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    Changes to the Realisation of Assets of Companies in Liquidation
    2024-06-12

    The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (Act) has been signed into law but awaits a commencement order to bring it into operation.

    In summary, the Act amends the Companies Act 2014 (Companies Act) by modifying the attribution test for related companies to contribute to the debts of the company being wound up, broadening the operative time for unfair preferences, and varying the test for reckless trading.

    1. Related company contribution

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, William Fry, Liquidation
    Authors:
    Ruairi Rynn , Gail Nohilly
    Location:
    Ireland
    Firm:
    William Fry
    U.S. Supreme Court: Debtors’ Insurance Company Has Standing to Be Heard in Chapter 11 Proceeding
    2024-06-12

    The U.S. Supreme Court held last week in Truck Insurance Exchange v. Kaiser Gypsum Co. that an insurance company with financial responsibility for bankruptcy claims is a “party in interest” with the right to object to a Chapter 11 reorganization plan.

    Section 1109(b) of the Bankruptcy Code provides:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Supreme Court of the United States, Fourth Circuit
    Authors:
    Mark A. Platt , J. Kendrick Wells, IV
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Beyond Traditional Financing: Exploring Equity-Linked DIP Strategies in WeWork and Enviva
    2024-06-11

    Building on emerging trends, 2024 has seen a continued rise in the use of equity-linked debtor-in-possession (DIP) financing in Chapter 11 cases.

    Recent examples from WeWork and Enviva illustrate how stakeholders are leveraging this innovative tool to drive broader reorganization strategies and outcomes rather than as a mechanism solely providing interim financing to fund a debtor’s operations during the pendency of its bankruptcy case.

    WeWork

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Supreme Court of the United States
    Authors:
    Moshe S. Jacob , Shana A. Elberg , Bram A. Strochlic
    Location:
    USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Steuerliche Besonderheiten in der Liquidation
    2024-06-11

    Insbesondere in Restrukturierungsfällen kann es erforderlich sein, einzelne Konzerngesellschaften abzuwickeln. Hierbei sind einige Besonderheiten zu beachten.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Tax, CMS Germany
    Authors:
    Niklas Lütcke , Jonathan Simon , Dr. Annett Kenk
    Location:
    Germany
    Firm:
    CMS Germany
    Asset recovery: Can foreign receivers access Swiss assets?
    2024-06-11

    Switzerland has a reputation for high-quality banking – holding significant foreign assets and offering a fairly pro-enforcement regime. However, gaps between the different legal cultures means recovering Swiss assets to satisfy foreign judgments from common law jurisdictions may be difficult . Here, we investigate possible solutions.

    Supreme Court Case 5A_999/2022 dated 20 February 2024

    Filed under:
    Global, Switzerland, Company & Commercial, Insolvency & Restructuring, Litigation, LALIVE, Asset recovery, European Free Trade Association
    Authors:
    Benoît Mauron , Alexandre Schwab , Pierre-Henri Schwarzen
    Location:
    Global, Switzerland
    Firm:
    LALIVE
    Clarification of the “Pending Dues” position under the Insolvency Bankruptcy Code Regime
    2024-06-11

    The Insolvency and Bankruptcy Code, 2016 ("the Code" & “IBC”) has been widely acclaimed as a transformative legislative framework in India, representing a significant departure from previous insolvency laws by emphasizing efficient resolution processes and the professionalization of insolvency services.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Anhad Law, Insolvency, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Dhruv Gandhi , Deepam Rangwani
    Location:
    India
    Firm:
    Anhad Law
    Judgment handed down in Re BHS Group Ltd
    2024-06-11

    The much-anticipated BHS judgment is here.

    For those without the time to digest all 533 pages immediately, we have summarised the key points below:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wilberforce Chambers, Liquidator (law)
    Authors:
    Lexa Hilliard KC , Rachael Earle
    Location:
    United Kingdom
    Firm:
    Wilberforce Chambers
    Efficient Strategies for Expeditious Recoveries of Monetary dues in India
    2024-06-11

    Introduction

    In the dynamic and rapidly evolving global marketplace, particularly in fast-growing economies like India, there are ever-growing commercial transactions amongst entities within India as also in international transactions amongst entities within India and outside of India.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, R&D Law Chambers, Insolvency, National Company Law Tribunal
    Authors:
    Ravish Bhatt
    Location:
    India
    Firm:
    R&D Law Chambers
    Client Alert: Critical Vendor in Texas: It’s a Rodeo
    2024-06-13

    In Chapter 11 cases, one of a vendor’s best shots at getting paid its pre-petition debt is being designated as a “critical vendor”.

    In connection with the Zachry Holdings Chapter 11 case filed in the Southern District of Texas on May 21, 2024, the Bankruptcy Court made disturbing comments regarding treatment of critical vendors.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Shumaker Loop & Kendrick, Bankruptcy, Uniform Commercial Code (USA), Chapter 11, US Bankruptcy Code, United States bankruptcy court
    Authors:
    David H. Conaway
    Location:
    USA
    Firm:
    Shumaker Loop & Kendrick
    What Are Some Less Traditional Defenses to a Preference Action?
    2024-06-13

    In a bankruptcy case, a preference action1 is often asserted pursuant to Section 547 of the Bankruptcy Code against a creditor to claw back funds paid to the creditor in the 90 days prior to the bankruptcy. While the most common defenses to a preference action are the ordinary course of business defense2, the new value defense3, and the contemporaneous exchange for new value defense4, there are other defenses that a savvy creditor should consider to reduce or even eliminate preference liability.

    Key Issues

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper
    Location:
    USA
    Firm:
    Troutman Pepper

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