Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.
Although in the Ninth Circuit the decision to revisit an order under FRCP 60 is “highly discretionary,” judges still must explicitly grapple with the relevant factors. That was the clear message sent by Judge Haywood Gilliam Jr. of the Northern District of California when reviewing an appeal from the PG&E Corporation’s chapter 11 bankruptcy.
German real estate group restructuring plan sanctioned in London
Having failed to get its restructuring solution through in its home jurisdiction, beleaguered German real estate group, Adler, turned to London. After substituting a UK plc as issuer of six series of notes in order to propose an English restructuring plan, and in the face of fierce opposition from an ad hoc committee of 2029 noteholders (AHG), the group successfully forced the plan through just in time.
Le 27 avril 2023, le projet de loi C-228, Loi sur la protection des pensions (« LPP ») a reçu la sanction royale et est entré en vigueur au Canada. Comme la LPP vient modifier considérablement le traitement des exigences au titre des régimes de retraite dans le cadre des procédures d’insolvabilité, il y a lieu pour les prêteurs de veiller à bien comprendre la nature et les répercussions de cette loi.
In a recent judgment, Justice Doyle considered the principles applicable in agreeing to adjourn the hearing of a winding up petition. He granted only a short adjournment to allow opposing experts time to prepare a joint memorandum to assist the Court in determining issues related to the standing of the petitioner and issues in relation to its debt. The debtor's application for a longer adjournment was dismissed.
Could a director of an insolvent company, who was held to be in breach of his directorial duties, be ordered to draw down his personal pension benefits to pay a judgment debt?
The Government has finally issued its Policy Paper “High Stakes: gambling reform for the digital age”.
Nigel Huddleston, Minister for Sport, Tourism and Leisure launched the Government’s call for evidence in December 2020. It has taken over two years for the Government’s response to be published.
The Canadian Parliament has enacted (subject to the final stage of Royal Assent) significant changes to federal insolvency legislation, elevating the priority that must be provided to fund the deficit of a defined benefit pension plan when distributing debtor assets. Bill C-228, the Pension Protection Act (the “Act”), is an Act to amend the Bankruptcy and Insolvency Act (“BIA”), the Companies’ Creditors Arrangement Act (“CCAA”) and the Pension Benefits Standards Act, 1985.
Nicola Sharp of Rahman Ravelli outlines a case where an individual’s knowledge of a tax evasion scheme was key
A cellphone company director lost his bid to challenge a £1.7 million-plus award against him for VAT fraud when the High Court said he had actual knowledge of his firm's tax evasion scheme.
In Bhatia v Purkiss [2023] EWHC 775, the High Court rejected an appeal from Deepak Bhatia, the company director of the now-defunct phone company JD Group Ltd, against a ruling from the Insolvency and Companies Court (ICC).
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