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Insolvency in the Cayman Islands setting aside antecedent transactions
2017-07-25

In certain circumstances the official liquidator of a Cayman company may be able to take action to recover assets which have been transferred in the run up to the company's insolvency. It is important for those concerned with the affairs of a Cayman company in the twilight of insolvency to be aware of the statutory powers available to the official liquidator and the Grand Court in the Cayman Islands.

Voidable preferences

Filed under:
Cayman Islands, Insolvency & Restructuring, White Collar Crime, Loeb Smith Attorneys, Fraud, Debt, Liquidation, Liquidator (law)
Authors:
Gary Smith
Location:
Cayman Islands
Firm:
Loeb Smith Attorneys
View Original Article
New York Court of Appeals maintains status quo on imputation, in pari delicto defenses
2011-04-06

On October 21, 2010, the New York Court of Appeals (the Appeals Court), New York’s highest appellate court, addressed two appeals, and then issued an important ruling regarding the parameters of the affirmative defense of in pari delicto in suits against outside auditors, holding that the doctrines of in pari delicto and imputation are a complete bar to recovery when the corporate wrongdoer’s actions are imputed to the company.

The Doctrines of In Pari Delicto and Imputation

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Breach of contract, Fraud, Fiduciary, Interest, Misconduct, Negligence, Common law, Malpractice, KPMG
Authors:
Kristin E. Richner
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
A statutory basis for substantive consolidation? In re Cyberco Holdings, Inc., 431 B.R. 404 (Bankr. W.D. Mich. 2010)
2011-04-06

A popular line of thinking among bankruptcy practitioners and commentators holds that substantive consolidation – the combining of assets and liabilities of a debtor and another debtor or non-debtor entity to satisfy creditor claims against both entities ratably from the resulting pool – is an equitable remedy of judicial invention with no specific foundation in the Bankruptcy Code.

Filed under:
USA, Michigan, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Fraud, Federal Reporter, Liability (financial accounting), Title 11 of the US Code, Second Circuit, United States bankruptcy court, Third Circuit
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Strategic Use of Bankruptcy Examiner Requests
2010-04-28

Seeking to have an independent examiner investigate a debtor or its management can be a powerful tool available to creditors and other interested parties in a bankruptcy case. Typically, a party might request that an examiner be appointed if the debtor or its management is suspected of fraud or other misconduct. The low cost associated with making the request, together with recent positive outcomes for requesting creditors, may help to increasingly popularize the use of examiner requests by parties seeking leverage in bankruptcy plan negotiations.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Shareholder, Debtor, Fraud, Debt, Liquidation, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court, Sixth Circuit, US District Court for SDNY, Trustee
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Florida Bankruptcy Court issues sweeping ruling against lenders in high stakes fraudulent transfer and preference litigation
2009-12-17

In a recently published opinion, Judge John K. Olson of the United States Bankruptcy Court for the Southern District of Florida permitted the bankruptcy estates of TOUSA, Inc. and its debtor subsidiaries to avoid and recover more than $1 billion of liens and cash that the debtors had transferred to secured lenders in a transaction entered into six months prior to the debtors’ chapter 11 bankruptcy filing. Official Committee of Unsecured Creditors of TOUSA, Inc. v. Citicorp North America, Inc., 2009 Bankr. LEXIS 3311 (Bankr. S.D. Fla. Oct. 13, 2009).

Filed under:
USA, Florida, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Surety, Debtor, Unsecured debt, Fraud, Debt, Joint venture, Subsidiary, Secured loan, Title 11 of the US Code, United States bankruptcy court, US District Court for Southern District of Florida
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Supreme Court Deals a Blow to Debtors by Adopting an Expansive View of “Actual Fraud”
2016-05-23

Last week, the U.S. Supreme Court in Husky International Electronics, Inc. v. Ritz held a chapter 7 debtor accountable for “actual fraud” despite the absence of a specific fraudulent misrepresentation. The Court’s expansive reading of section 523(a)(2)(A) of the Bankruptcy Code gives creditors a new weapon in their fight to attack the discharge of their debts.

Filed under:
USA, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Debtor, Fraud, Debt, Bankruptcy discharge, Title 11 of the US Code
Authors:
Peter R. Morrison
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Going Broke Badly: Celebrities And Allegations of Bankruptcy Fraud
2016-04-14

Recently, lawyers for 50 Cent fought against the appointment of a bankruptcy examiner to investigate Instagram photos the rapper posted of himself lying next to piles of hundred dollar bills. In one picture, the bills spelled out the word “BROKE.” The humor of the photos was lost on the Office of the U.S. Trustee, who viewed the postings as disrespectful of the bankruptcy process and possible evidence that 50 Cent committed bankruptcy fraud by concealing assets from his creditors.

Filed under:
USA, Insolvency & Restructuring, Media & Entertainment, White Collar Crime, Squire Patton Boggs, Bankruptcy, Debtor, Fraud
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Supreme Court to Answer the Question: What is Fraud, Really?
2016-03-08

On March 1, 2016, the U.S. Supreme Court heard argument on the seemingly simple question of what “actual fraud” means.  The Court’s decision will have a significant impact on the reach of the exception to discharge under Section 523(a)(2)(A) of the Bankruptcy Code.

Filed under:
USA, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Fraud
Authors:
Aditi Kulkarni
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Seventh Circuit Warns Banks: Ignore Red Flags at Your Own Peril
2016-02-02

When can a bank be at risk of unknowingly receiving a fraudulent transfer? How much information does a bank need to have before it is on “inquiry notice”? A recent decision from the Seventh Circuit Court of Appeals highlights the risks that a bank takes when it ignores red flags and fails to investigate. This decision should be required reading for all lenders since, in the matter before the Seventh Circuit, the banks’ failure to investigate their borrower’s questionable activity caused the banks to lose their security and have their secured loans reduced to unsecured claims.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Fraud, Seventh Circuit
Authors:
Mark A. Salzberg , Jeff Cole
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
How the casino kept its chips from a bankruptcy claw-back
2015-11-09

Insiders who loot their corporate entities often dispose of the cash proceeds in transactions with third parties. A recent Seventh Circuit opinion, In re Equipment Acquisition Resources, Inc., 14-2174 (7th Cir. October 13, 2015) (the “EAR Opinion”)addresses a common risk faced by a third party who receives cash from the defrauding insider.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Fraud, Casino, Seventh Circuit
Authors:
Maxwell Tucker
Location:
USA
Firm:
Squire Patton Boggs
View Original Article

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