In the United States Court of Appeals for the Eleventh Circuit’s (“the Court”) recently issued decision In re Bozeman, 2023 U.S. App. LEXIS 545 (11th Cir., Jan. 10, 2023, No. 21-10987), the Court struck a decisive victory in favor of Mortgage lenders’ rights, holding that in a battle for supremacy between anti-modification protections and a court-confirmed bankruptcy plan, a lender’s rights will always prevail as the victor.
Scope of Duty
In Lawrence, Ozifin Tech Pty Ltd (in liq) v AGM Markets Pty Ltd (in liq)[2022] FCA 1478, liquidators of multiple companies were successful in obtaining the declarations and directions they sought regarding the distribution of statutory trust funds, and obtaining payment of their fees from trust assets.
A trio of landmark decisions by Mr Justice Harris have altered and hugely improved the scheme of arrangement practice in Hong Kong. The new scheme practice points are in brief thus:
First, where an offshore incorporated company seeks to restructure its debts by means of a Hong Kong scheme of arrangement, it should not at the same time pursue a parallel offshore scheme just because it is incorporated offshore. Any such parallel scheme must be justified. Pursuing an unnecessary parallel scheme could entail the following consequences:
A strata wind-up is an excellent way to realize the economic potential of a multi-unit residential property (the "strata") by leveraging the value of each unit in the strata as a whole to a developer that may want to re-develop on the strata's property. This article summarizes the onset and development of this emerging sector in light of recent case law and current events.
Introduction to strata wind-ups
Subordination agreements are generally enforced in accordance with applicable non-bankruptcy law in bankruptcy cases. The decision in In re Fencepost Productions, Inc., No. 19-41542, 2021 WL 1259691 (Bankr. D. Kan. Mar. 31, 2021) recognizes limits to this rule. While the subject subordination agreements were generally enforceable, the assignment of Chapter 11 voting rights in such agreements was not.
Introduction
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of May 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), the National Company Law Appellate Tribunal (NCLAT) and various benches of the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments.
1) NO INTERFERENCE IN THE DECISION OF THE LIQUIDATOR TAKEN IN THE BEST INTEREST OF A CORPORATE DEBTOR.
Last month, we discussed practical tips for dealing with contractor insolvency as part of our ongoing construction webinar series.
Our colleague, Doug Wass, has already shared three key points to be aware of when a contractor becomes insolvent. In this article we discuss, in more detail, the practical points clients and those administering building contracts on their behalf should consider when contractor insolvency is suspected and occurs.
Most corporate bankruptcy filings result in either a plan of reorganization under Chapter 11 of the Bankruptcy Code (the Code) or a liquidation under Chapter 7 of the Code. Sometimes, however, neither option is viable and the debtor may need to seek a “structured dismissal” in accordance with Section 349 of the Code. Structured dismissals provide administratively insolvent debtors with a framework to distribute the estate’s remaining assets (without the additional cost of a Chapter 7 liquidation), wind down the estate, and obtain final dismissal of the case.