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Whose right is it? Impact of bankruptcy on lenders prepetition exercise of proxy rights
2023-05-11

In In re CII Parent, Inc.,1 the Bankruptcy Court for the District of Delaware affirmed a secured lender’s prepetition exercise of its proxy rights and its subsequent removal and replacement of the directors/managers of the debtor’s non-bankrupt subsidiaries, effectively cutting off the debtor’s ability to pursue effective relief in the bankruptcy case.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, Corporate governance
Authors:
David A. Wender
Location:
USA
Firm:
Eversheds Sutherland (US) LLP
View Original Article
So, You Exercised Your Proxy Rights Pre-Petition, Are You Good?
2023-04-19

Yes, says the Delaware Bankruptcy Court in the case of CII Parent, Inc., cementing the advice routinely given by bankruptcy counsel to borrowers in default. We always counsel borrower clients in default of the risk associated with lenders taking unilateral actions pre-filing, stripping debtors of valuable options and assets. Thus, we normally recommend to always obtain a forbearance and undertake the preparations required to file a bankruptcy petition immediately upon forbearance termination, although whether or not to file depends on variety of factors that should be considered.

Filed under:
USA, Banking, Compliance Management, Insolvency & Restructuring, Litigation, Dechert LLP, Corporate governance
Authors:
Shmuel Vasser
Location:
USA
Firm:
Dechert LLP
View Original Article
Delaware Bankruptcy Court Upholds Creditor’s Proxy Rights
2023-04-19

In what might prove to be an important ruling, on April 12th the Bankruptcy Court for the District of Delaware ruled that a secured creditor had, before the debtor filed bankruptcy, properly exercised an irrevocable proxy to change the management of the debtor’s subsidiary. The Court also ruled that the creditor had not violated the automatic stay by refusing to relinquish the proxy following the bankruptcy filing. Though a clear victory for secured creditors, the Court’s ruling hinges on a well drafted proxy provision.

The Facts of the Case

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Corporate governance
Location:
USA
View Original Article
Bankruptcy Proceedings in the UAE: the approach of the Courts towards debtors and their managers
2023-04-04

Over the past year or so, we have seen a number of examples of Dubai Courts taking an extremely cautious approach to handling debtor-led bankruptcy cases, particularly in relation to determining whether there is a legitimate distressed financial position and enquiring as to the conduct of managers leading to the bankruptcy of companies.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Clyde & Co LLP, Corporate governance, Coronavirus
Authors:
Keith Hutchison , Sherif Maher
Location:
United Arab Emirates
Firm:
Clyde & Co LLP
View Original Article
Board Observers - spectators or participants - help or hindrance?
2023-03-30

With increased distress in the mid-market we may well see lenders using different tools to keep a closer eye on a company’s financial performance. One of those tools is to appoint a board observer.

Filed under:
USA, Banking, Company & Commercial, Insolvency & Restructuring, Mayer Brown, Corporate governance, Board of directors
Location:
USA
Firm:
Mayer Brown
View Original Article
Chapter 15 Recognition Limited to Foreign Insolvency, Liquidation, or Restructuring Proceedings
2023-03-30

In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the Southern District of New York denied without prejudice a petition filed by the joint provisional liquidators for recognition of a "winding-up" proceeding commenced under Cayman Islands law.

Filed under:
USA, Compliance Management, Insolvency & Restructuring, Litigation, Jones Day, Corporate governance, Mediation, Articles of association, Insolvency, UNCITRAL
Authors:
Corinne Ball , Dan T. Moss , Michael C. Schneidereit , Isel M. Perez , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
The US-Israel legal review 2022
2023-03-20

A GLOBAL LEGAL MEDIA & NISHLIS LEGAL MARKETING PUBLICATION THE US-ISRAEL LEGAL REVIEW 2022 IN ASSOCIATION WITH: Israel’s Unicorn Success Story SNNOVATION The US-Israel Legal Review 2022 1 Contents THE US-ISRAEL LEGAL REVIEW 2022 2 WELCOME FROM THE PUBLISHERS Global Legal Media and Nishlis Legal Marketing 4 ECONOMIC HEADWINDS, A HOT WAR AND A TRADE WAR: THE IMPACT ON ISRAEL’S COMPANIES With rising interest rates, rising inflation and reduced growth forecasts, how has that reality been faced by corporate clients and start-ups? Arnon, Tadmor-Levy provide some answers.

Filed under:
Global, Israel, USA, New York, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Litigation, Patents, Tax, Trade & Customs, Foreign direct investment, Corporate governance, Blockchain, Private equity, Patent infringement, Big data, Venture capital, Mediation, Fintech, Due diligence, Artificial intelligence, Cryptocurrency, SIPP, ESG, Personal data, Gaming, Cybersecurity, SPAC, Health Insurance Portability and Accountability Act 1996 (USA), GDPR, Federal Arbitration Act 1926 (USA), California Consumer Privacy Act 2018 (USA), US Securities and Exchange Commission, NASDAQ, International Centre for Settlement of Investment Disputes, Committee on Foreign Investment in the United States, ChatGPT, Silicon Valley Bank
Location:
Global, Israel, USA
View Original Article
Big Law Works ‘Around the Clock’ as Clients Navigate SVB Collapse
2023-03-17

What You Need to Know

• Silicon Valley Bank’s 48-hour collapse sent several Big Law firms into action late last week.

• Morgan Lewis, Wilmer, Wilson Sonsini and Ballard Spahr are among the laws firms that launched task forces and webinars over the weekend.

• Despite some reassurance from the FDIC on Sunday, there are lingering issues that are expected to continue to prevent firms’ clients from conducting business in the normal course.

Filed under:
USA, Banking, Compliance Management, Insolvency & Restructuring, Wilmer Cutler Pickering Hale and Dorr LLP, Corporate governance, Venture capital, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank
Location:
USA
Firm:
Wilmer Cutler Pickering Hale and Dorr LLP
View Original Article
Navigating Board Member Responsibilities Under the New UAE Bankruptcy Laws: Insights from the Marka PJSC Case
2022-11-16

As one of the most important and influential countries in the Middle East, it is no surprise that the development of the laws and regulations of the UAE have a major impact on the region. The UAE Bankruptcy Law is no exception, and it has recently been amended to bring it up to date with international standards. 

The amendments are particularly relevant for board members, who have a responsibility to ensure the financial health of their companies. 

Filed under:
United Arab Emirates, Compliance Management, Insolvency & Restructuring, Horizons & Co Law Firm, Corporate governance
Location:
United Arab Emirates
Firm:
Horizons & Co Law Firm
View Original Article
Dubai Court of First Instance declares Arabtec and its Subsidiaries Bankrupt - Places Spotlight on Company Management and Governance in the UAE
2022-11-09

On 24 October 2022, Dubai Court of First Instance declared Arabtec Holding Company bankrupt and approved the liquidation of its assets. The decision highlights the responsibilities of directors, board members and managers of all companies, and the possibility they can be held liable and accountable under UAE Laws for the mismanagement and the fallout of a company.

The Court appointed two trustees to list the assets of the bankrupt company, complete the liquidation and pay the creditors. Regarding the company’s governance, directors, managers and current assets, the Court ruled:

Filed under:
United Arab Emirates, Company & Commercial, Compliance Management, Insolvency & Restructuring, Horizons & Co Law Firm, Corporate governance
Location:
United Arab Emirates
Firm:
Horizons & Co Law Firm
View Original Article

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