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    High Court decision of McInerney Homes Limited
    2011-02-28

    Overview

    In the recent High Court decision of McInerney Homes Limited, the court has ruled for the first time that proposals for a scheme of arrangement (the “Scheme”) entailing payment to a secured creditor of a written down sum in full satisfaction of its debt, could be approved. However, on the facts of the case the court held that the objecting secured creditors would be unfairly prejudiced if they were required to accept the sum proposed to be paid, and, accordingly, refused to approve the Scheme.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Matheson LLP, Dividends, Debt, Liability (financial accounting), Liquidation, Investment funds, Public limited company, Secured creditor, Prejudice
    Authors:
    Julie Murphy O'Connor , Tony O'Grady , Niamh Counihan
    Location:
    Ireland
    Firm:
    Matheson LLP
    Insolvent tenants: examining the options
    2011-03-09

    The continuing harsh economic conditions see more and more businesses going into examinership. Examinership has serious implications for landlords.

    Filed under:
    Ireland, Insolvency & Restructuring, Real Estate, LK Shields, Market capitalisation, Surety, Unsecured debt, Dividends, Landlord, Leasehold estate, Covenant (law), Debt, Right to property
    Authors:
    Jill Callanan
    Location:
    Ireland
    Firm:
    LK Shields
    Interests of secured creditors unaffected by recent case
    2009-02-02

    In the matter of Birchport Limited (under the protection of the Court) and in the matter of the Companies (Amendment) Act, 1990

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Matheson LLP, Unsecured debt, Dividends, Leasehold estate, Interest, Debt, Liquidation, Default (finance), Secured creditor, Prejudice, Market value, Secured loan
    Location:
    Ireland
    Firm:
    Matheson LLP
    Restructuring in Italy
    2010-10-05

    Traditionally in Italy the financial distress of a corporation was treated in a very strict way through proceedings aimed at the dissolution of the company, the sale of its assets and the replace of the directors with commissioners appointed by Public Bodies.

    Indeed, should the enterprise become insolvent (i.e. not able to regularly pay its debts), it was unavoidably destined to be declared under bankruptcy or be put into extraordinary administration, a special form of insolvency procedure dedicated to the largest companies and aimed at preserving the workforce.

    Filed under:
    Italy, Insolvency & Restructuring, Portolano Cavallo Studio Legale, Bankruptcy, Dividends, Waiver, Accounts receivable, Debt, Capital punishment
    Authors:
    Manuela Cavallo , Pietro Masi
    Location:
    Italy
    Firm:
    Portolano Cavallo Studio Legale
    Restructuring under Italian law
    2010-05-26

    Traditionally in Italy the financial distress of a corporation was treated in a very strict way through proceedings aimed at the dissolution of the company, the sale of its assets and the replace of the directors with commissioners appointed by Public Bodies. Indeed, should the enterprise become insolvent (i.e. not able to regularly pay its debts), it was unavoidably destined to be declared under bankruptcy or be put into extraordinary administration, a special form of insolvency procedure dedicated to the largest companies and aimed at preserving the workforce.

    Filed under:
    Italy, Insolvency & Restructuring, Portolano Cavallo Studio Legale, Contractual term, Bankruptcy, Dividends, Waiver, Accounts receivable, Debt, Welfare
    Authors:
    Manuela Cavallo , Pietro Masi
    Location:
    Italy
    Firm:
    Portolano Cavallo Studio Legale
    Jersey corporate insolvency: the two regimes
    2011-05-10

    Introduction

    There are two principal regimes for corporate insolvency in Jersey: désastre and winding-up. This Briefing seeks to highlight the major features of each and some of the differences between the two.  

    Désastre

    The law of désastre arose out of the common law of Jersey, although since 1991 the common law has only applied to the extent that express provision is not made in the Bankruptcy (Désastre) (Jersey) Law 1990 (the "Désastre Law").

    Who may commence the process?

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Bedell Cristin, Debtor, Dividends, Debt, Ex parte, Liquidation, Balance sheet, Common law, Cashflow, Dissolution (law)
    Authors:
    Anthony Dessain , Robert Gardner
    Location:
    Jersey
    Firm:
    Bedell Cristin
    Corporate restructuring and employee benefit trusts
    2009-11-30

    In the current economic environment, there are a number of entities that are being restructured. Our current experience has been that such restructurings fall into two areas, namely a debt for equity swap or a release of “toxic” assets from a group structure in order to minimise exposure to this asset class.

    Debt for Equity Swap

    Filed under:
    Jersey, Employee Benefits & Pensions, Insolvency & Restructuring, Ogier, Share (finance), Shareholder, Debtor, Employee stock ownership plan, Dividends, Interest, Option (finance), Debt, Initial public offerings, Balance sheet, Preferred stock, Consolidation (business)
    Location:
    Jersey
    Firm:
    Ogier
    Things to take into account as a secured creditor when dealing with a company in financial distress
    2009-05-20

    In cross border financing transactions, a secured creditor should be aware of Dutch law specifics when dealing with a Dutch obligor in financial distress. Below is a highlighted list of specifics for a secured creditor planning to foreclose on its security or when seeking to improve its security position.

    Improving security position

    Existing Dutch security documents typically provide for possibilities for improving the position of a secured creditor in case of an event of default.

    Getting a tighter grip on collateral

    Filed under:
    Netherlands, Insolvency & Restructuring, NautaDutilh, Share (finance), Bankruptcy, Legal personality, Shareholder, Debtor, Collateral (finance), Dividends, Accounts receivable, Board of directors, Debt, Foreclosure, Default (finance), Secured creditor, Articles of association, Annual general meeting, Internal Revenue Code (USA)
    Location:
    Netherlands
    Firm:
    NautaDutilh
    Forgiveness of distressed debt in Europe
    2009-03-31

    Tax treatment in the hands of the creditor

    Filed under:
    Netherlands, Insolvency & Restructuring, Tax, Bird & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Dividends, Waiver, Accounts receivable, Taxable income, Debt, Tax deduction, Holding company, Distressed securities
    Authors:
    Arnoud Knijnenburg , Pieter Camps
    Location:
    Netherlands
    Firm:
    Bird & Bird LLP
    Newsletter - Restructuring - February 2015 - Supreme Court ruling of July 24, 2014, No. 428/2014: insolvency rescission of the remuneration of the managing directors and the dividends
    2015-02-06

    The Supreme Court confirmed the lower-court judgments that had rescinded the payments made to the managing director through remuneration, as the bylaw requisite to create the right to receive it had not been met, as well as payments made to shareholders through dividends, differentiating between the resolution of the meeting to distribute dividends and the payment of these dividends.

    Filed under:
    Spain, Company & Commercial, Insolvency & Restructuring, Litigation, Cuatrecasas, Dividends
    Location:
    Spain
    Firm:
    Cuatrecasas

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