert T. Schmidt , Nathaniel Allard
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    "Phase 3" McConnell Coronavirus Relief Bill Introduced in the Senate
    2020-03-19

    What: This evening, March 19, Senate Majority Leader Mitch McConnell introduced a bill called the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The proposed bill is intended to provide relief to various sectors of the U.S. economy. Of particular interest is the Coronavirus Economic Stabilization Act of 2020, set forth in Division C, Title I of the proposed bill, which provides assistance to severely distressed sectors of the U.S. economy, including (but not limited to) airline carriers.

    Who Does This Impact:

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Public, Kramer Levin Naftalis & Frankel LLP, Coronavirus, US Senate
    Authors:
    Kelly E. Porcelli
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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