Over the course of almost a decade of litigation as part of an individual debtor’s chapter 7 bankruptcy case, the bankruptcy judge, in In re Tucker, made “half a dozen or so” comments about the debtor’s demeanor, credibility, and litigation strategy, including referring to the debtor as a “crook,” “dirty bird,” and a “skillful manipulator.” The debtor filed a motion for recusal, arguing the judge
Two recent decisions from the District Court for the Southern District of New York have renewed interest in the Trust Indenture Act and the ability of minority bondholders to use it as a shield to protect their rights in an out-of-court nonconsensual restructuring: Marblegate Asset Management, LLC v.
Attorney. Counselor. Advisor. As “the last bastion of the generalist,” the role of the restructuring attorney takes various forms and requires a restructuring attorney to wear many different hats – at times acting both as lawyer and business advisor. This combination of business and law is very often what draws professionals to the practice area in the first place. The line, however, between business and legal advisor is often blurry and imprecise, and a recent
Introduction
On Tuesday 10 June 2014 in the Australian Capital Territory Industrial Magistrates Court, an early mention in the Kenoss Contractors case was heard. This case includes a prosecution of both an organisation for allegedly failing to meet the primary health and safety duty and an officer for allegedly failing to exercise due diligence under the Work Health and Safety Act 2011 (ACT) which commenced on 1 January 2012. This case is ostensibly the first prosecution of an officer under the new harmonised WHS laws.
In May 2009, the Treasury published a discussion paper entitled Developing effective resolution arrangements for investment banks. In this discussion paper the Treasury set out its initial thinking on the steps necessary to improve the regime around the failure of investment firms.
Introduction
Gothard v Fell; in the matter of Allco Financial Group Ltd (receivers and managers appointed) (in liq) (2012) 88 ACSR 328
On 15 May 2012, Jacobson J of the Federal Court of Australia allowed an application by Receivers to be released from confidentiality undertakings so that use could be made of Australian Securities and Investments Commission (ASIC) examination transcripts.
Before 1993, the question of whether a creditor of a corporation being wound up had received an unfair preference from that corporation was determined under section 122 of the Bankruptcy Act 1966 (Cth). In 1993, a new Part 5.7B was inserted into the Corporations Act to deal with voidable transactions such as unfair preferences. Since then two lines of divergent judicial authority have developed:
Summary
In an exciting week for insolvency, the Minister for Financial Services, Superannuation and Corporate Law has released a package of reforms to Australia’s corporate insolvency laws. This reform package includes:
The highly publicized announcement by Nortel Networks Corporation (together with its subsidiaries and affiliates, “Nortel”) of its intention to sell certain of its businesses has provided an opportunity for the Ontario Superior Court of Justice to settle the state of the law in Ontario (and, hopefully, across Canada) on the sale of all or substantially all of an entity’s assets within a Companies’ Creditors Arrangement Act (“CCAA”) proceedings.