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    Third Circuit’s EFH Decision Is Another Blow to Senior Secured Creditors Attempting to Enforce Subordination Agreements
    2019-08-07

    Earlier this year, the United States Bankruptcy Court for the Southern District of New York issued an opinion in BOKF NA v. Wilmington Sav. Fund Soc’y FSB (In re MPM Silicones LLC), Case No. 15-2280, 2019 WL 121003 (S.D.N.Y. Jan. 4, 2019), which had significant ramifications for senior secured creditors. Much has been written about this decision, so a lengthy discussion will not be undertaken here.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor, United States bankruptcy court
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Fifth Circuit Establishes Test for Determining Administrative Claim Status for a Drilling Contractor’s Post-Rejection Damages Claims
    2019-08-05

    In a significant opinion for oil and gas industry bankruptcies, the Fifth Circuit in In re Whistler Energy II, LLC., No. 18-30940, 2019 WL 3369099 (5th Cir. July 26, 2019), issued a ruling setting forth the circumstances regarding whether an offshore drilling contractor is entitled to an administrative claim after rejection of its drilling contract.

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Applying Jevic (Part 2): How Courts Are Interpreting and Applying the Supreme Court’s Ruling on Structured Dismissals and Priority Skipping
    2019-07-31

    Back in December of 2017, the Bankruptcy Protector provided a succinct summary of all cases decided post-Jevic through November 17, 2017. In this update, we discuss the cases decided between November 17, 2017 and May 10, 2019.

    The chart below includes the case name, date, and citation; a brief description of the nature of the case; and a brief description of how the Court applied the Jevic.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor
    Authors:
    John T. Baxter , Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Poor Foresight on an Intercreditor Agreement Waterfall Provision
    2019-07-09

    The United States Court of Appeals for the Third Circuit issued an opinion in Delaware Trust Company v. Morgan Stanley Capital Group, Inc., Wilmington Trust, N.A. (In re Energy Future Holdings Corp.) on June 19, 2019, in which it addressed distributions of assets pursuant to the waterfall provision of an intercreditor agreement in a chapter 11 reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor, SCOTUS
    Authors:
    Woods Drinkwater
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Creditors Have Less Time to File Claims under Amendment to Rule 3002
    2017-11-28

    Creditors should take note that the deadline for filing a proof of claim has changed in bankruptcy cases filed under chapter 7, chapter 12 or chapter 13. As of December 1, 2017, a proof of claim ordinarily must be filed not later than 70 days after the bankruptcy case is filed if the case is voluntarily filed under one of these chapters. The change in deadlines is one of many recent changes to the Federal Rules of Bankruptcy Procedure.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Debtor
    Authors:
    Gregory M. Taube
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Highlights of 2019 Canadian Restructuring Law
    2020-01-13

    2019 was a busy year for corporate restructuring practitioners in Canada. The year saw an uptick in CCAA filings nationwide, with 38 total proceedings (up from the total of 21 filings in 2018). The Canadian restructuring landscape also some significant shake-ups, with important decisions and extensive legislative changes. The highlights are summarized below:

    BIA & CCAA Amended

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario, Court of Appeal of Alberta, Quebec Court of Appeal
    Authors:
    Alexander Steele
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    New protection for licensees of IP — BIA and CCAA amendments come into force
    2009-10-31

    At long last, amendments to the Bankruptcy and Insolvency Act (BIA) and theCompanies’ Creditors Arrangement Act (CCAA) have come into force, providing licensees of intellectual property (IP) with some additional level of protection.

    Filed under:
    Canada, Insolvency & Restructuring, Intellectual Property, McCarthy Tétrault LLP, Confidentiality, Royalty payment, Bankruptcy, Debtor
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Insolvency Amendments Now in Force Under the BIA and CCAA
    2019-11-01

    Extensive amendments to the Bankruptcy and Insolvency Act (“BIA”) and Companies’ Creditors Arrangement Act (“CCAA”) coming into force on November 1, 2019 through Bill C-97 will have a significant effect on certain aspects of insolvency proceedings commenced after that date. The wide-ranging revisions to both the BIA and CCAA will likely foster changes to the currently existing insolvency and restructuring practice in Canada.

    Bill C-97 Overview

    Bill C-97 amends both the BIA and CCAA to:

    Filed under:
    Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Debtor
    Authors:
    Walker W. MacLeod , Nathan Stewart
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Do you have to sell to an insolvent purchaser?
    2008-06-30

    Given the state of the economy, it will not be a rare occurrence in the short term for a supplier to receive a request to sell and deliver further goods to a purchaser who has filed proceedings under the Companies Creditors Arrangement Act (CCAA) or Chapter 11 of the United States Bankruptcy Code — and who is already indebted for unpaid pre-filing sales.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Injunction, Debt, Supply chain, Precondition, Default (finance), United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    McCarthy Tétrault LLP
    Post-filing suppliers do not implicitly benefit from any priority on the proceeds of sales of assets in CCAA proceedings
    2019-09-03

    The Québec Court of Appeal confirmed that unpaid post-filing suppliers, which had neither sought a court-ordered charge to secure their post-filing claims nor availed themselves of their right to stop supplying goods or services to the debtor, cannot claim an implicit priority on the proceeds of sales of assets in proceedings under the Companies’ Creditors Arrangement Act proceedings.

    Background: going-concern sales of optometry clinics

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Companies' Creditors Arrangement Act 1933 (Canada)
    Authors:
    Gabriel Faure , Alain N. Tardif , Noah Zucker
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP

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