Yen Sum and Lucy Cox, Sidley Austin
This is an extract from the first edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
How many committees?
In a capital structure involving multiple external debt tranches, one of the first questions that arises is the number of committees that will be required.
TRANSACTIONAL
May 2, 2017
Bankruptcy and Financial Restructuring Alert
Coming to America?--Applying Bankruptcy Code Section 109(a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15
By Andrew N. Goldman, Benjamin W. Loveland and Lauren R. Lifland
I. Introduction
THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW
Globalisation has been described as an evolving set of consequences – some good, some bad and some unintended. In this regard, when companies go global, insolvency is perhaps the furthest thing from their minds. Yet, while business failure may be unintended, when a global company becomes insolvent or attempts debt restructuring, its insolvency representative e.g. liquidator or manager, will often have to deal with assets and creditors across the globe.
June 2017
Contents
Introduction 1. Better accessibility to Singapore's corporate rescue and restructuring framework for foreign companies 2.Chapter 11 style - Rescue financing / DIP financing 3.Enhanced moratoriums with extra territorial effect 4.Increased disclosure, cram-downs and pre-packs 5. The adoption of UNCITRAL Model Law Conclusion Your contacts
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2017 Singapore Insolvency and Restructuring Reforms June 2017
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Introduction
Yves Klein and Antonia Mottironi, Monfrini Bitton Klein – mbk.law
This case involved an application for security for costs against Mr Nogotkov who is, or claims to be, the Liquidator appointed by a Russian court of Dalnyaya Step LLC ("DSL").
These days, the threat of counterparty insolvency looms over the energy sector: whether it is a natural disaster or precipitous decline in the price of oil, perhaps no industry is more susceptible to the financial decline and potential default of contracting parties.
Last month the Insolvency Working Group released its second and final report, dealing with voidable transactions and Ponzi schemes. The Group's first report was released in July 2016 and dealt with regulation of insolvency practitioners and voluntary liquidations. In the second report, the Working Group make a number of recommendations on the voidable transaction regime and regarding protection from Ponzi schemes. In relation to voidable transactions, the primary recommendations were repealing the "gave value" part of the defence available to creditors with a view to incre
Introduction
More than ten (10) years after the enactment of Brazilian Bankruptcy Law, a uniform understanding by the Brazilian courts of several matters remains unresolved, being the application of substantive consolidation one of the most troubling.
Consolidation (procedural and material)