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Funds Insider | Issue 8
2023-03-30

As the economic headwinds indicate that borrowers will continue to face financial pressures in 2023 and beyond, lenders are seeking ways to exercise more leverage as “covenant-lite” facilities prevail. Material adverse change clauses in finance documents UK and US perspective By Olga Galazoula, Jacques McChesney and Charlotte Harvey 4 FUNDS INSIDER FUNDS INSIDER 5 The event relied upon by the lender to enforce this clause was the making of an arbitration award that could potentially result in significant damages being awarded against the borrower.

Filed under:
Luxembourg, United Kingdom, USA, Capital Markets, Company & Commercial, Corporate Finance/M&A, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Libor, Private equity, Climate change, Supply chain, Mediation, Due diligence, Carbon neutrality, Euribor, ESG, Anti-money laundering, COP26, Economic Crime (Transparency and Enforcement) Act 2022 (UK), House of Lords
Location:
Luxembourg, United Kingdom, USA
View Original Article
Mining in the Courts, Vol. XIII
2023-03-23

La 13e édition annuelle de la publication Mining in the Courts fournit une mise à jour complète sur les développements juridiques concernant le secteur minier (disponible en anglais seulement). Cette publication comprend un résumé sur bon nombre des causes les plus importantes, ainsi que des articles offrant un aperçu sur les tendances juridiques actuelles et les défis auxquels l’industrie devra faire face au cours de la prochaine année.

Voici certains des sujets qui y sont abordés :

Filed under:
Canada, Global, Arbitration & ADR, Environment & Climate Change, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Location:
Canada, Global
Firm:
McCarthy Tétrault LLP
View Original Article
Disclaiming property and contaminated land - increased risks for insolvency practitioners
2023-03-13

Liquidators accepting a new appointment will have to think carefully if there's a possibility of disclaiming onerous property as part of that appointment.

Filed under:
Australia, Victoria, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Due diligence, Insolvency, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia), Australian Securities and Investments Commission, Victoria Supreme Court
Authors:
Nick Poole , Jonathon McRostie , Anthony Burke
Location:
Australia
Firm:
Clayton Utz
View Original Article
In Rejecting J&J Bankruptcy Petition, Court Reminds that Financial Distress is a Prerequisite to Bankruptcy
2023-02-16

In In re LTL Management, LLC, No. 22-2003 (Jan. 30, 2023), the U.S. Court of Appeals for the Third Circuit had occasion to consider whether an entity that was created solely to house liabilities and file for bankruptcy could, in fact, file for bankruptcy where another entity was contractually obligated to pay those liabilities. The Court dismissed the bankruptcy petition, reasoning that this contractual obligation meant the former entity was not in financial distress and thus could not avail itself of the bankruptcy process.

Filed under:
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation
Location:
USA
View Original Article
Fraud fundamentals: civil fraud trends and predictions
2022-12-22

In times of economic uncertainty, fraud typically increases. And these are certainly economically uncertain times. Fraud has been on the rise over recent years and that trend is set to continue. The motivation and opportunity to commit fraud increases as financial pressures loom over individuals and businesses. We are also set to see a continued increase in insolvencies as the impact of the pandemic and other global events set in. The appointment of insolvency practitioners means frauds which might have otherwise continued or remained concealed are more likely to be uncovered.

Filed under:
United Kingdom, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Litigation, Public, White Collar Crime, Taylor Wessing, Supply chain, ESG, Anti-bribery and corruption, Financial Conduct Authority (UK)
Authors:
Lorna Bramich
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Debtors and dumping: lessons for Insolvency Practitioners and environmental litigators
2022-10-06

On 5 October 2022 a judgment was handed down by the Supreme Court in the case of BTI 2014 LLC v Sequana SA (Sequana) and others.This judgment relates to an insolvency dispute between BTI, the assignee of AWA’s claims, and Sequana. Principally, it concerns which entity should make the payment for an outstanding liability incurred by AWA, arising out of the National Cash Register Company’s (NCR) pollution of the Fox River in Wisconsin. Through a series of restructurings, AWA became liable to indemnify British American Tobacco (BAT) for these costs.

Filed under:
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Insolvency, US Environmental Protection Agency, SCOTUS, UK Supreme Court
Location:
USA
View Original Article
US Court of Appeals for the Tenth Circuit decides a CERCLA “judicially approved settlement” is not different in bankruptcy
2014-06-25

On July 23, in ASARCO LLC v. Union Pacific Railroad Company, et al. No. 13-1435 (10th Cir.), the Tenth Circuit rejected the notion that settlement requirements are different in the bankruptcy context.  Section 113 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C.

Filed under:
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Statute of limitations, Tenth Circuit
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Mothballing businesses: survival through the lockdown and beyond
2020-03-24

As we see more businesses having to close doors or adapt to a new set of rules, we set out a summary of some of the issues we anticipate for those needing to shut down but preserve their businesses at least until the lockdown is over. We will produce a more detailed client alert as matters develop although one message is clear – employers, employees, suppliers and customers are facing unique challenges and the best way to survive is to identify the issue, understand the options, and engage with pragmatism.

Employees

Filed under:
United Kingdom, Employment & Labor, Environment & Climate Change, Insolvency & Restructuring, Public, Squire Patton Boggs, Coronavirus, HM Revenue and Customs (UK)
Authors:
Susan Kelly , Mark Prior
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Recent Developments at the Intersection of Bankruptcy and Environmental Law
2022-08-08

Retired U.S. Bankruptcy Judge Robert E. Gerber once observed that “issues as to the interplay between environmental law and bankruptcy are among the thorniest on the litigation map.” Difficulties navigating this interplay largely stem from the inherent conflict between the goals of bankruptcy and environmental laws, with the former aimed at providing debtors with a fresh start, while the latter cast a broad net to hold parties (even some innocent parties) responsible for past harm to the environment.

Filed under:
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supply chain, Mediation, US Environmental Protection Agency, US Congress, SCOTUS
Authors:
Thomas D. Goslin
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
Calling all PRPs with contribution claims: pay up, or steer clear of bankruptcy court
2011-04-01

When a company that has been designated a responsible party for environmental cleanup costs files for bankruptcy protection, the ramifications of the filing are not limited to a determination of whether the remediation costs are dischargeable claims. Another important issue is the circumstances under which contribution claims asserted by parties coliable with the debtor will be allowed or disallowed in the bankruptcy case. This question was the subject of rulings handed down early in 2011 by the New York bankruptcy court presiding over the chapter 11 cases of Lyondell Chemical Co.

Filed under:
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Jones Day, Environmental remediation, Pollution, Bankruptcy, Surety, Debtor, Common law, US Environmental Protection Agency, US Congress, United States bankruptcy court
Authors:
Charles M. Oellermann , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article

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