Is it Groundhog Day for private equity backed companies struggling to cope with higher interest rates, or is it different this time? The attempts to curb inflation flowing from the re-opening of the global economy after the Covid pandemic and the war in Ukraine have seen interest rates rise globally. In this article we look back at the response to financial distress in private equity backed companies during the global financial crisis of 2007-2009 and ask if it is different this time?

Chapter 15 of the Bankruptcy Code provides a valuable tool for non-US entities going through foreign insolvency proceedings when they have assets located in the United States. Chapter 15 can protect the value of US assets by granting a stay of actions against those assets during the concurrent administration of a complementary US insolvency process with that of the original foreign insolvency proceeding.

More than 75% of the U.S. population lives in states that have legalized cannabis for adult and/or medical use.

Pursuant to a 2022 directive from President Joe Biden, a 2023 recommendation of the U.S. Department of Health and Human Services, and a scientific review released in January supporting the HHS's recommendation, the U.S. Drug Enforcement Administration is now evaluating whether to reclassify cannabis as a Schedule III drug.

Mareva orders, also known as freezing orders, may be granted when there is a risk that a defendant might move its assets out of reach of the court’s jurisdiction. Mareva can orders freeze assets owned directly or indirectly by the defendants. Oftentimes a defendant subject to a freezing order has other creditors seeking repayment. Can a creditor enforce its claim against the frozen assets? Yes, but the creditor must come to the court with clean hands and should not make loans to the defendant if it has notice of the order.

We have previouslyblogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11 U.S.C. §§ 544, 547, 548.

For industry professionals in India, the Insolvency and Bankruptcy Code (IBC), 2016, has been a game-changer. The introduction of a formal framework for insolvency resolution has brought much-needed clarity and efficiency to dealing with financial distress. However, the 2019 Regulations introduced a new dimension - the ability for personal guarantors (PGs) to initiate insolvency proceedings. This has significantly impacted the role of Resolution Professionals (RPs).

In 2019, Congress enacted the Small Business Reorganization Act, which created subchapter V within chapter 11 of the Bankruptcy Code. Congress’ intent was to create a more cost-efficient and streamlined restructuring process for small businesses by modifying certain provisions of chapter 11 for debtors with claims below a specific debt cap. In particular, because creditors typically have smaller claims against these small businesses, the new subchapter takes into account the likelihood that there will be no or minimal meaningful creditor participation.

In early February, a Delaware bankruptcy judge set new precedent by granting a creditors’ committee derivative standing to pursue breach of fiduciary duty claims against a Delaware LLC’s members and officers. At least three prior Delaware Bankruptcy Court decisions had held that creditors were barred from pursuing such derivative claims by operation of Delaware state law, specifically under the Delaware Limited Liability Company Act (the “DLLCA”).

近年来，由于经济形势下行叠加新冠疫情，众多企业陷入经营困难和债务危机，庭外债务重组因具有较高的灵活性、自主性，不受时间和程序上的限制，成为化解企业债务危机的重要方式，而敏感债权因其涉众性成为庭外债务重组程序中的棘手问题。敏感债权往往与非法集资有着千丝万缕的联系，本文将从庭外重组中涉非（涉嫌非法集资）敏感债权处置角度出发，具体分析敏感债权处置方案中的重点法律问题，以及律师在涉非敏感债权处置中的作用。

一、敏感债权的概念与特征

（一）敏感债权的概念

正如庭外重组一样，对于敏感债权，法律尚未给出明确的定义。结合过往庭外重组等债务风险处置案例，可以将敏感债权理解为：因涉及众多自然人债权人，可能涉嫌非法集资，而需要在债务处置中特别考虑的债权，主要包括涉及个人的理财产品和民间集资。

（二）敏感债权的特征

敏感债权的主要特点如下：

1. 债权人一般为自然人，且人数众多，具有涉众性特点。敏感债权一般涉及众多自然人债权人，这类群体抗风险能力一般较差，企业债务危机爆发后，如果无法及时清偿敏感债权，可能诱发群体性事件，影响社会稳定。

Das StaRUG gibt Unternehmen die Möglichkeit, sich frühzeitig, im Rahmen eines geordneten Verfahrens und außerhalb eines Insolvenzverfahrens, zu sanieren.