Зміст
Under the Absolute Priority Rule, for a Chapter 11 plan to be confirmable, claims of a higher priority must be paid in full in order for lower priority claims to receive any recovery, and all creditors must be paid in full in order for equity interest holders to retain any interest in the debtor, or receive any distribution under the plan. The Absolute Priority Rule is embodied in Section 1129(b)(2) of the Bankruptcy Code.
In a landmark decision,[1] the Delaware Court of Chancery addressed, for the first time, the precise duties that a controlling stockholder owes, and the standard of review that will apply, when a controlling stockholder takes actions to block a board of directors’ desired course of action — such as by removing directors or enacting a bylaw requiring a unanimous vote for board action
The Corporate Insolvency and Restructuring Act, 2020 (Act 1015) introduced for the first time in the Ghanaian jurisdiction, cross-border insolvency proceedings. The cross-border insolvency proceedings aim to achieve among others, legal certainty for trade and investment, protection and preservation of investment and employment, fair and efficient administration of cross-border insolvencies that protect the interests of creditors and debtors and other interested persons.
Act 1015 provides for cross-border insolvency proceedings in instances where assistance is required,
Introduction
When a company is being wound up, its liquidators have powers to investigate into the company's affairs and dealings. Such powers are for the purpose of discharging their duties as officers of the court to steward the estate in liquidation.
On January 2, the Consumer Financial Protection Bureau (CFPB) filed an amicus curiae brief urging the U.S. Court of Appeals for the First Circuit to reverse a district court’s decision finding that a debt collector lacked the requisite knowledge and intent to violate the Fair Debt Collection Practices Act (FDCPA) when it sent a debt-collection communication prior to any knowledge of the debtor’s bankruptcy filing.
This 2nd article in our 2-part series on ‘Employment Contracts vis-à-vis CIRP’ examines the validity of ipso facto clauses which permit employees to terminate their employment on the occurrence of an insolvency event; and acknowledges the duelling priorities of upholding contractual freedom and ensuring that the debtor remains a ‘going concern’.
We have recently published a few blogs on the hot topic of company insolvencies, including more specifically about:
Oral arguments happened on January 9, 2024, at the U.S. Supreme Court in U.S.Trustee v. Hammons.Here is a link to the transcript of those arguments.
The Hammons question is this: