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    English court blocks restructuring plans that cram down tax authority
    2023-06-06

    The English tax authority, HMRC, has successfully challenged the restructuring plans put forward by The Great Annual Savings Company Limited (GAS) and Nasmyth Group Limited (Nasmyth).

    This is the first time that HMRC has actively challenged restructuring plans at the sanction hearing. The key takeaways from the judgments:

    Nasmyth

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, HM Revenue and Customs (UK)
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Austrian Supreme Court clarifies options in combined contracts
    2023-06-06

    Background

    The impact of the opening of insolvency proceedings on options granted in combined contracts (for example, a lease contract containing a call option for the leased real estate) had been in dispute for a long time.

    Decision

    The Austrian Supreme Court held that call options granted in lease contracts where the option fee has been paid do not expire with the opening of insolvency proceedings, nor are they subject to the right of the insolvency administrator to terminate the lease contract.

    Filed under:
    Austria, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Susanne Fruhstorfer , Andreas Howadt
    Location:
    Austria
    Firm:
    Taylor Wessing
    8th Cir. BAP Holds Modification of BK Plan Requires At Least ‘Substantial Change in Circumstances’
    2023-06-06

    The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently held that, at a minimum, a substantial change in circumstances is required to justify modification of a bankruptcy plan under Section 1229.

    The Eighth Circuit BAP also determined that the bankruptcy court’s ruling that the debtors met their burden of showing an unanticipated, substantial change in circumstances was not clearly erroneous, despite multiple changes by the debtor, nor was the bankruptcy court’s finding that the fourth modified plan was feasible and confirmable.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Eighth Circuit, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Third Circuit: Pre-Bankruptcy Commercial Lease Termination Not Fraudulent Transfer
    2023-06-06

    Is an insolvent debtor’s pre-bankruptcy termination of a commercial lease a fraudulent transfer? The Third Circuit said no when it held that a lessor’s pre-bankruptcy termination of the debtors’ lease and purchase option “was not a transfer under Bankruptcy Code §548(a) (1)(B).” In re Pazzo Pazzo Inc., 2022 WL 17690158 (3d Cir. Dec. 15, 2022). But the Seventh Circuit held that a chapter 11 debtor’s pre-bankruptcy “surrender of [two] … leases to [its landlord] could be regarded as a preferential [or fraudulent] transfer.” In re Great Lakes Quick Lube L.P., 816 F.3d 482 (7th Cir. 2016).

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Clawback/avoidance/preferences/fraudulent transfers, Insolvency, Third Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    German court extends termination options in the event of insolvency
    2023-06-06

    The German Federal Court of Justice (BGH) has ruled on the question of whether an agreement that grants release from a contract on grounds of insolvency or the opening of insolvency proceedings is effective.

    Background

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Christoph von Campenhausen
    Location:
    Germany
    Firm:
    Taylor Wessing
    In re Purdue Pharma L.P.: Second Circuit Reverses S.D.N.Y and Holds Bankruptcy Court Has Subject Matter Jurisdiction and Statutory Authority to Approve Sackler Family Releases
    2023-06-06

    On May 30, 2023, the United States Court of Appeals for the Second Circuit (the “Second Circuit” or the “Court”) rendered a much anticipated opinion (the “Opinion”),1 reversing the order of the United States District Court for the Southern District of New York (the “District Court”) that the Bankruptcy Code does not permit non-consensual third-party releases of direct claims and affirming the order of the United States Bankruptcy Court for the Southern District of New York (the

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Supreme Court of the United States, Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Katherine Drell Grissel , Kristie Torkildsen Duchesne , David S. Meyer , Steven M. Abramowitz , Bradley Foxman , Paul E. Heath , George R. Howard , Lauren R. Kanzer , Jessica C. Peet , William L. Wallander , Steven Zundell
    Location:
    USA
    Firm:
    Vinson & Elkins LLP
    Put Off the Evil Day - When Can an Exclusive Jurisdiction Clause Stop a Bankruptcy Petition?
    2023-06-07

    In Re Guy Lam Kwok Hung [2023] HKCFA 9, the Court of Final Appeal clarified when a debtor can resist a bankruptcy petition based on an exclusive jurisdiction clause (EJC) in his contract with the petitioner creditor. It is important to appreciate the Court’s reasoning and how it can be applied to various factual scenarios.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, DLA Piper, Mediation
    Authors:
    Kevin Chan , James Wong
    Location:
    Hong Kong
    Firm:
    DLA Piper
    Does Electricity Supplied Within 20 Days of a Bankruptcy Qualify for Section 503(b)(9) Priority Status? Recent Decisions Say “No”
    2023-06-07

    Section 503(b)(9) Overview

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Uniform Commercial Code (USA)
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Modular Construction - what isn't clicking together?
    2023-06-07

    Modular construction has been heralded for several years now as a construction methodology that saves time, reduces waste and minimises cost. It is therefore unsurprising that modular construction forms part of the various "modern methods of construction" that are now being encouraged by the UK Government. Use of modular construction can range from isolated elements like bathroom pods to where the majority of the building is comprised of modules and is commonly encountered in housing, student accommodation and hotels.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Brodies LLP, Insolvency
    Authors:
    Kirsteen Milne , Cameron Prenter
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Cayman Islands Schemes of Arrangement
    2023-06-08

    These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring experts. We are well-equipped to advise at all stages where financial stability becomes an issue and innovative solutions are required.

    The Complications Involved with Cross-Border Restructuring

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Conyers
    Authors:
    Jonathon Milne , Alex Davies
    Location:
    Cayman Islands
    Firm:
    Conyers

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