Introduction
The questions of who has priority over a bankrupt's assets and precisely when the priority arises are important ones in bankruptcy. For judgment creditors who have already taken steps towards enforcement, the answer affects whether they will have prior rights to the bankrupt's property, ahead of the bankrupt's other creditors.
Elizabeth McColm, Brian Bolin and Grace Hotz, Paul Weiss Rifkind Wharton & Garrison
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Restructuring & Insolvency Newsletter
December 2022 (Vol.1)
The first case in Japanese history where the debtor used simplified rehabilitation proceedings as a tool to "cram down"
minority lenders
I. Introduction II. Overview of the procedures used
- Turnaround ADR and simplified rehabilitation proceedings
III. Marelli case IV. Expected future developments
Mori Hamada & Matsumoto
Stuart Cullen and Benjamin Drakes, Dentons LLP
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Renato G R Maggio, Renata Oliveira, Camilo T Gerosa Gomes and Karina Ferraz Deorio, Machado Meyyer Advoggados
This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
Will 2023 be a year of administrations?
In our last article, we discussed the prospect of 2022 being a year defined by inflation – a point that was only heightened by a weekend of tepid Black Friday sales for retailers.
While an insolvency process is not always welcomed with open arms, in fraud cases it can play a key role in uncovering frauds that might otherwise have remained concealed and may result in recoveries for victims. This is because an insolvency process paves the way for an independent investigation into the company's affairs and the directors' conduct to be carried out by an insolvency practitioner (IP).
In the recent case of LMN v Bitflyer Holdings Inc & Ors [2022] EWHC 2954, the High Court of England and Wales made orders directed at a number of cryptocurrency exchanges requiring them to provide information in relation to misappropriated crypto assets.
Shareholders are among the many who have lost money in the multi-billion euro insolvency of the former DAX30 payment provider Wirecard and its allegedly fraudulent business practices. Wirecard had to file for insolvency after assets worth €1.9bn could not be found. Collectively, the shareholders claimed around €7bn in damages for intentional capital markets law violations by former Wirecard executives. Unsurprisingly, the shareholders are now trying to minimise their losses and secure at least partial payment on their claims from the insolvency estate.
In a recent decision Chandler -v- Wright [2022] EWHC 2205 (Ch) - Mr Justice Edwin Johnson in the High Court has found that myriad claims against the former directors of the retailer BHS fall to be struck out in the context of the high-value, complex litigation being brought by the joint liquidators of the BHS companies against the former directors of those companies.