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    Jersey’s insolvency regime continues to develop
    2024-09-26

    The legislative framework applicable to insolvency and restructuring in Jersey has seen significant developments in recent years, with the introduction of the Companies Regulations No 8 2022 (the Regulations).

    The Regulations provide additional powers to a company’s creditors – firstly, in relation to provisional liquidations (an emergency procedure designed to safeguard the assets of a failing company), and secondly in relation to creditors’ winding-ups.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Appleby
    Authors:
    Simon Felton
    Location:
    USA
    Firm:
    Appleby
    Peabody Trust v NHBC: is contractor insolvency alone enough to trigger cover under an insurance policy?
    2024-09-26

    Overview

    Peabody Trust ("Peabody") issued proceedings against National House Building Council ("NHBC") to recover insured extra project costs incurred following contractor insolvency. NHBC sought to short circuit the litigation via an application for summary judgment and strike-out.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Insurance, Litigation, DAC Beachcroft, Insolvency, Infrastructure
    Authors:
    Alessandro Morgan-Gianni , Giles Tagg
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Third Circuit Rules on Allowance of Make-Whole Fees and Post-Petition Interest in Solvent-Debtor Cases in In re The Hertz Corp.
    2024-09-26

    On September 10, 2024, the U.S. Court of Appeals for the Third Circuit issued its opinion in Wells Fargo Bank, N.A. v. The Hertz Corp. (In re The Hertz Corp.), Case No. 23-1169, 2024 WL 4132132 (3d Cir. Sept.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Coronavirus, Third Circuit, US Court of Appeals
    Authors:
    Jacob A Adlerstein , Paul M. Basta , Lauren Bilzin , Brian Bolin , Robert Britton , William A. Clareman , Alice Belisle Eaton , Joe Graham , Brian S. Hermann , Christopher Hopkins , Kyle J. Kimpler , Elizabeth R. McColm , Sean Mitchell , Andrew M. Parlen
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    A 30-Years Sentence For Bankruptcy Crimes? (U.S. v. Colon)
    2024-09-26

    A new Seventh Circuit Court of Appeals opinion[fn. 1] involves the motion of a federal inmate, who was also a Chapter 7 bankruptcy debtor, for compassionate-release under 18 U.S. § 3582(c)(1)(A). The new Seventh Circuit opinion denies the motion.

    Notably, the bankruptcy Debtor/Inmate is serving a 30-year sentence for making false statements during a bankruptcy proceeding The bankruptcy statute is 18 U.S.C. § 152, which declares it is a crime when a person:

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, United States bankruptcy court, Seventh Circuit
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Hong Kong court departs from English law in its approach to arbitration clauses in insolvency cases
    2024-09-26

    Key takeaways

    Filed under:
    Hong Kong, United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Reed Smith LLP
    Authors:
    Lianjun Li , Min Li , Matthew Townsend , Donald Sham , Eric Xu , Julie Wong
    Location:
    Hong Kong, United Kingdom
    Firm:
    Reed Smith LLP
    Trading in the twilight - a recent UK case may pose risks for Hong Kong company directors who “postpone the inevitable"
    2024-09-24

    When a company is in financial distress, directors face difficult choices. Should they trade on to try to “trade out” of the company’s financial difficulties or should they file for insolvency? If they act too soon, will creditors complain that they should have done more to save the business? A recent English High Court case raises the prospect of directors potentially being held to account for decisions that “merely postpone the inevitable.”

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Hogan Lovells, Companies Act 2006 (UK)
    Authors:
    Jonathan Leitch , Nigel Sharman
    Location:
    Hong Kong, United Kingdom
    Firm:
    Hogan Lovells
    Asset Tracing and Asset Recovery in a Cryptocurrency Exchange Bankruptcy
    2024-09-24

    The bankruptcy of the Mt. Gox cryptocurrency exchange in 2014 was a pivotal moment in cryptocurrency history. It demonstrated the vulnerabilities of early cryptocurrencies and saw the worst fears of the industry become a reality. However, in the years since it has also provided an excellent example of the successful tracing and recovery of a variety of asset classes. Creditors have recently received the first distributions from the recovered assets of Mt Gox, in stark contrast to the initial claims that access to the assets had been lost forever.

    Background

    Filed under:
    Ireland, Japan, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Beauchamps, Cryptocurrency
    Authors:
    Simon Murphy
    Location:
    Ireland, Japan, USA
    Firm:
    Beauchamps
    EIOPA Consultation on the new Proportionality Framework under Solvency II
    2024-09-24

    EIOPA Consultation on the new Proportionality Framework under Solvency II

    www.mathweswown..mcoamthesoPna.gceom1

    Overview

    In August this year, the European Insurance and Occupational Pensions Authority ("EIOPA") published a public consultation ("Consultation") on the new proportionality framework proposed in the Provisional Agreement on amendments to the Solvency II Directive ("Provisional Agreement").

    Filed under:
    European Union, Ireland, Insolvency & Restructuring, Insurance, Matheson LLP, European Commission, European Insurance and Occupational Pensions Authority, Solvency II Directive (2009/138/EU)
    Location:
    European Union, Ireland
    Firm:
    Matheson LLP
    Rooker-Feldman Doctrine Doesn't Prevent Certain Bankruptcy Court Decisions
    2024-09-24

    In an opinion issued on Sept. 20 by the United States Bankruptcy Court for the District of New Mexico, Judge David T. Thuma held that the Rooker-Feldman doctrine does not prevent a bankruptcy court from determining whether the automatic stay applies to pending state court litigation. See In re Shook, Case No. 24-10724-t7 (Bankr. N.M. Sept. 20, 2024) [ECF No. 54].

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Supreme Court of the United States
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Ninth Circuit authorizes trustees to avoid intentional fraudulent transfers without need to demonstrate creditor harm
    2024-09-23

    In a case of first impression in the Ninth Circuit, the US Court of Appeals recently handed bankruptcy trustees a significant power by ruling in TheLovering Tubbs Trust v. Hoffman (In re O’Gorman) that a trustee can avoid intentionally fraudulent transfers under the Federal Bankruptcy Code, even if no creditor suffered harm as a result.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, DLA Piper
    Authors:
    Robert Klyman
    Location:
    USA
    Firm:
    DLA Piper

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