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Declaring a Debtor Bankrupt in the UAE
2016-08-24

A declaration of bankruptcy, according to Article 645 of the Commercial Transactions Law, can be imposed on any trader who ceases to pay some or all of its commercial debts. While a debtor’s cessation of payment is a presumption against him, the trader might not be considered bankrupt if the failure to pay is due to a dispute regarding the debt. In other words, it is important to prove that the debtor ceased to pay a certain commercial debt due to financial distress and credit issues.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Bankruptcy, Costs in English law, Credit (finance), Debtor, Res judicata and issue estoppel, Debt, Default (finance)
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
So you think you are validly appointed? Then think again
2015-07-24

Did you know that if a company is listed on the Interim Permission Consumer Credit Register that the directors of the company need the written consent of the FCA before they can file a notice of intention to appoint administrators (“NOI”), and failure to obtain FCA consent renders any subsequent appointment invalid?

Most businesses that; offer goods or services on credit, lend money to consumers, or provide debt solutions and advice to consumers will be carrying out consumer credit activities, and may well have an interim permission and be listed on the Consumer Credit Register.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Credit (finance), Consumer protection, Financial Conduct Authority (UK)
Authors:
Laura Crawford , Emma Bissett , Linda Mack , Caroline Castle
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
River Road court certifies direct appeal to the Seventh Circuit Court of Appeals on credit bid issue
2011-04-06

On November 4, 2010, the United States Bankruptcy Court for the Northern District of Illinois certified the appeal of debtors River Road Hotel Partners, LLC, et al. of the court’s Order Denying Debtors’ Bid Procedures Motion (the Order) entered October 5, 2010. In its Order, the bankruptcy court expressly denied the debtors’ attempts to prevent their secured creditors from credit bidding in a proposed sale of assets under a chapter 11 plan.

Filed under:
USA, Illinois, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Interest, Federal Reporter, Amicus curiae, Dissenting opinion, Secured creditor, Majority opinion, Secured loan, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Northern District of Illinois
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
New restructuring/reorganization and transfer procedures for endangered German-based credit institutions.
2010-10-08

On 13 July 2010 Germany's Federal Ministry of Justice and Finance published a discussion draft of an Act for the Restructuring and Orderly Liquidation of Credit Institutions, for the Establishment of a Restructuring Fund for Credit Institutions and for the Extension of the Limitation (Restructuring Act).

Filed under:
Germany, Banking, Insolvency & Restructuring, Squire Patton Boggs, Credit (finance), Liquidation
Location:
Germany
Firm:
Squire Patton Boggs
View Original Article
Third Circuit restricts lenders’ right to credit bid on collateral sold through a plan of reorganization
2010-04-28

The Third Circuit Court of Appeals dealt a blow to secured creditors in its recent decision holding that a debtor may prohibit a lender from credit bidding on its collateral in connection with a sale of assets under a plan of reorganization. In the case of In re Philadelphia Newspapers, LLC, No. 09-4266 (3d Cir. Mar. 22, 2010), the court, in a 2-1 decision, determined that a plan that provides secured lenders with the “indubitable equivalent” of their secured interest in an asset is not required to permit credit bidding when that asset is sold.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Collateral (finance), Interest, Federal Reporter, Limited liability company, Debt, Personal property, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Eastern District of Pennsylvania
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Delaware bankruptcy court’s Pillowtex decision favors preference defendant relying on subsequent new value defense
2009-10-20

The October 15, 2009 decision of the US Bankruptcy Court for the District of Delaware in In re Pillowtex opens the door for creditors in the Third Circuit to increase their "new value" preference defense under the "subsequent advance" approach.In re Pillowtex, No. 03-12339 (Bankr. D. Del. filed Oct. 15, 2009).

A trustee’s power to avoid preference payments is circumscribed by the statutory defenses set forth in section 547(c) of the Bankruptcy Code. The "subsequent new value" defense set forth in section 547(c)(4) has three well-established elements:

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Federal Reporter, Westlaw, Third Circuit, US District Court for District of Delaware
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Lyondell Chemical Company – the impact of tight credit markets on debtor-in-possession financings
2009-08-26

In the fourth quarter of 2008, global credit markets were virtually frozen, leading many distressed businesses and their constituents to take measures to avoid bankruptcy filings at almost all costs. Without access to debtor-in-possession (DIP) financing, bankruptcy most often results in liquidation – and with lenders reluctant to provide new money, even in exchange for superpriority and/or priming liens, total collapse became an increasingly common result.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bond market, Bankruptcy, Libor, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Debt, Economy, Liquidation, Secured loan, United States bankruptcy court, US District Court for SDNY
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Non-insider lender equitably subordinated for predatory lending
2009-08-26

Although courts are generally reluctant to equitably subordinate claims of non-insiders, the United States Bankruptcy Court for the District of Montana recently did just that to the claims of a non-insider lender based on overreaching and self-serving conduct in Credit Suisse v. Official Committee of Unsecured Creditors (In Re Yellowstone Mt. Club, LLC), Case No. 08-61570-11, Adv. No. 09-00014 (Bankr. D. Mont. May 13, 2009).

Filed under:
USA, Montana, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Dividends, Debt, Credit risk, Due diligence, Underwriting, Cashflow, Broadcast syndication, Credit Suisse, United States bankruptcy court
Authors:
Bradley A. Cosman
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Precautionary measures in bankruptcy proceedings
2008-07-03

In its decision dated November 13th 2007, Madrid’s Provincial Court accepted the appeal against a decision delivered by Madrid´s Mercantile Court (number 6), which denied the adoption of civil precautionary measures, which were requested together with an action for joint and several liability against the administrators of Afinsa.

The precautionary measure requested was the preventive freezing of assets from the administrators in order to prevent possible concealment actions.

Filed under:
Spain, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Credit (finance), Adoption, Concurring opinion, Joint and several liability
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article
The liability of directors and the crisis in the real estate sector
2008-05-30

As a consequence of the current situation of economic crisis and the sudden braking in construction, we observe that every day we are finding ourselves with fresh news of negotiations with financial institutions, and applications for declarations of bankruptcy from creditors.

Filed under:
Spain, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Legal personality, Credit (finance), Debtor, Liability (financial accounting), Liquidation, Companies Act
Location:
Spain
Firm:
Squire Patton Boggs
View Original Article

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