As reported by multiple news media outlets, WeWork sought bankruptcy court protection on November 6, 2023, in New Jersey while it reorganizes its debts. One of the driving forces of the bankruptcy is disclosed to be its heavy commercial lease burden, with roughly 69 of its leases on the immediate chopping block.
Bankruptcy Court denies a party’s request to enforce arbitration of a legal malpractice claim—and then dismisses that malpractice claim for failure to state a claim.
The opinion is Murray v. Willkie Farr & Gallagher LLP (In re Murray Energy Holdings Co.), Adv. Pro. No. 22-2007, Southern Ohio Bankruptcy Court (decided October 5, 2023, Doc. 89)—appeal is pending.
Context
The Supreme Court has handed down a judgment which will be greeted with a collective sigh of relief from the insolvency world. In R (on the application of Palmer) v Northern Derbyshire Magistrates Court [2023] UKSC 38, the Supreme Court ruled that an administrator of a company is not an “officer” of that company.
The EU Reorganisation Act (EU UmgrG) came into force on 1 August 2023. However, the EU Reorganisation Act does not fundamentally change Austrian reorganisation law. The previous legal system was only changed to the extent necessary to implement Directive (EU) 2019/2121 ("Mobility Directive").
Area of application
In an application filed by Vishram Narayan Panchpor, resolution professional of Blue Frog Media Private Limited (“Corporate Debtor”) in the matter of M/s Blue Frog Media Private Limited1 for approval of a resolution plan, the Mumbai bench of the National Company Law Tribunal (“NCLT Mumbai”) ruled that the object of Section 29A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) requires a resolution professional to conduct adequate due diligence on a prospective resolution applicant and its related parti
In Dubai civil cases, if someone proves they cannot pay what the court ordered, they will normally avoid facing an arrest warrant, the emirate's highest judicial body has said.
Creditors need to demonstrate that the person who owes the money has sufficient funds to pay the debt before the court can issue an arrest warrant for unpaid dues.
A thorny question facing a company when considering a Restructuring Plan is how to deal with HMRC particularly following HMRC’s opposition to recent plans.
Creditors now have some assistance in these deliberations thanks toguidance published by HMRC setting out how they will approach discussions with companies considering a Restructuring Plan.
The Supreme Court has held that the ‘doctrine of election’, stemming out of the law of evidence that bars prosecution of the same right in two different fora based on the same cause of action, cannot be applied to prevent a financial creditor from approaching the adjudicating authority for initiation of Corporate Insolvency Resolution Process against a corporate debtor.
Amid high interest rates and economic uncertainty, it is not surprising that corporate restructurings are on the rise. In fact, restructuring activity in the first half of 2023 more than doubled from the corresponding period in 2022.1
While the Insolvency and Bankruptcy Code, 2016 (“IBC”) provides for insolvency resolution and liquidation of ‘corporate persons’, it excludes ‘financial service provider’ (“FSP(s)”) from the said provision.