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    BHS - Wrongful and misfeasant trading - what directors need to know
    2024-06-24

    In this alert, we consider the implications from the recent High Court judgment finding two former directors of BHS liable for various heads of wrongdoing, including wrongful trading and "misfeasant trading".

    What Directors need to know

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, A&O Shearman, Companies Act 2006 (UK), High Court of Justice (England & Wales)
    Authors:
    Nick Charlwood , Joel Ferguson , Katrina Buckley
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    11th Cir. Holds Anti-Modification Provision in Bankruptcy Code Applies to Mixed-Use Real Properties
    2024-06-24

    The U.S. Court of Appeals for the Eleventh Circuit recently held that the anti-modification provision in the federal Bankruptcy Code applies to loans secured by mixed-use real properties, such as the large parcel at issue here which functioned both for commercial use and as the debtor’s principal residence.

    A copy of the opinion in Lee v. U.S. Bank National Association is available at: Link to Opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Maurice Wutscher LLP, Bankruptcy, Debtor, Mortgage loan, Ninth Circuit, United States bankruptcy court, Eleventh Circuit, Third Circuit, Sixth Circuit, First Circuit, U.S. Court of Appeals, Real Estate
    Authors:
    Ralph T. Wutscher
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    What are the issues when your customer goes into administration?
    2024-06-27

    Regularly the news media reports that a fashion business is in difficulty or is about to, or has gone into, administration. But what is the purpose of administration? What does an Administrator do? Most importantly how should suppliers deal with an Administrator? And what does administration mean for a company’s creditors?

    Purpose

    Filed under:
    United Kingdom, Insolvency & Restructuring, Fox Williams LLP
    Authors:
    Georgie Glover , Paul Taylor
    Location:
    United Kingdom
    Firm:
    Fox Williams LLP
    Holistic vs piecemeal: the state of review of Australian corporate insolvency laws
    2024-06-27

    With the mass of reports, reviews and consultations that have already occurred, there is no lack of critiques, complaints and proposed solutions. The risk is that these will (once again) be cherrypicked for fixes, rather than form the basis for a comprehensive review.

    It has been 33 years since the "recession we had to have" in 1991. Fears that Australia would enter a technical recession during 2023 didn’t eventuate.

    Filed under:
    Australia, Global, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission, Meta
    Authors:
    Jennifer Ball
    Location:
    Australia, Global
    Firm:
    Clayton Utz
    Project and retention trust accounts in an insolvency
    2024-06-27

    In the recent decision of Re PBS Building (Qld) Pty Ltd [2024] QSC 108, the Supreme Court of Queensland considered for the first time the operation of the State’s new project and retention trust account regime in the context of an insolvency. The decision provides useful guidance to insolvency practitioners and subcontractors as to their rights in relation to trust accounts established by an insolvent head contractor.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Corporations Act 2001 (Australia), Queensland Supreme Court
    Authors:
    Philip Pan , Cameron Mew
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    CIRP Regulations: IBBI Proposes Key Changes
    2024-06-26

    On June 19, 2024, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing to bring in significant amendments to the IBBI (Insolvency Resolution Process for Corporate Process) Regulations, 2016 (CIRP Regulations), aiming to streamline the process, enhance its effectiveness and reduce delays.[1] It complements the plan, unveiled earlier this month, to reduce the compliance burden on insolvency professionals.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Fox Mandal, Insolvency and Bankruptcy Board of India
    Authors:
    Orijit Chatterjee
    Location:
    India
    Firm:
    Fox Mandal
    Bankruptcy Law
    2024-06-26

    Federal Law Decree No 51 of 2023 concerning Financial Restructuring and Bankruptcy (the New Bankruptcy Law) came into effect in the UAE on 1 May 2024 and repealed the previous bankrupcty law, Federal Decree Law No 9 of 2016 (the Old Bankruptcy Law). All regulations issued under the Old Bankruptcy Law remain in force until new regulations are published, which will further clarify a number of points.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Hadef & Partners, Corporate governance
    Authors:
    Catriona McDevitt
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    In re Weinstein and Mallinckrodt: Implications for Royalty Financings, M&A Earn-Outs, and Other Transactions Involving Future Payment Obligations
    2024-06-26

    Deal structure matters, particularly in bankruptcy. The Third Circuit recently ruled that a creditor’s right to future royalty payments in a non-executory contract could be discharged in the counterparty-debtor’s bankruptcy. The decision highlights the importance of properly structuring M&A, earn-out, and royalty-based transactions to ensure creditors receive the benefit of their bargain — even (or especially) if their counterparty later encounters financial distress.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Creditors' rights, Asset purchase agreement , United States bankruptcy court, Third Circuit
    Authors:
    Richard G. Gervase, Jr. , Eric R. Blythe , William W. Kannel
    Location:
    USA
    Firm:
    Mintz
    Proactive steps to mitigate the risk of contractor insolvency
    2024-06-26

    Contractor insolvencies are continuing in the construction industry in 2024. This follows recent challenges relating to supply chain issues, labour shortages, and increased material costs. Such challenges are part of the broader macroeconomic climate of high inflation and interest rates.

    We outline below steps that a Principal can take at different stages of a project to mitigate the impact of Contractor insolvency on its project, and to protect its interests.

    Key takeaways

    Filed under:
    New Zealand, Construction, Insolvency & Restructuring, Simpson Grierson, Supply chain, Due diligence, Insolvency
    Authors:
    Michael Weatherall , Christine Gordon , Shanti Frater
    Location:
    New Zealand
    Firm:
    Simpson Grierson
    Die Sanierung eines Fußballvereins in der Krise
    2024-06-26

    Die maßgeschneiderte Sanierungslösung für den Fußballverein in der Krise ist elementar für den zukünftigen Erfolg.

    Filed under:
    European Union, Germany, Insolvency & Restructuring, Litigation, CMS Germany
    Authors:
    Björn Frische , Philipp Freiherr von dem Bussche-Haddenhausen
    Location:
    European Union, Germany
    Firm:
    CMS Germany

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