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    Transferring Personally Identifiable Information in Bankruptcy M&A - Part 3
    2021-06-22

    With data privacy issues constantly in the news, what do businesses need to know about handling personal information when they’re considering bankruptcy, especially if some personal information – like customer records – may be a valuable asset?

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Litigation, Weil Gotshal & Manges LLP, Due diligence
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    The Aftermath of a Complicated Breakup: Third Circuit Holds Stalking Horse Bidder in Terminated Transaction May Assert Potential Administrative Expense Claim Notwithstanding Disallowance of Its Termination Fee
    2021-04-09

    Executive Summary

    On March 15, 2021, the Third Circuit Court of Appeals (the “Third Circuit”) held that a stalking horse bidder may assert an administrative expense claim pursuant to section 503(b)(1)(A) of the Bankruptcy Code for costs incurred in attempting to close on an unsuccessful transaction, even when the stalking horse bidder is not entitled to a breakup or termination fee.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Due diligence
    Authors:
    Ronit J. Berkovich
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Officers of Selling Companies May Escape Fiduciary Duty Liability But May Be Required to Return Change of Control Payments if Company is Insolvent Post-Closing (Nine West Part 2)
    2021-01-29

    While there has been much fuss over the recent ruling by the United States District Court for the Southern District of New York in In re Nine West LBO Securities Litigation1 due to its potential ramifications for director liability, as we explored in Part I of our series on this case here, court watchers have paid less attention to the court’s treatment of officer liability and the interes

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Private equity, Due diligence
    Authors:
    Ronit J. Berkovich , Teddy Cohan
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Warning to Directors of Selling Companies: Breach of Fiduciary Duty Liability May Exist for Failure to Investigate and Ensure Solvency of Company Post-Closing and Propriety and Effect of All Related Transactions (But You Can Protect Yourself)
    2020-12-18

    A recent ruling from the United States District Court for the Southern District of New York sent shock waves through the legal and financial community, with some shouting that this “could be a gamestopper for the private equity business.”1 Although the ruling in In re Nine West LBO Securities Litigation2 breaks new ground and arguably narrows the protections available to directors under the normally-broad business judgment rule, there are clear lessons others can take from this saga to prevent a similar fate.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Private equity, Due diligence
    Authors:
    Ronit J. Berkovich , Teddy Cohan
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Keep Your Fights Out of Bankruptcy Court: Bad Faith Involuntary Petitions
    2016-06-09

    Creditors seeking to file an involuntary petition against a debtor may want to consider doing their due diligence before using it as a tool in their ongoing disputes with a debtor.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Due diligence, Bad faith, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Daniel Gwen
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Officer pleads not guilty in the first prosecution of an officer under Work Health and Safety Laws in the Australian Capital Territory
    2014-06-11

    Introduction

    On Tuesday 10 June 2014 in the Australian Capital Territory Industrial Magistrates Court, an early mention in the Kenoss Contractors case was heard.  This case includes a prosecution of both an organisation for allegedly failing to meet the primary health and safety duty and an officer for allegedly failing to exercise due diligence under the Work Health and Safety Act 2011 (ACT) which commenced on 1 January 2012.  This case is ostensibly the first prosecution of an officer under the new harmonised WHS laws.

    Filed under:
    Australia, Australian Capital Territory, Employment & Labor, Insolvency & Restructuring, Norton Rose Fulbright, Due diligence, Corporations Act 2001 (Australia)
    Authors:
    Alena Titterton
    Location:
    Australia
    Firm:
    Norton Rose Fulbright
    Insolvency in property
    2009-10-02

    The property industry has seen a dramatic decline in capital values over the last two years with peak to trough falls of approximately 44 per cent compared to a peak to trough decline of approximately 27 per cent during the recession of the early 1990s. This, together with the effect of the challenging economic climate, has led to a number of high profile insolvencies of property owners, developers and occupiers. Given the uncertain economic outlook, it is likely that these trends will continue.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Norton Rose Fulbright, Landlord, Leasehold estate, Covenant (law), Economy, Due diligence
    Location:
    United Kingdom
    Firm:
    Norton Rose Fulbright
    The Asian perspective - buying corporate assets from distressed sellers - bargains to be had or damaged goods?
    2008-12-12

    Introduction  

    Current turbulent times and the onset of recession are likely to result in an increase in the number of distressed sales and ultimately insolvencies. For those who are fortunate to be in the market as buyers, there may be considerable opportunities but equally there are significant traps for the unwary. This briefing examines some of the key issues which should be considered by prospective buyers of businesses in financial difficulties which are not in formal insolvency proceedings.  

    Filed under:
    Asia-Pacific, Insolvency & Restructuring, Norton Rose Fulbright, Share (finance), Leasehold estate, Liability (financial accounting), Due diligence, Warranty, Capital requirement, Title retention clause
    Location:
    Asia-Pacific
    Firm:
    Norton Rose Fulbright
    Officer pleads not guilty in the first prosecution of an officer under Work Health and Safety Laws in the Australian Capital Territory
    2014-06-11

    Introduction

    On Tuesday 10 June 2014 in the Australian Capital Territory Industrial Magistrates Court, an early mention in the Kenoss Contractors case was heard.  This case includes a prosecution of both an organisation for allegedly failing to meet the primary health and safety duty and an officer for allegedly failing to exercise due diligence under the Work Health and Safety Act 2011 (ACT) which commenced on 1 January 2012.  This case is ostensibly the first prosecution of an officer under the new harmonised WHS laws.

    Filed under:
    Australia, Employment & Labor, Insolvency & Restructuring, Norton Rose Fulbright, Due diligence, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Norton Rose Fulbright
    Buying an insolvent business
    2011-04-05

    Everyone loves a bargain – accordingly, there is a lot of interest when liquidators and other insolvency practitioners put a business up for sale. Purchasers jostle like shoppers in the Myer stocktake sale, trying to position themselves as the perfect purchaser. At the same time they try to convey their concern about the value of the business or assets – everyone expects a discount for a distressed business.

    Filed under:
    Australia, Corporate Finance/M&A, Insolvency & Restructuring, Norton Rose Fulbright, Landlord, Interest, Supply chain, Due diligence, Liquidator (law), Valuation (finance)
    Location:
    Australia
    Firm:
    Norton Rose Fulbright

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