On June 6, 2024, the Supreme Court issued its opinion in Truck Insurance Exchange v. Kaiser Gypsum Co., No. 22-1079, conferring broad standing to debtors’ pre-bankruptcy liability insurers to appear and be heard in Chapter 11 bankruptcy proceedings. The ruling eliminates the “insurance neutrality” doctrine that previously constrained the participation of insurers in Chapter 11, greatly expanding insurers’ capacity to influence the reorganization process.

Background: Insurer Standing in Chapter 11 Bankruptcy

2024年4月，国务院印发了《关于加强监管防范风险推动资本市场高质量发展的若干意见》，明确加大并购重组改革力度，多措并举活跃并购重组市场。资本市场中产业链并购以及跨界并购已然成为上市公司实现产业整合、市场扩张的重要途径之一。本文拟从上市公司重大资产重组角度出发，对可能影响上市公司重大资产重组成功的事项予以探讨。

一、上市公司重大资产重组的界定

上市公司重大资产重组是指上市公司及其控股或者控制的公司在日常经营活动之外的购买、出售资产或者通过其他方式进行资产交易达到规定的标准，导致上市公司的主营业务、资产、收入发生重大变化的资产交易行为。其中资产交易的方式，除了购买、出售资产外，还包括与他人新设企业、对已设立的企业增资或者减资；受托经营、租赁其他企业资产或者将经营性资产委托他人经营、租赁；接受附义务的资产赠与或者对外捐赠资产等。上市公司通常对购买、出售资产是否构成重大资产重组较为熟悉，在与他人新设企业、对已设立的企业增资、受托经营、租赁其他企业资产行为中是否构成重大资产重组问题，因市场案例相对较少，故较为陌生。笔者理解其核心还是在于是否实质构成购买、出售资产的判断。

Overview

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

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

• whether the $7,500,000 debt cap for Subchapter V eligibility should remain or revert to an interest-adjusted $3,024,725.

Recommendation

Redefine Australian Investments Limited (Company), an Irish-registered company was placed in voluntary liquidation on 24 January 2018. Martin Ferris was appointed as the liquidator (Liquidator).

The Proceedings

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights.

In a case brought by the liquidators, the High Court found two former directors liable for wrongful trading; that is, continuing to trade when they knew or should have known that there was no reasonable prospect of avoiding insolvency (section 214 of the Insolvency Act 1986).

Summer 2024 Editor: Melanie Willems IN THIS ISSUE “Seething on a jet plane” - conditions precedent and time of the essence in commercial contracts by Jack Spence 03 09 11 24 Diamonds aren’t forever: who is vicariously responsible when they have been stolen?

FRP Advisory Trading Limited won the United Kingdom's largest-ever wrongful trading claim and successfully established the first "misfeasance trading" claim against former directors of British Home Stores ("BHS"), highlighting the critical responsibilities of directors managing financially troubled company assets.

The High Court has handed down judgment against two former directors of a number of BHS group companies. The Joint Liquidators, Anthony Wright and Geoffrey Rowley (both of FRP Advisory) brought claims against Lennart Henningson and Dominic Chandler for wrongful trading, misfeasance trading and individual misfeasance.

Wrongful trading