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    Creditor revives $110 million claim against a released guarantor
    2008-01-24

    Creditors often compromise disputed claims against debtors and their guarantors. In connection with the settlement of claims against a debtor and its guarantor, the creditor may give the debtor and the guarantor written releases from further liability in exchange for a settlement payment. But what if the creditor later surrenders a portion of the payment in settlement of a preference recovery action? Can the creditor revive the guarantee notwithstanding the release?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Surety, Debtor, National Insurance, Consideration, Liability (financial accounting), Remand (court procedure), Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    White & Case LLP
    Date of new insolvency law
    2007-04-13

    In the September, 2006 issue of Insolvency Notes, the effect of the overhaul of the bankruptcy laws in the Czech Republic was discussed. As was the case at that time, the new insolvency laws were to become effective July 1, 2007. It now appears that the effective date will be delayed. The lower house of Czech Parliament gave fast-track approval recently to a bill for delaying implementation of the new bankruptcy act by six months, to January 1, 2008. Senate and presidential approval is still needed.

    Filed under:
    Czech Republic, Insolvency & Restructuring, White & Case LLP, Bankruptcy, Debtor, Data, Trustee
    Location:
    Czech Republic
    Firm:
    White & Case LLP
    The new German laws governing the restructuring of companies
    2012-03-06

    German Insolvency Law – a Leap Forward

    Creditors have often complained that German insolvency law does not give them sufficient influence in insolvency proceedings. On 1 March 2012 new amendments to the German bankruptcy code came into force which go some way towards ameliorating this concern and make a host of changes which should improve German insolvency law to facilitate an insolvency culture which facilitates reorganisation rather than liquidation of assets.  

    Filed under:
    Germany, Insolvency & Restructuring, White & Case LLP, Shareholder, Debtor, Liquidation
    Authors:
    Leïla M. Röder , Dr. Tom Oliver Schorling , Stephen Phillips
    Location:
    Germany
    Firm:
    White & Case LLP
    Hitting the brakes on legislative interference with the property rights of automakers’ secured creditors
    2009-01-30

    The recent financial crisis has resulted in events that once seemed impossible. Recently, in the federal government’s attempts to bail out the auto industry, an event unprecedented in American history almost occurred: the forced subordination of existing secured debt to new loans issued by the federal government. If the government were to revive this concept in future bailouts and attempt to subordinate the liens of secured creditors, a suit challenging the constitutionality of such action would have a good chance of success.

    The Potential For Forced Subordination

    Filed under:
    USA, Insolvency & Restructuring, White & Case LLP, Bankruptcy, Debtor, Market liquidity, Debt, Bailout, Liquidation, Troubled Asset Relief Program, Secured loan, US Federal Government, US House of Representatives
    Location:
    USA
    Firm:
    White & Case LLP
    Prepetition unsecured creditor defeats objection to claim for post-petition attorneys' fees
    2008-01-24

    In Travelers Casualty & Surety Co. of America v. Pacific Gas & Electric Company, the Supreme Court held that federal bankruptcy law does not automatically disallow claims for post-petition attorneys' fees incurred by a prepetition unsecured creditor simply because such fees are incurred in litigating issues arising under the Bankruptcy Code. The Court, however, left open the issue whether such claims may be disallowed on the basis that the attorneys' fees were incurred post-petition.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Surety, Debtor, Unsecured debt, Remand (court procedure), Unsecured creditor, SCOTUS, Ninth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Eurotunnel succesfully reorganizes under French insolvency law
    2007-04-13

    In July 2006, after a long and unsuccessful attempt to reach an out-of-court restructuring of the indebtedness of the Eurotunnel group of companies, the managers of the Eurotunnel group requested the opening of main insolvency proceedings for all the companies in France.

    Filed under:
    France, Insolvency & Restructuring, White & Case LLP, Legal personality, Surety, Debtor, Debt, Mediation, Annual report, Subsidiary, Parent company
    Location:
    France
    Firm:
    White & Case LLP
    The new German laws governing the restructuring of companies - it's time for change!
    2011-06-06

    On the bill of the Federal German Government for an Act Serving the Further Facilitation of the Reorganization of Enterprises (ESUG)

    Filed under:
    Germany, Insolvency & Restructuring, White & Case LLP, Legal personality, Shareholder, Debtor, Unsecured debt, Balance sheet, Commercial law, Debtor in possession
    Authors:
    Leïla M. Röder , Dr. Tom Oliver Schorling , Dr. Sven-Holger Undritz
    Location:
    Germany
    Firm:
    White & Case LLP
    Seventh Circuit upholds narrow application of equitable subordination doctrine
    2009-01-15

    A recent decision of the Court of Appeals for the Seventh Circuit appears to have further raised the hurdle to equitably subordinate claims. Continuing what appears to be a move toward a narrower interpretation of equitable subordination, the Seventh Circuit held that misconduct alone does not provide sufficient justification to equitably subordinate a claim; injury to the interests of other creditors is required as well.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Punitive damages, Bankruptcy, Shareholder, Debtor, Unsecured debt, Mortgage loan, Foreclosure, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    White & Case LLP
    When may a bankruptcy court enjoin proceedings against a non-debtor?
    2007-11-14

    A company attempting to reorganize its affairs in bankruptcy may seek to enjoin its creditors or other third parties from suing members of the company's senior management team during the course of the reorganization proceedings, so that the senior management members can devote their time and resources to the reorganization effort without distraction. Courts throughout the country have applied differing standards in determining when the granting of an injunction of proceedings against a non-debtor is appropriate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Shareholder, Debtor, Injunction, Breach of contract, Arbitration clause, Preliminary injunction, Remand (court procedure), Ninth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    State court may not prohibit receivership defendant from filing for bankruptcy
    2007-02-28

    In re Corporateand Leisure Event Productions, Inc.,1 the Bankruptcy Court for the District of Arizona held that a state court lacks the power to enter an order in a receivership proceeding preventing the receivership defendant from filing a petition in bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Shareholder, Debtor, Injunction, Fraud, Bright-line rule, Common law, Exclusive jurisdiction, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP

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