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    Spanish Corporate-Real Estate Legal Update nº 31. July 2016: The Supreme Court Rates a Credit as Subordinated Because the Creditor Is a Company Belonging to the Insolvent Company’s Group
    2016-07-06

    Judgment of the Supreme Court, Chamber One, Number 134/2016, 04 March

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Legal personality, Shareholder, Credit (finance), Debtor, Consideration, Debt, Mortgage-backed security, SCOTUS, Court of cassation
    Authors:
    Ramón Castilla
    Location:
    Spain
    Firm:
    Squire Patton Boggs
    The Pensions Regulator’s moral hazard powers may enjoy super-priority in insolvency
    2011-01-18

    The much awaited court decision on the status of Financial Support Directions (“FSDs”) and Contribution Notices (“CNs”) * issued by the Pensions Regulator against target companies after the commencement of English insolvency processes in respect of such targets was handed down by the court on Friday 10 December 2010. The reluctant decision of Mr Justice Briggs that FSDs and CNs in these circumstances were not provable debts but ranked as expenses of the insolvency process, taking precedence ahead of unsecured creditors, has caused dismay in the restructuring community.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Unsecured debt, Debt, Liability (financial accounting), Liquidation, Disability, Defined benefit pension plan, Insolvency Act 1986 (UK), Pensions Act 2004 (UK), Pensions Act 1995 (UK), The Pensions Regulator, Lehman Brothers
    Authors:
    Cathryn Williams , Andrew J. Knight
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Tribunals Courts and Enforcement Act 2007
    2007-12-21

    This Act received Royal Assent in July 2007 but no date for implementation has been published yet.

    In addition to the provisions contained in this Act aimed at improving the working of the tribunals system and increasing judicial diversity, are several sections that will be of interest to financiers and insolvency professionals: 

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Debtor, Breach of contract, Landlord, Leasehold estate, Interest, Debt, Mortgage loan, Writ, Common law, Capital punishment
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Supreme Court Deals a Blow to Debtors by Adopting an Expansive View of “Actual Fraud”
    2016-05-23

    Last week, the U.S. Supreme Court in Husky International Electronics, Inc. v. Ritz held a chapter 7 debtor accountable for “actual fraud” despite the absence of a specific fraudulent misrepresentation. The Court’s expansive reading of section 523(a)(2)(A) of the Bankruptcy Code gives creditors a new weapon in their fight to attack the discharge of their debts.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Debtor, Fraud, Debt, Bankruptcy discharge, Title 11 of the US Code
    Authors:
    Peter R. Morrison
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Second Circuit designation ruling serves wake-up call to strategic bankruptcy investors
    2010-12-15

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Interest, Federal Reporter, Debt, Maturity (finance), Good faith, Bad faith, Line of credit, Secured loan, Title 11 of the US Code, Dish Network, Second Circuit, United States bankruptcy court, Third Circuit, US District Court for SDNY
    Authors:
    Peter A. Zisser , Sandra E. Mayerson
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Directors of ‘phoenix’ companies – new insolvency rule 4.228
    2007-07-18

    At the end of 2006 a decision of the Court of Appeal in Churchill v First Independent Factors and Finance Limited (Churchill) caused consternation among those involved in the management of insolvent companies who are also involved in the management of the company that acquires the whole or a substantial part of the insolvent business.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Regulatory compliance, Board of directors, Debt, Liquidation, Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Promociones Habitat, S.A. agrees to reschedule its debts
    2016-04-05

    Promociones Habitat SA, the Spanish residential homebuilder, has completed a €1.45 billion restructuring which was the first refinancing of an existing composition agreement using Spain’s new company rescue laws.

    In 2008 Promociones Habitat SA (Habitat)applied for voluntary bankruptcy with accumulated liabilities of 2,840 million euros. Two years later, in 2010, Mercantile Court no. 3 of Barcelona approved the composition agreement with more than 80% adhering to the proposal.

    Filed under:
    Spain, Insolvency & Restructuring, Squire Patton Boggs, Debt
    Authors:
    Cristina Fernandez
    Location:
    Spain
    Firm:
    Squire Patton Boggs
    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
    Expenses in administration: rates
    2007-07-18

    Re Trident Fashions PLC: Exeter City Council v Bairstow [2007] EWHC 400 (Ch)

    In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Tax exemption, Retail, Debt, Liability (financial accounting), Liquidation, Public limited company, Liquidator (law), Enterprise Act 2002 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    The UAEs New “Mini-Insolvency Law”
    2016-04-04

    On 29 March 2016, Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), announced a new “rescue initiative” in relation to SME debt in the United Arab Emirates, under which UBF member banks might impose a 90-day “standstill” on use of judicial means to enforce the payment of SME debts.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Squire Patton Boggs, Debt
    Authors:
    Douglas G. Smith
    Location:
    United Arab Emirates
    Firm:
    Squire Patton Boggs

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