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    Decision of the Czech Supreme Court on concurrent defence indictments
    2015-11-06

    Background

    By way of introduction it should be stated that under Czech law, certain legal acts (voidable transactions) can be opposed pursuant to the Civil Code as well as the Insolvency Act. There are therefore two kinds of opposition rights: general (i.e. outside of insolvency) and insolvency right to oppose, whereby the latter can be generally applied during insolvency proceedings, while the former cannot.

    The decision

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Taylor Wessing, Indictment
    Authors:
    Tomáš Vágner
    Location:
    Czech Republic
    Firm:
    Taylor Wessing
    Excess D&O policy rescinded based on fraudulent representations regarding solvency
    2007-08-13

    The United States District Court for the Southern District of Ohio, applying Ohio law, has held that an insurer could rescind an insurance policy based on an individual's fraudulent statements that the insured company was not facing bankruptcy. Unencumbered Assets Trust v. Great Am. Ins. Co., 2007 WL 2029063 (S.D. Ohio July 10, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Fraud, Indictment, Common law, Annual report, US Securities and Exchange Commission, United States bankruptcy court, US District Court for Southern District of Ohio
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy court orders advancement of defense costs without adjudicating insurer’s coverage defenses
    2007-10-12

    The United States Bankruptcy Court for the Southern District of New York granted preliminary injunctions ordering a directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage, and without adjudicating the coverage defense. Axis Reinsurance Co. v. Bennett et al., Adv. No. 07-01712 (S.D.N.Y. Bankr. Aug. 31, 2007); Grant v. Axis Reinsurance Co., Adv. No. 07-2005 (S.D.N.Y. Bankr. Sep. 11, 2007). The bankruptcy court applied New York law and relied heavily on the case In re WorldCom, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Injunction, Accounts receivable, Preliminary injunction, Consideration, Reinsurance, Liability insurance, Indictment, Initial public offerings, Warranty, Securities fraud, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Untimely objection waives Fifth Amendment objection in coverage dispute
    2008-03-11

    The United States Bankruptcy Court for the Western District of Pennsylvania has ruled that a defendant in a declaratory judgment coverage action waived all of his discovery objections, including objections based upon the Fifth Amendment, for failing timely to assert them. Federal Ins. Co. v. Le-Nature's, Inc., 380 B.R. 747 (Bankr. W.D. Pa. 2008). Wiley Rein LLP represented the insurer.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Waiver, Federal Reporter, Discovery, Indictment, Prejudice, Fifth Amendment, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Refco bankruptcy court orders advancement of defense costs despite guilty pleas in criminal proceedings
    2008-05-06

    The United States Bankruptcy Court for the Southern District of New York has granted another preliminary injunction ordering an excess directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage on the basis of a prior knowledge exclusion and three of the insured entity's principals have pled guilty to various offenses, including violations of the securities laws. Murphy v. Allied World Assurance Co. (U.S.), Inc. (In re Refco, Inc.), No. 08-01133 (Bankr. S.D.N.Y. Apr. 21, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Security (finance), Preliminary injunction, Summary offence, Admissible evidence, Liability insurance, Indictment, Initial public offerings, Unjust enrichment, Securities fraud, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Wiley Rein LLP
    U.S. bankruptcy court denies motions to dismiss GGP bankruptcy cases
    2009-08-14

    On August 11, the U.S. Bankruptcy Court for the Southern District of New York denied five motions to dismiss certain Chapter 11 bankruptcy cases filed by debtors, including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc. (GGP). The movants, including special servicers of the CMBS issued by GGP, based their dismissal motions primarily on a claim that the debtor’s cases were filed in bad faith.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Liability (financial accounting), Indictment, Involuntary dismissal, Bad faith, Commercial mortgage-backed security, Mortgage-backed security, United States bankruptcy court
    Authors:
    Christina J. Grigorian
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    New York banishes the specter of an ancient doctrine from modern debt acquisitions
    2009-12-07

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Debtor, Fraud, Fiduciary, Hedge funds, Debt, Summary offence, Indictment, Misdemeanor, Common law, Merrill
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Bankruptcy court orders advancement of defense costs without adjudicating insurer’s coverage defenses
    2007-10-12

    The United States Bankruptcy Court for the Southern District of New York granted preliminary injunctions ordering a directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage, and without adjudicating the coverage defense. Axis Reinsurance Co. v. Bennett et al., Adv. No. 07-01712 (S.D.N.Y. Bankr. Aug. 31, 2007); Grant v. Axis Reinsurance Co., Adv. No. 07-2005 (S.D.N.Y. Bankr. Sep. 11, 2007). The bankruptcy court applied New York law and relied heavily on the case In re WorldCom, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Injunction, Accounts receivable, Preliminary injunction, Consideration, Reinsurance, Liability insurance, Indictment, Initial public offering, Warranty, Securities fraud, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Excess D&O policy rescinded based on fraudulent representations regarding solvency
    2007-08-13

    The United States District Court for the Southern District of Ohio, applying Ohio law, has held that an insurer could rescind an insurance policy based on an individual's fraudulent statements that the insured company was not facing bankruptcy. Unencumbered Assets Trust v. Great Am. Ins. Co., 2007 WL 2029063 (S.D. Ohio July 10, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Fraud, Indictment, Common law, Annual report, US Securities and Exchange Commission, United States bankruptcy court, US District Court for Southern District of Ohio
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Refco bankruptcy court orders advancement of defense costs despite guilty pleas in criminal proceedings
    2008-05-06

    The United States Bankruptcy Court for the Southern District of New York has granted another preliminary injunction ordering an excess directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage on the basis of a prior knowledge exclusion and three of the insured entity's principals have pled guilty to various offenses, including violations of the securities laws. Murphy v. Allied World Assurance Co. (U.S.), Inc. (In re Refco, Inc.), No. 08-01133 (Bankr. S.D.N.Y. Apr. 21, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Security (finance), Preliminary injunction, Summary offence, Admissible evidence, Liability insurance, Indictment, Initial public offering, Unjust enrichment, Securities fraud, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Wiley Rein LLP

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