In our previous commentary, we concluded that the ‘The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021’ (Regulations) had enacted a tick-box exercise for experienced market participants.
In CPS v Aquila Advisory Ltd [2021] UKSC 49, the Supreme Court has re-affirmed the existing law on illegality and attribution of directors’ wrongdoing to their companies, while providing helpful guidance and clarification on aspects of the law relating to fiduciary duty, constructive trusts, attribution, and illegality.
Fraudulent transfers and actions to avoid them are second nature to both debtor and creditor attorneys. Although the exact requirements may vary amongst state and federal laws, a typical example includes a debtor that transfers its interest in some form of property to another party with the actual intent to prevent a creditor from collecting against that property. However, as unique as the state itself, a previously seldom-used loophole to fraudulent transfer law in Texas has jumped to the forefront of restructuring strategy—the Texas Two Step.
Unless the owner of a limited liability company elects to be treated as a corporation for tax purposes, the IRS will treat a single-member LLC as a “disregarded entity” for tax purposes. As a disregarded entity, an LLC’s assets, liabilities, income and deductions are reported as belonging to the owner for tax purposes. Markell Co. v.
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
2021年8月27日、インド破産倒産委員会（＝IBBI）は、企業倒産処理手続および清算手続に関する諸問題についてのコメントを募集する旨のディスカッションペーパー（CIRP Discussion Paper、Liquidation Discussion Paper）を発表しました。その後、2021年9月30日、IBBIは、2016年（企業倒産手続）規則（＝CIRP規則）および2016年IBBI（清算手続）規則（＝清算規則）の改正が行われています。
CIRP規則と清算規則にて導入された主な改正点は、以下の通りです。
1. CIRP 規則（CIRP Regulations）
(i) 債権者委員会（＝CoC）の説明責任を高め、機能の透明性を確保するため、CoCのメンバーに対して、IBBIが発行するガイドラインに沿った形での職務の遂行が義務付けられました。
The Cayman Islands' legislature has gazetted the Companies (Amendment) Bill 2021 ("Bill") which introduces a new corporate restructuring process and creates a role for a dedicated restructuring officer in the Cayman Islands.
Maryland Legal Alert for Financial Services
The Bankruptcy Court for the District of Maryland recently proposed a new local rule in response to the U.S. Supreme Court decision that mere retention of bankruptcy estate property by a creditor post-petition does not amount to an exercise of control over estate property in violation of the automatic stay.
Each day creditors across the globe receive the bad news that a customer is not paying its debts or is otherwise insolvent. Israeli creditors, whether lenders or vendors, are no exception. Knowing what to do can limit exposure and maximize recovery of debts owed by the insolvent party.
Each year amendments are made to the Federal Rules of Bankruptcy Procedure, which govern how bankruptcy cases are managed. The amendments address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. The rule amendments are ultimately adopted by the U.S. Supreme Court and technically subject to Congressional disapproval.