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    Impact of the recent changes in the German tax laws on debt to equity swaps
    2009-04-22

    Due to the ongoing financial crisis and the economic downturn accompanied therewith, many German companies are or will be struggling with default and insolvency problems.

    Filed under:
    Germany, Insolvency & Restructuring, Tax, White & Case, Tax exemption, Shareholder, Accounts receivable, Interest, Taxable income, Swap (finance), Debt, Debt relief, Default (finance), Income-Tax Act 1961 (India)
    Location:
    Germany
    Firm:
    White & Case
    Personal Insolvency Act 2012
    2013-01-08

    New legislation alters the law and procedures of personal insolvency in radical ways. The Personal Insolvency Act 2012 establishes an independent Insolvency Service of Ireland and introduces new insolvency procedures for addressing unsecured debts (of any value) and secured debts (up to €3 million in aggregate but without limit in the case of agreement). Current bankruptcy laws are amended, including a reduction of the bankruptcy term from 12 years to 3 and the carve-out of pension assets from the bankrupt’s estate.

    Filed under:
    Ireland, Insolvency & Restructuring, McCann FitzGerald LLP, Debtor, Unsecured debt, Debt, Debt relief
    Authors:
    Josh Hogan
    Location:
    Ireland
    Firm:
    McCann FitzGerald LLP
    Proposed new laws for personal insolvency
    2012-07-03

    Draft legislation proposes to alter the law and procedures of personal insolvency in radical ways. The proposals include the establishment of an independent Insolvency Service of Ireland and the introduction of new procedures for addressing unsecured debts (of any value) and secured debts (up to €3 million in aggregate but without limit in the case of agreement). Current bankruptcy laws would also be amended, principally to increase the minimum level of debt required to enter bankruptcy to €20,000 and to reduce the bankruptcy term from 12 years to three.

    Filed under:
    Ireland, Insolvency & Restructuring, McCann FitzGerald LLP, Debtor, Unsecured debt, Debt, Debt relief
    Authors:
    Michael Murphy , Peter Osborne
    Location:
    Ireland
    Firm:
    McCann FitzGerald LLP
    Debt Relief Orders – the latest tool in the debt relief toolbox
    2009-04-07

    For debtors with limited liabilities, little surplus income and minimal gross assets, the new Debt Relief Order (DRO) is a further tool to consider in managing their debts. DROs, which came into force on 6 April 2009, are aimed at those who find they are unable to pay off their debts within a reasonable time but for whom other forms of debt relief, such as bankruptcy or Individual Voluntary Arrangements, are unavailable, or perhaps unaffordable.

    What are the criteria for a DRO?

    A DRO can be applied for where the debtor:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Credit (finance), Debtor, Unsecured debt, Dividends, Board of directors, Debt, Debt relief, Liability (financial accounting), Credit rating
    Authors:
    Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Dust Off Your Chapter 12 Knowledge: Increase to Debt Limits May Revive Family Farmer Bankruptcies
    2019-08-08

    On August 1, 2019 the U.S. Senate passed the Family Farmer Relief Act of 2019, which more than doubled the debt limit for “family farmers” qualifying for relief under Chapter 12 of the U.S. Bankruptcy Code to $10,000,000. The House of Representatives previously passed the same legislation on July 29, 2019; the legislation will now proceed to the White House for the President’s signature.

    Filed under:
    USA, Agriculture, Insolvency & Restructuring, K&L Gates LLP, Bankruptcy, Debtor, Debt relief, Trustee
    Authors:
    Margaret R. Westbrook , Brandy A. Sargent , Marisa N. Bocci
    Location:
    USA
    Firm:
    K&L Gates LLP
    FTC and Florida Attorney General settle with debt relief scammers
    2018-04-18

    On April 12, the FTC and the Florida Attorney General announced an $85 million settlement with three individuals who allegedly sold fake debt relief services.

    Filed under:
    USA, Insolvency & Restructuring, Orrick, Herrington & Sutcliffe LLP, Debt relief, Federal Trade Commission (USA)
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Florida Judge Issues Temporary Injunction to Halt Debt Relief Operation
    2017-06-02

    On May 25, at the request of the FTC and the State of Florida, a Southern District of Florida court issued a preliminary injunction order temporarily halting a debt relief operation that bilked millions of dollars from financially strapped consumers.

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Litigation, Media & Entertainment, Telecoms, Orrick, Herrington & Sutcliffe LLP, Telemarketing, Preliminary injunction, Debt relief, Federal Trade Commission (USA), US District Court for Southern District of Florida
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Hard times in the oil patch: tax implications for investors in the era of price fluctuations
    2016-11-14

    The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry, especially for its investors.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Tax, DLA Piper, Share (finance), Private equity, Income tax, Limited liability company, Option (finance), Debt, Debt relief, Limited partnership, Cashflow, Double taxation
    Location:
    USA
    Firm:
    DLA Piper
    From the Top in Brief - July/August 2016
    2016-08-08

    The U.S. Supreme Court has handed down two rulings thus far in 2016 (October 2015 Term) involving issues of bankruptcy law. In the first, Husky Int’l Elecs., Inc. v. Ritz, 194 L. Ed. 2d 655, 2016 BL 154812 (2016), the Court addressed the scope of section 523(a)(2)(A) of the Bankruptcy Code, which bars the discharge of any debt of an individual debtor for money, property, services, or credit to the extent obtained by "false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s or an insider’s financial condition."

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Jones Day, Bankruptcy, Debtor, Fraud, Federal Reporter, Debt, Debt relief, Constitutionality, Dissenting opinion, Bankruptcy discharge, Title 11 of the US Code, Supreme Court of the United States, Fifth Circuit, Third Circuit, Seventh Circuit, First Circuit
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Split Fifth Circuit Affirms Success Fee for Financial Advisers
    2016-08-02

    A Chapter 11 debtor’s financial advisers were entitled to a “Success Fee” based on a percentage of a $50-million “debt-to-equity conversion,” held a split U.S. Court of Appeals for the Fifth Circuit on May 4, 2016. In re Valence Technology, Inc., 2016 WL 2587109, *1 (5th Cir. May 4, 2016) (2-1). Key to the opinion was the parties’ concession that the “debt-to-equity conversion qualified as a Private Placement under [their] engagement agreements.” Id., at n.1.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Consideration, Debt, Debt relief, Fair market value, Secured creditor, Secured loan, United States bankruptcy court, Fifth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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