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    Getting Subchapter V Trustees Paid: § 1191(e)
    2023-06-22

    Subchapter V of the Bankruptcy Code’s Chapter 11 is relatively new: it took effect as a new law on February 19, 2020. Accordingly, new questions continue to arise on how its terms and provisions should be applied.

    A Trustee Fees Question

    One Subchapter V question is this:

    • When does a Subchapter V trustee’s administrative claim for fees and costs get paid?

    A Regular Chapter 11 Answer

    The answer in regular Chapter 11 has always been this:

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Don’t Expect to Discharge That PAGA Debt in Bankruptcy
    2023-06-22

    As we have written here on multiple occasions, the Private Attorneys General Act (PAGA) disadvantages employers in several ways. Despite permitting recovery similar to what might be obtained in a class action, class certification rules do not apply and it is an open question whether courts can even limit an unmanageable claim before trial.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Bankruptcy
    Authors:
    Jonathan Slowik
    Location:
    USA
    Firm:
    Proskauer Rose LLP
    Bank Failures Breathe New Life into Old Issue
    2023-06-22

    The first half of 2023 witnessed the failure of three financial institutions in quick succession—Silicon Valley Bank (March 10, 2023), Signature Bank (March 12, 2023), and First Republic Bank (May 1, 2023). This was the first time three financial institutions failed in such a compressed time period since the Great Recession of 2008.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank, Financial Institutions Reform, Recovery, and Enforcement Act 1989 (USA)
    Authors:
    Maura P. McIntyre , Jeffrey N. Rothleder
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Anwaltshaftung bei insolvenznaher Beratung eines Geschäftsführers
    2023-06-22

    Der Anwalt haftet, wenn er seinen Mandanten fälschlicherweise nicht über die Insolvenzreife aufklärt. Allerdings nur, wenn die Prüfung der Insolvenzreife Gegenstand des Beratungsvertrages geworden ist. Den Gegenstand des Beratungsvertrages muss der Mandant darlegen und beweisen. Die Anforderungen an diese Darlegungs- und Beweislast dürfen jedoch nicht überhöht werden, so der BGH in seinem Beschluss vom 26.01.2023 (Az. III ZR 91/22).

    Filed under:
    Germany, Company & Commercial, Insolvency & Restructuring, Litigation, Advant Beiten
    Authors:
    Valerie Hoffmann , Dr. Florian Weichselgärtner
    Location:
    Germany
    Firm:
    Advant Beiten
    Vidarbha: The Ratio That Wasn’t
    2023-06-22

    This article was first published on India Business Law Journal on 22 June 2023.

    In M Suresh Kumar Reddy v Canara Bank and Ors, the Supreme Court clarified that its observations inVidarbha Industries Power Limited v Axis Bank Limited were restricted to the particular facts of that case. Therefore, except in exceptional circumstances, National Company Law Tribunals (NCLT) must admit applications under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), once the existence of a debt and default is established.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Bharucha & Partners, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Sonam Gupta
    Location:
    India
    Firm:
    Bharucha & Partners
    Deed administrator unsuccessful in blocking property owner from retaking possession
    2023-06-22

    In Vincent Cold Storage Pty Ltd v Centuria Property Funds No 2 Limited (No 2) [2023] VSC 314, the Deed Administrator sought section 444F orders to restrain the property owner from retaking premises leased by Vincent Cold Storage in administration and was unsuccessful.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Corrs Chambers Westgarth, Liquidation, Corporations Act 2001 (Australia)
    Authors:
    Alicia Salvo
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Supreme Court Holds Bankruptcy Code Abrogates Tribal Immunity
    2023-06-21

    In January, the U.S. Supreme Court agreed to hear Lac du Flambeau Band of Lake Superior Chippewa Indiansv. Coughlin after the First Circuit barred the Lac du Flambeau Band from seeking to collect on a $1,600 debt obligation to the tribe’s lending arm, Lendgreen, after the debtor filed for Chapter 13 bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Congress, Supreme Court of the United States
    Authors:
    Andrew B. Buxbaum , Jared D. Bissell , Deborah Kovsky-Apap , Christina Lesko
    Location:
    USA
    Firm:
    Troutman Pepper
    维好协议的可执行性分析——基于香港高等法院一则新判决的研读
    2023-06-21

    香港高等法院于近日作出标志性判决(HCA 1269/2021)(“本案”),肯定了维好协议、流动性资金支持等增信措施的可执行性,支持了某中资离岸债券的信托人向债券的维好提供方申偿的债券本金、利息及其他支出。

    特别地,上述债券在本案被告破产重组程序启动前已逾期,本案被告本应根据维好安排进行资金偿付却未履行其在维好安排下的该等偿付义务。

    一、案情简介

    1.  争议背景:

    本案原告为本次债券的信托人,代表债券投资人的利益(“原告”)。本案被告为替本次债券提供维好协议、流动性资金支持等增信措施的境内主体(“被告”)。

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, JunHe LLP
    Authors:
    Chris Tang , Philip Kwok
    Location:
    Hong Kong
    Firm:
    JunHe LLP
    Impact of EU "Pre-pack proceedings" directive in Germany: pre-pack proceeding vs pre-pack plan
    2023-06-21

    The EU Commission has presented a draft directive on the mandatory inclusion of a "pre-pack proceeding" in national insolvency laws.

    On 7 December 2022, the European Commission published a draft directive harmonising certain aspects of insolvency law with the aim of facilitating distressed M&A by reducing legal uncertainties in cross-border transactions.

    Filed under:
    Germany, Insolvency & Restructuring, CMS Germany, Due diligence, European Commission
    Authors:
    Dr. Alexandra Schluck-Amend , Dr. Jana Julia Hübler
    Location:
    Germany
    Firm:
    CMS Germany
    U.S. Supreme Court Holds Tribal Sovereign Immunity Expressly Abrogated by U.S. Bankruptcy Code
    2023-06-21

    Highlights

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, US Congress, Supreme Court of the United States, First Circuit
    Authors:
    Lynne B. Xerras , Barbra R. Parlin , James T. Meggesto , Randolph A. "Randy" DelFranco
    Location:
    USA
    Firm:
    Holland & Knight LLP

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