Rare is the decision finding that bid rigging occurred. Recently, though, the United States Bankruptcy Court for the District of Connecticut uncovered a bid rigging scheme in connection with the sale of property in a Canadian arrangement proceeding. In re Sagecrest II LLC, et al., Case No. 08-50754 (Bankr. D. Conn. Dec.
Technical Knock Out (“TKO”): a boxing term used to describe a situation where one boxer is deemed the winner after knocking the other down three times. In this case, a TKO can also be used to describe a recent ruling by the United States District Court for the District of New Mexico.
For those readers who have a sophisticated understanding of bankruptcy law, the holdings of Jester v. Wells Fargo Bank, N.A. (In re Jester) will not be surprising.
As the adage goes, everything old is new again. Just like old fads coming back into style, bankruptcy issues that first arose decades ago seem to present themselves again and again over the years, albeit with a different set of facts. Such is the case with the bankruptcy of Johns-Manville Corporation and its affiliates. Despite Manville’s emergence from bankruptcy in 1988, questions regarding the protections of the channeling injunction issued under Manville’s chapter 11 plan continue to present themselves today. Much to the relief of one of Manville’s insurers, in a
Executive Summary
On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020.
The Finance Act 2020 provides that directors, managers, shareholders, lenders and others can be made jointly and severally liable for the outstanding tax debts of insolvent (or potentially insolvent) companies and limited liability partnerships (LLPs).