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    How to improve your contractual rights to be paid
    2024-07-26

    The economic picture has started to improve, with modest GDP growth in the first half of 2024. However, the enormous strains on business finances over the past four years have caused insolvency rates to rise sharply this year.

    According to The Insolvency Service’s latest figures, company insolvencies in June 2024 were the third highest since monthly records started in 2020. Administrations in June 2024 were 22% higher than in June 2023, and the number of CVAs was 64% higher in June 2024 than June 2023.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Keystone Law, Supply chain, Due diligence, Coronavirus, Insolvency, Insolvency Service (UK), Corporate Insolvency and Governance Act 2020, Banks
    Authors:
    Lucy Pringle
    Location:
    United Kingdom
    Firm:
    Keystone Law
    What We’re Reading
    2024-07-26

    Teacher Retirement System of Texas plans to reduce its private equity target allocation to 12% from a current exposure of 16.7% starting in October. The planned reduction, which may be implemented over a number of years. For now, the change in target allocation likely means reduced new commitments, while some of the rebalancing could be accomplished by fund AUM growth.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Private equity, Supreme Court of the United States
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Liquidator Justified in Forfeiting EMD Where E-Auction Process Breached and Amount Not Deposited Within Allowed Timeline
    2024-07-25

    In the matter of BRS Refineries vs. . Mr. Supriyo Kumar Chaudhari, the NCLAT New Delhi upheld the order passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, rejecting an appeal filed by BRS Refineries. The earlier appeal had challenged the action of the liquidator for JVL Agro Industries Ltd., to forfeit the earnest money deposit (EMD) of Rs. 96 lakhs pursuant to the e-auction of the assets of JVL Agro Industries Ltd.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Fox Mandal, Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    Fox Mandal
    Avoiding Retail Bankruptcy: Overloaded with Debt, Retailers Must Focus on Cash Management and Cost Takeouts
    2024-07-25

    Five best practices for retailers to manage cash, cut costs, and stay afloat as debt comes due

    In late 2017, a Bloomberg headline read, “America’s ‘Retail Apocalypse’ Is Really Just Beginning.” The main culprit, the authors suggested, was the amount of high-yield debt on company balance sheets, which would balloon just as a record wall of debt across all industries came due.

    Filed under:
    USA, Insolvency & Restructuring, Berkeley Research Group, LLC, Supply chain, Consumer & retail, Financial services
    Authors:
    Murali Gokki , Joe Schmitt , Shawn Ashworth , Chapman H. Kistler
    Location:
    USA
    Firm:
    Berkeley Research Group, LLC
    Immunity upheld for foreign entities against Australian wind-up
    2024-06-20

    High Court upholds decision that separate entities of foreign states may be immune from being wound up in Australia

    Key takeouts

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, MinterEllison, High Court of Australia, New South Wales Court of Appeal
    Authors:
    Nick Anson
    Location:
    Australia
    Firm:
    MinterEllison
    Balancing act for ARCs when using resolution tools
    2024-06-20

    Under the framework of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), an asset reconstruction company (ARC) has wide powers to revive a company facing financial difficulties. It can use securitisation, reconstruction and recovery for quick resolution of distressed debt. As an alternative, the Insolvency and Bankruptcy Code, 2016 (IBC), allows ARCs with access to a formal resolution process, which has the advantage of the borrower emerging debt-free with a clean slate.

    Filed under:
    India, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Shardul Amarchand Mangaldas & Co, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (India), Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Veena Sivaramakrishnan
    Location:
    India
    Firm:
    Shardul Amarchand Mangaldas & Co
    Sub V Task Force Report In A Nutshell: Part 8—Plan Filing After Debtor’s Removal
    2024-06-20

    On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report.

    This article is the eighth in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The subject of this article is:

    • whether the Subchapter V trustee or other party in interest should be allowed to file a plan after debtor’s removal from possession.[Fn. 1]

    Recommendation

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    SCOTUS Rules that Insurers Have a Voice in Bankruptcy
    2024-06-20

    On June 6, the United States Supreme Court decided Truck Insurance Exchange v. Kaiser Gypsum Co., Inc., No. 22-1079, holding that insurers with financial responsibility for bankruptcy claims are “parties in interest” under 11 U.S.C. § 1109(b) that “may raise and may appear and be heard on any issue” in a Chapter 11 bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Phelps Dunbar LLP, US Congress, Supreme Court of the United States
    Authors:
    Patrick "Rick" M. Shelby , Kevin Welsh
    Location:
    USA
    Firm:
    Phelps Dunbar LLP
    Bay Street Lawyers Beware: U.S. Court Finds Conflict of Interest Representing Debtor and One of Its Major Shareholders in Bankruptcy Proceedings
    2024-06-20

    Many litigators and corporate lawyers view the practice of representing a large shareholder and the company in which it is invested as common practice. In many instances, no conflict of interest will ever materialize such that the shareholder and the company require separate representation. However, in a recent opinion rendered by the United States Bankruptcy Court, Eastern District of Virginia (the “Court”), a large international law firm (the “Firm”) was disqualified from representing Enviva Inc.

    Filed under:
    Canada, Capital Markets, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Private equity
    Authors:
    Steven L. Graff , Jeffrey K. Merk , Shaun F. Parsons
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    High Court finds borrower's security confers floating charge, despite intention of parties to create fixed charge and lender's contractual power to exercise control
    2024-06-20

    The High Court has found that a borrower's debenture granted to a lender in respect of certain internet protocol (IP) addresses was a floating charge.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    John Corrie , John Chetwood , Rachael MacKay , Ceri Morgan , Nihar Lovell
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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