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    Remuneration of Insolvency Professionals - A Progressive and Performance Oriented Approach
    2022-07-04

    An Insolvency Professional (IP) is entrusted with the management and administration of a Corporate Debtor’s affairs throughout the Corporate Insolvency Resolution Process (CIRP). He is responsible for managing, operating, and running the Corporate Debtor as a going concern during the said period by taking over the day-to-day affairs of the Corporate Debtor, complying with all the applicable laws, etc.

    Filed under:
    India, Insolvency & Restructuring, Fox Mandal, Escrow, Remuneration, Insolvency and Bankruptcy Code (India)
    Authors:
    Orijit Chatterjee
    Location:
    India
    Firm:
    Fox Mandal
    "Time Is On My Side" — When a "Time of the Essence" Closing Date Keeps Rolling Like a Stone for 60 Days
    2020-02-05

    The recent decision of the Bankruptcy Court for the Southern District of New York in In re AAGS Holdings LLC, Case No. 19-13029 (SMB) (Bankr. D. Del. Nov. 12, 2019), underscores the ability of debtors — and specifically, for purposes of this Client Alert, parties to real property purchase contracts — to take advantage of the Bankruptcy Code’s 60-day tolling period to get more time to close on a purchase despite a “time of the essence” ("TOE") closing deadline.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Escrow, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Adam C. Rogoff , Daniel Ross Berman , Caroline Gange
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    US Bankruptcy Court Finds that CERCLA § 104(e) Request and National Priority Listing Do Not Constitute “Claims” Under New York Law
    2019-06-24

    Buyers and sellers of contaminated properties will want to take note of the June 3, 2019 ruling from the U.S. Bankruptcy Court for the Northern District of New York. In a 14-page opinion, Judge Cangilos-Ruiz ruled that neither a Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) § 104(e) information request nor a National Priority Listing regarding a polychlorinated biphenyl (PCB)-contaminated section of the Black River constitute “claims” under New York law.

    Filed under:
    USA, New York, Environment & Climate Change, Insolvency & Restructuring, Litigation, Beveridge & Diamond PC, Due diligence, Escrow
    Location:
    USA
    Firm:
    Beveridge & Diamond PC
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