In Breanne Martin v. Leslie Gladstone, the Second District Court of Appeal recently decided a case that could reverberate throughout the receivership and bankruptcy industries. This case comes at a propitious moment as bankruptcy proceedings and receiverships – particularly for distressed commercial real estate entities – trend upward in California. Receivers and bankruptcy trustees alike should consider this case before operating a commercial real estate distressed entity.
The Doughertys’ Bankruptcy Proceeding
The original version of this article was first published in the Trilegal Quarterly Roundup
Key Developments
1. Supreme Court clarifies that under Insolvency and Bankruptcy Code, 2016, creditors hold priority over government dues
The original version of this article was first published in the Trilegal Quarterly Roundup
Key Developments
1. Additional disclosure requirements and compliances for certain foreign portfolio investors
1. A crucial element to any scheme of arrangement is the question of how creditors are to be classed for voting purposes. In this regard, while the proper test for the classification of scheme creditors is well established, the increasing sophistication of restructuring deals have resulted in recent decisions that reveal finer aspects to the implementation of this test. This article explores the practical issues that appear to be arising with increasing frequency in relation to the composition of creditor classes.
I. Introduction
Recently, in the case of Vishal Chelani & Ors. v. Debashis Nanda (Civil Appeal No. 3806 of 2023), India’s Supreme Court (SC) ruled on the interface of the Insolvency and Bankruptcy Code, 2016 (IBC) with the Real Estate (Regulation and Development) Act, 2016 (RERA).
Factual background
1. Since 2017, Singapore has continually revamped and enhanced its corporate debt restructuring mechanisms. One of these enhancements is the introduction of the cross-class cramdown in Singapore’s Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”).
2. The cross-class cramdown is a powerful tool which is intended to prevent minority dissentients from blocking the passage of a scheme of arrangement. It can bind entire classes of dissenting creditors, as long as at least 1 class has voted in favour of the scheme, among other requirements.
If you are considering terminating a Cayman company by way of voluntary liquidation or strike-off, it is crucial to adhere to specific deadlines and procedures to avoid unnecessary fees for the year 2024. There will be varying requirements depending on whether the entity is regulated or non-regulated.
Options for termination - voluntary liquidation or strike-off
“A look at current trending topics in the world of Insolvency Law.”
INTRODUCTION:
许多企业在生产经营过程中，将名下特定财产出租收取租金的同时，也在该特定财产上设定抵押以增加融资渠道。这类企业进入破产程序后，抵押权人虽仍对该特定财产享有优先受偿权，但受到漫长冗杂的破产程序影响，抵押权人权利的实现或多或少会受到一定程度的限制或拖延。而与此同时，特定财产在企业进入破产程序后可能仍在继续产生租金、占用费等法定孳息。抵押权人能否享有并以何种形式享有这部分法定孳息呢？这一问题既关系到抵押权人权利的保护，也关系到全体债权人的公平受偿，有必要进行深入研究，本文的探讨即由此展开。
一、问题的提出之实践案例场景
情景一：【债务人以自有财产提供抵押，债务人进入破产程序】甲公司向乙公司借款，同时作为担保，甲公司将其所有的大楼抵押给了乙公司；日常经营中，甲公司将大楼出租并收取租金。随后，乙公司因甲公司逾期还款起诉甲公司并申请法院对大楼采取了保全措施；最终，甲公司因无法清偿到期债务进入破产程序，管理人接管后，决定对大楼的租赁合同继续履行。甲公司进入破产程序后，乙公司及时向管理人申报了债权并说明了债权的担保情况，最终，人民法院裁定确认乙公司系甲公司的有财产担保债权人。