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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
Foreign Representatives Failure to Communicate with Bankruptcy Court Warrants Closure of Chapter 15 Case
2023-03-30

Like debtors, bankruptcy trustees, official committees, examiners, and estate-compensated professionals, foreign representatives in chapter 15 cases have statutory reporting obligations to the bankruptcy court and other stakeholders as required by the plain language of the Bankruptcy Code. Such duties include the obligation to keep the U.S. bankruptcy court promptly informed of changes in either the status of the debtor's foreign bankruptcy case or the status of the foreign representative's appointment in that case. Furthermore, chapter 15 provides a U.S.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Insolvency, UNCITRAL
Authors:
Corinne Ball , Dan T. Moss , Michael C. Schneidereit , Isel M. Perez , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
Sell-Side Directors May Be Liable for Breach of Fiduciary Duty Claims for Failing to Investigate Company's Post-Closing Solvency
2020-12-28

In In re Nine West LBO Securities Litigation (Case No. 20-2941) (S.D.N.Y. Dec. 4, 2020), a federal district court denied in part a motion to dismiss claims brought by the Nine West liquidating trustee against former directors (the "Defendants") of The Jones Group, Inc. (the "Company"), Nine West's predecessor, for, among other things, (i) breaches of their fiduciary duties of care and loyalty, and (ii) aiding and abetting breaches of fiduciary duties. The litigation arises from the 2014 LBO of the Company by a private equity sponsor ("Buyer").

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Private equity, Due diligence
Authors:
Dominick DeChiara , Bryan C. Goldstein , Carey D. Schreiber , Bradley C. Vaiana
Location:
USA
Firm:
Winston & Strawn LLP
View Original Article
Directors' Duties Under English Law — How to Lead in Difficult Times
2022-07-01

Elon Musk recently said he has a "super bad feeling" about the economy, pithily declaring what most financial commentators have been predicting in more technical terms.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Coronavirus, UK Supreme Court
Authors:
Sonya Van de Graaff , Prav Reddy , Mark Johnson
Location:
United Kingdom
Firm:
Katten Muchin Rosenman LLP
View Original Article
CFTC Proposes Major Revamp of Its Bankruptcy Rule; Changes Mostly Codify Status Quo
2020-05-03

The Commodity Futures Trading Commission proposed its first comprehensive overhaul of its bankruptcy rules since 1983. The recommended new rules do not substantively change anything but codify many CFTC interpretations and views developed over 40 years and refresh references to means of communication and recordkeeping practices to reflect current norms.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Commodity Futures Trading Commission (USA)
Authors:
Gary DeWaal
Location:
USA
Firm:
Katten Muchin Rosenman LLP
View Original Article
Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'
2021-09-08

In the recent decision of Paragon Offshore, No. 16-10386 (CSS), 2021 (Bankr. D. Del. June 28, 2021), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed the issue of whether the Office of the United States Trustee (OUST) could collect its quarterly fees against assets that were previously transferred to a litigation trust (the litigation trust) free and clear of any and all claims, liens and other encumbrances pursuant to a confirmed plan of liquidation.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy
Authors:
Lawrence J. Kotler
Location:
USA
Firm:
Duane Morris LLP
View Original Article
L’élargissement des pouvoirs d'enquête d'un contrôleur en vertu de la Lacc
2021-10-08

Dans le cadre de l’affaire Bloom Lake relative à la Loi sur les arrangements avec les créanciers des compagnies (la « Lacc »), la Cour supérieure du Québec prononce un jugement au sujet de l'élargissement des pouvoirs du contrôleur dans un contexte où un créancier refusait de produire la documentation demandée par les débitrices.

Filed under:
Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Authors:
Gabriel Faure , Janie L.-Roy
Location:
Canada
Firm:
McCarthy Tétrault LLP
View Original Article
Horton v Henry [2014] – pensions and bankruptcy – appeal allowed
2015-02-19

Of general interest is the appeal in the case of Horton v Henry, on which we reported in our January 2015 update. In Horton, the High Court declined to follow a previous ruling, and decided that a bankrupt could not be compelled to access his pension savings to pay off creditors.

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright
Authors:
Peter Ford , Lesley Browning , Lesley Harrold
Location:
United Kingdom
Firm:
Norton Rose Fulbright
View Original Article
Horton v Henry [2014] - High Court contradicts earlier case by ruling bankrupt cannot be required to draw pension to pay creditors
2015-01-26

Declining to follow a 2012 decision, the High Court has ruled that a bankrupt’s unexercised rights to draw his pension did not represent income to which he was entitled within the meaning of the Insolvency Act 1986, and so did not form part of the bankruptcy estate.

Background

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Initial public offerings, Insolvency Act 1986 (UK)
Authors:
Peter Ford , Lesley Browning , Lesley Harrold
Location:
United Kingdom
Firm:
Norton Rose Fulbright
View Original Article
Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
2021-12-21

In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

Significance

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
Authors:
Jacques Jacobs
Location:
Australia
Firm:
Clyde & Co LLP
View Original Article

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