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    Third Circuit Finds Make-Whole Is Unmatured Interest That Must Be Paid by Solvent Debtor
    2024-09-17

    The US Court of Appeals for the Third Circuit on September 10, 2024 issued its anticipated opinion in In re The Hertz Corp., with a majority holding that make-whole premiums constitute unmatured interest disallowed by the US Bankruptcy Code, but also finding that solvent debtors must pay creditors their full claims as dictated by contract, including make-whole and post-petition interest, before distributions can be made to equity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Coronavirus, Supreme Court of the United States
    Authors:
    Andrew J. Gallo
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Jevic Keeps on Gifting: Third Circuit Reaffirms Solvent Debtor Exception by Holding Unsecured Creditors of Solvent Debtor Entitled to Post-Petition Interest at the Contract Rate
    2024-09-12

    On September 10, 2024, the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
    Authors:
    Gregory M. Petrick , Ingrid Bagby , Michele C. Maman , Casey Servais , Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Misfeasant Trading vs Wrongful Trading: Do the BHS decisions rewrite the rules?
    2024-09-10

    Arising from the dramatic collapse of what was once one of Britain's most famous high street names, British Home Stores ("BHS"), the claims brought by the liquidators of the BHS group companies (the "BHS Group") against its former directors were already newsworthy.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mishcon de Reya LLP, Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Nick Payne
    Location:
    United Kingdom
    Firm:
    Mishcon de Reya LLP
    Chapter 3: Bankruptcy in France - Challenges for a Trustee in Bankruptcy in a post Brexit landscape
    2024-09-05

    And so, we continue the tale with the TIBs now triumphantly holding both the hard-won exequatur which expressly recognised the bankruptcy order and Trustee in Bankruptcy (TIB) and confirmed that all rights and powers were enforceable in France and judgment of the French criminal court which restored the seized criminal assets to the TIBs under the vesting provisions of the Insolvency Act 1986. However, there were still clear and untested differences to obtaining automatic recognition under the EU Regulation on Insolvency proceedings (as Recast) (RIR).

    Filed under:
    France, Insolvency & Restructuring, Litigation, Addleshaw Goddard, Insolvency
    Authors:
    Rebecca O'Callaghan , Tim Cooper
    Location:
    France
    Firm:
    Addleshaw Goddard
    Delaware Bankruptcy Court Reinforces the High Bar for Revocation of a Chapter 11 Plan Confirmation Order
    2024-09-20

    Confirmation of a chapter 11 plan providing for the reorganization or liquidation of a debtor is the culmination of the chapter 11 process. To promote the fundamental policy of finality in that process, the general rule is that a final confirmation order is inviolable. The absence of certainty that the transactions effectuated under a plan are valid and permanent would undermine chapter 11's fundamental purpose as a vehicle for rehabilitating ailing enterprises and providing debtors with a fresh start.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy
    Authors:
    Dan B. Prieto
    Location:
    USA
    Firm:
    Jones Day
    Updated Minnesota Exemptions
    2024-09-17

    Chart Comparing Exemptions

    The specific bankruptcy and nonbankruptcy (Minnesota law and nonbankruptcy federal law) exemptions vary in scope and dollar amount. The following table summarizes and compares the two sets of exemptions. The statutory language of the exemption has been paraphrased in this chart. The actual statutory language as well as case law must be reviewed when analyzing a debtor’s claim for a particular exemption.

    Revised August 2024

    Filed under:
    USA, Minnesota, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Fredrikson & Byron PA, Employee Retirement Income Security Act 1974 (USA), Internal Revenue Service (USA), Internal Revenue Code (USA)
    Authors:
    James C. Brand
    Location:
    USA
    Firm:
    Fredrikson & Byron PA
    Termination of Cayman Islands entities and year-end timing considerations
    2024-09-12

    Do you have any Cayman Islands entities that you are considering terminating prior to year-end?

    In this briefing, Ogier Global's Corinne Cellier, associate director and head of our solvent liquidations team, reminds us of the options and timing for the termination of Cayman Islands entities. Our aim is to make the process as straightforward and clear as possible for our clients, navigating the applicable deadlines and regulatory considerations.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Ogier, Liquidation
    Authors:
    Corinne Cellier
    Location:
    Cayman Islands
    Firm:
    Ogier
    Discovery and applications for a creditors' winding up - developments in Jersey Law
    2024-09-10

    1. Montague Goldsmith AG v Goswick Holdings Limited and Ors [2024] JRC 170

    What happened?

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Carey Olsen
    Authors:
    Mike Kushner , Olivia Hunt
    Location:
    Jersey
    Firm:
    Carey Olsen
    The “weak” German preliminary insolvency administrator in business continuation
    2024-09-05

    The German Federal Court of Justice (the Federal Court) has considered whether a so-called "weak" preliminary insolvency administrator, entrusted to continue business operations with the management during the preliminary proceeding, may take actions in the interest of these operations, where it is unclear whether the debtor has discontinued the business.

    Background

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    Directors’ duties - former directors liable to pay £110 million for misfeasance
    2024-09-20

    The High Court has ordered two former directors of British Home Stores (BHS) to pay compensation of £110 million in respect of misfeasance claims brought by the former retailer’s liquidators (Wright v Chappell [2024] EWHC 2166 (Ch)).

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Gavin Davies , Sarah Hawes , Caroline Rae
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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