En el escaso transcurso de este año 2024 ya hemos tenido el honor de recibir dos interesantes resoluciones dictadas por la Sala Primera del Tribunal Supremo en materia concursal.

Estas dos resoluciones ponen de relieve cuestiones en las que, habiendo la Sala apreciado y justificado el interés casacional para entrar en el fondo del asunto, precisamente, en uno de esos supuestos, por no haberse tratado con anterioridad, hacen que nos traigan consigo pronunciamientos que serán de plena aplicación en la práctica.

A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).

On 4 March 2024, the High Court approved the amended restructuring plan (the Plan) of Project Lietzenburger Straße Holdco S.à.r.L (the Company) a Luxembourg incorporated company part of the German Aggregate Holdings Group, despite refusing to sanction its original plan.

As seen in the recent proliferation of bankruptcy cases seeking a structured dismissal or conversion after a successful sale, debtors constantly seek creative and efficient ways to wind up a case, including through a traditional plan of liquidation. Yet, as discussed below, debtors must ensure that any proposed voting procedures for a plan comply with section 1126 of the Bankruptcy Code, or are at least supported by, or supportable with, prior precedent.

Highlights

Bankruptcy Code Section 502(b)(6) establishes a Statutory Cap on the damages a landlord can claim arising from the termination of a lease in bankruptcy case. Courts have split on how to calculate the Statutory Cap, whether and how to apply letters of credit to reduce the Statutory Cap, and whether the Statutory Cap applies to a landlord’s claims against a lessee’s debtor-guarantor.

On March 26, 2024, the US District Court for the Southern District of New York issued an opinion addressing the foregoing issues:

前言

私募基金“募投管退”等各阶段时常经历来自市场、政策及监管等种种不确定风险，这期间不仅基金管理人付出了大量的人力、物力以保障基金的正常运行和基金财产的安全，投资者也在默默期待取得理想的投资收益，而清算退出正是私募基金管理人与投资者迎来最终投资结果的阶段，清算完毕也意味着私募基金生命的终结，其重要性对于各方来说不言而喻。

一、私募基金清算的意义

私募基金的清算完毕代表着基金管理人、托管人及投资者等多方主体间法律关系的正式终结，对基金管理人、托管人而言，基金清算后将大幅减少其在投后管理中所投入的精力，且所应对的监管也会相应减少；对投资者而言，在基金清算后可以取回现有投资财产，保障自身资金的流动性；针对基金行业来说通过清算淘汰了部分“劣质”私募基金，彰显了优胜劣汰法则，可以使行业整体的发展越来越健康。

The existence of a bankruptcy option is a good thing for any debtor-creditor situation that is highly stressed—whether the bankruptcy option is used or not.

This is especially true in mass-tort cases where a potential exists for (i) hugely-disparate results for similarly situated plaintiffs, and (ii) debilitating delays in the progress of litigation.

In France, losses incurred by a company in a given fiscal year can be carried forward to offset profits in subsequent years, without time limit. The annual offset against future profits is limited to a maximum of €1 million, plus 50% of the portion of profit exceeding this threshold. Any unused balance is carried forward to the following year. It is also possible to opt to carry back losses against the previous year's profits, up to a maximum of €1 million.

The Porter Davis liquidation in early 2023 put into sharp focus the practice of some builders taking deposits from owners before obtaining domestic building insurance for their work, insurance that helps to protect owners in the event of a builder’s insolvency.

In the case of Porter Davis, this practice left thousands of owners without insurance to recover the loss of their deposits, leading the State Government to implement a relief scheme to compensate home owners over $28 million, later extended to 20 February 2024 and expanded to other builders in liquidation.