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    United States: D&O Insurance Policies - a cautionary tale: the Peril of Prior Act Exclusion
    2017-07-07

    Directors and officers (D&Os) of troubled companies should be highly sensitive to D&O insurance policies with Prior Act Exclusion. While policies with such exclusion may be cheaper, a recent decision by the U.S. Court of Appeal for the Eleventh Circuit raises the spectre that a court may hold a loss to have more than a coincidental causal connection with the officer’s conduct pre-policy period and make the (cheaper) coverage worthless.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Dechert LLP, Eleventh Circuit
    Authors:
    Shmuel Vasser
    Location:
    USA
    Firm:
    Dechert LLP
    Purchasers of NJ Tax Sale Certificates - What You Include in Your Proof of Claim Can Cause a Loss of Your Claim and Lien
    2016-11-02

    In Princeton Office Park, the U.S. Court of Appeals for the Third Circuit affirmed the bankruptcy and district court rulings that the purchaser of a NJ tax sale certificate forfeited its claim and lien because it included the premium it paid to the State when it purchased the tax certificate.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Tax, Dechert LLP
    Location:
    USA
    Firm:
    Dechert LLP
    Recent Developments in Acquisition Finance
    2016-01-12

    Two recent court decisions may result in a broadening of the range of options available to an equity sponsor in respect of an insolvent portfolio company. The first decision may provide increased flexibility in structuring asset sales in certain chapter 11 settings, by utilizing escrows and other techniques to potentially avoid the need to apply asset-sale proceeds strictly in accordance with creditor priorities under the U.S. Bankruptcy Code.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Dechert LLP, Conflict of interest, Unsecured debt, Fiduciary, Title 11 of the US Code, Delaware General Corporation Law
    Authors:
    Jeffrey M. Katz , Scott M. Zimmerman
    Location:
    USA
    Firm:
    Dechert LLP
    Recent developments in acquisition finance
    2014-03-03

    Several recent legal developments will likely impact acquisition finance.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Dechert LLP, Secured loan, Federal Communications Commission (USA), Dish Network, United States bankruptcy court
    Authors:
    Jeffrey M. Katz , Scott M. Zimmerman
    Location:
    USA
    Firm:
    Dechert LLP
    First investment firm to enter the new special administration regime
    2011-11-18

    On 31 October 2011, MF Global UK Limited, an insolvent investment broker, became the first investment firm to enter the special administration regime (the “SAR”) created by the Investment Bank Special Administration Regulations 2011 (SI 2011/245).

    The SAR was adopted in February 2011 following the collapse of Lehman Brothers and has the advantage over ordinary corporate administration in that it sets special objectives for the administrator and this is the first time the SAR has been used. The SAR sets three objectives for a special administrator:

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dechert LLP, Investment company
    Location:
    United Kingdom
    Firm:
    Dechert LLP
    Pennsylvania Supreme Court limits the applicability of the in pari delicto defense
    2010-07-14

    In pari delicto is a common law defense against liability in circumstances where the culpability of the plaintiff is at least as great as the culpability of the defendant. The Supreme Court of Pennsylvania clarified Pennsylvania law on this on February 16, 2010, in Official Comm. Of Unsecured Creditors of Allegheny Health, Educ. & Research Found. v.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Dechert LLP, Breach of contract, Fraud, Fiduciary, Federal Reporter, Common law, Collusion, Second Circuit, Pennsylvania Supreme Court, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Dechert LLP
    Caffè Nero: High Court Rejects CVA Challenge
    2021-10-01

    On 29 September 2021, the English High Court rejected a challenge in respect of Caff Nero's company voluntary arrangement ("CVA"), brought by a landlord on the grounds of material irregularity and unfair prejudice. The single disgruntled landlord, with the backing of the EG Group ("EG") (who were interested in acquiring Caff Nero), argued that the directors of the company and the CVA nominees breached their respective duties in refusing to adjourn or postpone the electronic voting process to vote on the CVA, after EG had submitted an eleventh-hour offer for Caff Nero.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dechert LLP, Coronavirus, Company voluntary arrangement
    Authors:
    Adam Plainer , Kay Morley , Solomon J. Noh , Alastair Goldrein , Tayyibah Arif
    Location:
    United Kingdom
    Firm:
    Dechert LLP
    "Bankruptcy Remote" Special Purpose Entities in Commercial Mortgage Lending: Characteristics, Enforcement and Limitations
    2020-10-15

    Part I -- Introduction

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Real Estate, Dechert LLP, Corporate governance, Coronavirus
    Location:
    USA
    Firm:
    Dechert LLP
    Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled Enterprises
    2020-04-30

    In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC Insolvency Law (Law No.1 of 2019) (the “DIFC Insolvency Law”).

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Dechert LLP, Private equity, Coronavirus
    Location:
    United Arab Emirates
    Firm:
    Dechert LLP
    Fourth Circuit Allows Unsecured Claim for Post-Petition Legal Fees
    2019-04-25

    It is a well-established principle of bankruptcy law that claims generally crystallize as of the bankruptcy petition date. Of course, section 506(b) of the bankruptcy code allows over-secured, secured creditors to recover post-petition interest and costs, including reasonable legal fees, if their documentation provides them with the right to recover these costs. But what about unsecured creditors – are post-petition legal fees incurred by an unsecured creditor whose contract with the debtor provides for reimbursement of legal fees allowed or not?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Shmuel Vasser , Stephen Wolpert
    Location:
    USA
    Firm:
    Dechert LLP

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