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    Administrations update – the contributory rule and set-off of competing claims
    2014-04-30

    This update focusses on the recent Supreme Court decision in Re Lehman Brothers International (Europe) concerning the application of the “contributory rule” in administration and the admissibility and set-off of contingent claims in administration

    Lehmans and the contributory rule

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Burges Salmon LLP, Interest, Liquidation
    Authors:
    Patrick Cook , Clark
    Location:
    European Union, United Kingdom
    Firm:
    Burges Salmon LLP
    The impact of CDS on restructurings
    2011-02-24

    Restructuring companies in respect of which there exists a significant credit default swaps (CDS) market adds an additional level of complexity which the debtor and all stakeholders should consider and assess early on in the process, as it could determine the success or failure of a restructuring plan.

    Filed under:
    European Union, Global, USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bond (finance), Bankruptcy, Credit (finance), Debtor, Interest, Swap (finance), Credit risk, Maturity (finance), Balance sheet, Credit default swap
    Authors:
    John Houghton , Vladimir Maly , Holly Neavill
    Location:
    European Union, Global, USA
    Firm:
    Latham & Watkins LLP
    Lehman Brothers International (Europe) (in administration)
    2009-10-26

    Summary

    The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).

    A full copy of the Report is attached, which includes detail about the positions realised and expenses to date. Key points of interest are as follows:

    Filed under:
    European Union, Insolvency & Restructuring, Mayer Brown, Unsecured debt, Dividends, Interest, Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    Ian McDonald , Ashley Katz , Kristy Zander
    Location:
    European Union
    Firm:
    Mayer Brown
    What is next for high yield bonds?
    2008-01-31

    This article was published in slightly different format in the January 2008 issue of Credit Magazine.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, White & Case, Bond (finance), Shareholder, Interest, Market liquidity, Debt, Refinancing, Default (finance), Credit rating, Distressed securities, Write-off, Bank of England, Title 11 of the US Code
    Location:
    European Union, United Kingdom
    Firm:
    White & Case
    International corporate insolvency
    2007-09-10

    What and where is a company's ‘centre of main interest’ – its COMI – and why should you care? This is not an esoteric question but a live issue in determining which nation's courts and laws deal with international insolvency issues including administration and liquidation.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, BDB Pitmans LLP, Shareholder, Debtor, Interest, Liquidation, Freedom of movement, In rem jurisdiction, European Commission
    Location:
    European Union, United Kingdom
    Firm:
    BDB Pitmans LLP
    Snooze and you lose in Slovakia
    2016-08-10

    A recent decision of the Slovak Courts suggest that if main proceedings have been opened in one member state and the debtor has assets in Slovakia, the insolvency practitioner in the main proceedings must act quickly and sell those assets before secondary proceedings are opened in Slovakia, otherwise he runs the risk of losing the assets to the secondary estate. Legal title to the assets must have passed to the buyer before the secondary proceedings are opened; it is not enough just for contracts to have been exchanged.

    Filed under:
    France, Slovakia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Interest, Liquidation, Liquidator (law), Article 8 ECHR, Trustee
    Authors:
    Silvia Belovicova , Alexandre Le Ninivin
    Location:
    France, Slovakia
    Firm:
    Squire Patton Boggs
    Favourable adjustment of the thin capitalization measure for "sociétés civiles de construction-vente" and refinancing linked to bankruptcy proceedings
    2012-01-25

    Since the adoption of the 2011 Finance Act, the scope of application for thin capitalization rules, provided for in article 212 of the French Tax Code, was extended to all loans, including bank loans, backed by security interest or a guarantee, granted by a company belonging to the borrower's group or by a company with a guaranteed undertaking secured by a company related to the borrower.

    Filed under:
    France, Banking, Insolvency & Restructuring, Tax, Baker McKenzie, Bankruptcy, Interest, Refinancing, Finance Acts (UK)
    Authors:
    Olivier Mesmin
    Location:
    France
    Firm:
    Baker McKenzie
    Restructuring of indebtedness: French tax points
    2009-06-22

    Summary

    This briefing sets out the key French corporate income tax issues in respect of debt restructurings. In summary, debtors and creditors may be faced with material tax consequences in case of a debt waiver, debt transfer, conversion of debt into equity or debt buy-back, so that such operations may require an appropriate structuring in order to mitigate potential tax issues.

    Introduction  

    This briefing summarises key French tax points relating to restructuring of indebtedness.  

    Filed under:
    France, Insolvency & Restructuring, Tax, Freshfields Bruckhaus Deringer, Contractual term, Surety, Debtor, Security (finance), Waiver, Interest, Accounting, Debt, Withholding tax, Accrued interest, GAAP, US GAAP
    Location:
    France
    Firm:
    Freshfields Bruckhaus Deringer
    Does the Nathans decision raise the bar for directors?
    2011-07-12

    Findings last week of criminal liability in the Nathans Finance case echo the Centro ruling from the Australian Federal Court last month and make it clear that directors must apply their own judgement in the exercise of their duties rather than simply relying on management and expert advice.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Chapman Tripp, Market capitalisation, Interest, Market liquidity, Debt, Legal burden of proof, Prospectus (finance), Securities Act 1933 (USA), Federal Court of Australia
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Lessons from the Crafar receivership: Part Two
    2011-05-13

    Big receiverships often test legal boundaries, and the Crafar group receivership is no exception.  Gibson & Stiassny v StockCo & Ors1  is the longest decision to date on the Personal Property Securities Act 1999 (PPSA). 

    Although the facts are complex, the practical take-outs are fairly simple:

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp, Debtor, Collateral (finance), Security (finance), Interest, Secured loan
    Authors:
    Michael Arthur , Matthew Yarnell , Geoff Carter
    Location:
    New Zealand
    Firm:
    Chapman Tripp

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