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    Variety is the spice of life: recent cases at the Jersey Royal Court
    2018-07-11

    The Royal Court in Jersey has a varied and challenging workload. The cases that have come before it this quarter certainly live up to that description. Here we discuss just a handful of cases that the Royal Court has determined, that, whilst in some respects are unremarkable, in other respects serve to illustrate the breadth of the experience that the Royal Court judiciary possesses.

    Representation of Private Equity Fund Finance Limited [2018] JRC 194

    Filed under:
    Jersey, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Bankruptcy, Private equity, Limited partnership, Comity, Election, Construction contracts, Trustee
    Authors:
    Imogen Thomas
    Location:
    Jersey
    Firm:
    Ogier
    Collective redundancy – representative claims
    2011-09-05

    Independent Insurance Co Limited (In Provisional Liquidation) v Aspinall and another UKEAT/0051/11

    Independent Insurance Company - IIC- went into provisional liquidation in June 2001.  Half of its employees were made redundant including Mr Aspinall and Mrs O’Callaghan.  They issued proceedings claiming a protective award when IIC failed to comply with its collective consultation obligations, consult with employee representatives or arrange for necessary elections.   

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Steptoe LLP, Employment tribunal, Public consultations, Trade union, Liquidation, Unfair dismissal, Election, US House of Representatives, Employment Appeal Tribunal
    Location:
    United Kingdom
    Firm:
    Steptoe LLP
    Claim resolution agreement, segregated assets, U.K. high court rulings
    2009-12-17

    As previously described in our Alert of Oct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Conflict of laws, Unsecured debt, Debt, Liquidation, Election, Pro rata, Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    Lawrence V. Gelber , Craig Stein , Christopher Hilditch , Ron Feldman
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Supreme Court to Decide Whether Debtors Can Terminate a Licensee’s Rights to Trademarks under License Agreements
    2018-11-19

    The United States Supreme Court has agreed to address “[w]hether, under §365 of the Bankruptcy Code, a debtor-licensor’s ‘rejection’ of a license agreement—which ‘constitutes a breach of such contract,’ 11 U.S.C. §365(g)—terminates rights of the licensee that would survive the licensor’s breach under applicable nonbankruptcy law.” The appeal arises from a First Circuit decision, Mission Prod. Holdings, Inc. v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Mintz, Bankruptcy, Debtor, Limited liability company, Election, Supreme Court of the United States, Federal Circuit
    Authors:
    Timothy J. McKeon
    Location:
    USA
    Firm:
    Mintz
    Time is running out to defer income recognition from debt-equity exchanges
    2010-05-11

    Restructures of financially distressed firms often involve debt-equity exchanges. The concept is straightforward: the company issues equity to its lenders in exchange for their cancellation of some of the company’s debt. The company’s debt burden and interest payment expenses are reduced and its balance sheet is strengthened.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Stoel Rives LLP, Debtor, Security (finance), Interest, Limited liability company, Debt, Liquidation, Balance sheet, Election, Distressed securities, Internal Revenue Code (USA)
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Bankruptcy court validates right of holder to elect Chapter 7 trustee
    2012-08-13

    In a recent contested matter in the case Home Valley Bancorp., Inc., Case No.

    Filed under:
    USA, Oregon, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bankruptcy, Interest, Election, Title 11 of the US Code, Trustee
    Authors:
    Leah M. Eisenberg , Jeffrey N. Rothleder , Andrew I. Silfen
    Location:
    USA
    Firm:
    ArentFox Schiff
    Cancellation of debt income realized by pass-through entities: some basic considerations
    2009-07-06

    As a general rule, a debtor realizes taxable income upon the partial or total cancellation of its debt. Special rules may apply, however, when the debtor is a “pass-through” entity—e.g., a partnership, a limited liability company (LLC) that is treated as a partnership for United States federal income tax purposes or a subchapter S corporation. Cancellation of debt (COD) income realized by a pass-through entity generally passes through to the entity’s owners, with each owner being required to report its allocable share of such income on its own income tax return.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Seyfarth Shaw LLP, Share (finance), Bankruptcy, Debtor, Interest, Taxable income, Limited liability company, Debt, Liability (financial accounting), Fair market value, Tax return (USA), C corporation, S corporation, Election
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    CIT announces reorganization plan solicitation results
    2009-11-20

    CIT Group Inc.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Debt, Voting, Solicitation, Election, Brokerage firm
    Authors:
    Andrea L. Parisi
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Variety is the spice of life: recent cases at the Jersey Royal Court
    2018-07-11

    The Royal Court in Jersey has a varied and challenging workload. The cases that have come before it this quarter certainly live up to that description. Here we discuss just a handful of cases that the Royal Court has determined, that, whilst in some respects are unremarkable, in other respects serve to illustrate the breadth of the experience that the Royal Court judiciary possesses.

    Representation of Private Equity Fund Finance Limited [2018] JRC 194

    Filed under:
    Jersey, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Bankruptcy, Private equity, Limited partnership, Comity, Election, Construction contracts, Trustee
    Location:
    Jersey
    Firm:
    Ogier
    Supreme Court to Decide Whether Debtors Can Terminate a Licensee’s Rights to Trademarks under License Agreements
    2018-11-19

    The United States Supreme Court has agreed to address “[w]hether, under §365 of the Bankruptcy Code, a debtor-licensor’s ‘rejection’ of a license agreement—which ‘constitutes a breach of such contract,’ 11 U.S.C. §365(g)—terminates rights of the licensee that would survive the licensor’s breach under applicable nonbankruptcy law.” The appeal arises from a First Circuit decision, Mission Prod. Holdings, Inc. v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Mintz, Bankruptcy, Debtor, Limited liability company, Election, SCOTUS, Federal Circuit
    Authors:
    Timothy J. McKeon
    Location:
    USA
    Firm:
    Mintz

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