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    The Second Circuit interprets the Bankruptcy Code’s safe harbor provisions more broadly than the Bankruptcy Court
    2011-07-27

    The Second Circuit Court of Appeals has now weighed in on the Bankruptcy Code’s safe harbor provisions. In Enron Creditors Recovery Corp. v. Alfa, S.A.B. de C.V., Docket Nos. 09–5122, 09–5142, 2011 WL 2536101 (2d Cir. June 28, 2011), the Second Circuit Court of Appeals faced an issue of first impression—whether Section 546(e) of the Bankruptcy Code, which shields certain payments from avoidance actions in bankruptcy, extends to an issuer’s payment to redeem its commercial paper made before maturity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Unsecured debt, Security (finance), Fraud, Safe harbor (law), Discovery, Debt, Maturity (finance), Broker-dealer, Market value, Accrued interest, Commercial paper, Enron, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court awards debtors actual attorney's fees as sanction against attorney for violating court's discharge injunction
    2011-08-01

    In connection with the administration of the debtors’ bankruptcy case, the trustee in Badovick v. Greenspan (In re Greenspan), No. 10-8019, 2011 Bank. LEXIS 272 (B.A.P. 6th Cir. Feb.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Debtor, Unsecured debt, Injunction, Debt, Summary offence, Contempt of court, Attorney's fee, Bankruptcy discharge, US Code, Trustee, United States bankruptcy court, Sixth Circuit, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    A mixed bag for liquidators in High Court decisions on claims of unfair preference or other voidable transactions
    2023-02-09

    Insolvency practitioners and creditors facing voidable transaction claims will need to reassess the value of any potential or threatened unfair preference claims or other voidable transaction claims, following two important insolvency decisions in the High Court yesterday (Metal Manufactures Pty Limited v Morton [2023] HCA 1 (Metal Manufactures); Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 (Badenoch).

    It held that:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Debt, Insolvency, Corporations Act 2001 (Australia)
    Authors:
    Timothy Sackar , Jennifer Ball , Cameron Belyea , Zac Chami , Brett Cook , Alistair Fleming , Paul James , Gareth Jenkins , Orla McCoy , Karen O'Flynn , Nick Poole , Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz
    An Overview of the UAE Insolvency Regime and its Effectiveness
    2016-07-25

    In these challenging economic times, some businesses are struggling to cope with financial pressures and financiers are concerned with their customers’ ability to service their financing arrangements. An effective insolvency regime is, therefore, an important element of financial system stability. The statutory insolvency regime in the United Arab Emirates (“UAE”) has often been regarded as under-developed and remains largely untested.

    Filed under:
    United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Bankruptcy, Debtor, Debt, Economy
    Authors:
    Renata Rai
    Location:
    United Arab Emirates
    Firm:
    Al Tamimi & Company
    Dubai World restructuring subject to special purpose government decree
    2009-12-23

    Dubai's announcement on 25 November 2009 that it would seek a standstill (the "Standstill Announcement") on the debt of Dubai World, a Government of Dubai holding company, whose principal business activities include the master developers Nakheel and Limitless, port operator DP World, and investment house Istithmar, caused a considerable impact across world markets and widespread comment amongst the world media.

    Following the Standstill Announcement a number of significant events and further announcements have taken place, principal amongst these have been:

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Bracewell LLP, Injunction, Debt, Common law, Dubai International Financial Centre, High Court judge (England and Wales)
    Location:
    United Arab Emirates
    Firm:
    Bracewell LLP
    Set-off under the UAE Insolvency Law, May 2017
    2017-05-24

    The new United Arab Emirates (UAE) Insolvency Law (Federal Law No.9 of 2016) (Insolvency Law) was published in the UAE Gazette on 29 September 2016 and came in to force three months later on 29 December 2016. The Insolvency Law is a federal law that applies to all seven emirates comprising the UAE. The initial view from market participants is that by replacing the old insolvency law, which placed a greater emphasis on creditor protections and formal bankruptcy proceedings alongside criminal penalties, the Insolvency Law is an overdue but welcome development.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, HFW, Debt, Liquidation
    Location:
    United Arab Emirates
    Firm:
    HFW
    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
    Changes Expected to the Saudi Arabian Bankruptcy Law
    2016-07-31

    The proposed changes to the Saudi Arabian bankruptcy regime will provide the judiciary the right to obligate creditors to accept a settlement proposed by the debtor (the “new Law”).

    The Ministry of Commerce and Investment is currently in the latter stages of reforming the Kingdom’s bankruptcy laws and regulations. The new Law is intended to replace certain sections in the Commercial Court Law and the Bankruptcy Protecting Settlement Law dealing with bankruptcy.

    Filed under:
    United Arab Emirates, Banking, Insolvency & Restructuring, Al Tamimi & Company, Bankruptcy, Debtor, Debt, Mortgage loan, Liquidation, Default (finance), Commercial Court (England and Wales)
    Location:
    United Arab Emirates
    Firm:
    Al Tamimi & Company
    Insolvency in the Cayman Islands setting aside antecedent transactions
    2017-07-25

    In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company's insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.

    Voidable preferences

    Filed under:
    Cayman Islands, Insolvency & Restructuring, White Collar Crime, Loeb Smith Attorneys, Fraud, Debt, Liquidation, Liquidator (law)
    Authors:
    Gary Smith
    Location:
    Cayman Islands
    Firm:
    Loeb Smith Attorneys
    The projected insolvency law reform
    2011-05-20

    On 23 February 2011, the Federal Government (Bundeskabinett) adopted the government draft (Regierungsentwurf) of an act (Entwurf eines Gesetzes zur weiteren Erleichterung der Sanierung von Unternehmen) that proposes material changes to the German Insolvency Act (Insolvenzordnung). The government's aim is to modify the economic terms for the restructuring of distressed companies .

    Filed under:
    Germany, Insolvency & Restructuring, Public, Squire Patton Boggs, Share (finance), Shareholder, Debtor, Market liquidity, Swap (finance), Debt, Economy
    Authors:
    Dr Andreas Fillmann , Andreas Lehmann , Jörg Uhlmann
    Location:
    Germany
    Firm:
    Squire Patton Boggs

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